Port Equipment Market Will Grow USD 20.0 Billion by 2027
Research Reports
Oct 25, 2022
The report on the Port Equipment Market provides a detailed trend analysis from 2018 to 2027. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market.
MarketsandMarkets: The Port Equipment Market is estimated to be USD 18.2 billion in 2022 and is projected to reach USD 20.0 billion by 2027, at a CAGR of 1.9% from 2022 to 2027. The market is driven by factors such as rise in global focus on building more ports to handle the increasing sea trade, upgrading the existing port equipment in the existing ports, adoption of smart ports among many others.
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Based on equipment, RTG cranes segment is projected to lead the market during the forecast period.
RTG cranes are yard container cranes available in diesel, hybrid, and electric variants for intermodal and cargo handling applications. RTG cranes can stack a maximum of 50–55 tons across all propulsion variants. The demand for Electric RTG (e-RTG) cranes has witnessed immense growth in recent years. According to the Port Equipment Manufacturers Association, 26% of the total RTG sold globally in 2021 was electric. A few key market players, including Kalmar (Finland), Konecranes Abp (Finland), and Liebherr Group (Switzerland), provide hybrid and electric variants of this equipment type that improve port productivity without increasing the emission level at port terminals. These factors, coupled with faster and efficient operations, are likely to drive the demand for RTG cranes in the future.
Based on application, container handling segment is estimated to dominate the market during the forecast period
Loading and unloading containers at ports and harbors require skilled workers and advanced port equipment such as cranes, RTGs, terminal tractors, and reach stackers. They are huge, and their capacity varies from 5–100 tons. In the past few years, the demand for seaborne trade has increased across multiple verticals such as textile, pharmaceutical, agricultural, and others. This has led to increased activities at marine ports, resulting in the increased demand for port equipment to carry out intraportal handling of containers. This has led to the growth of the container handling application segment during the forecast period.
Based on investment, the existing ports segment to have the highest market share in 2022
Existing port projects or brownfield projects refer to the addition of new technologies and advanced equipment in existing terminals to partially or fully automate them. At existing port terminals, the transition from conventional facilities to automated facilities is a stepwise process to avoid the loss of capacity of terminals. Automation can be implemented by expanding these terminals to unused areas. Irrespective of the approach, brownfield projects require thorough analysis and terminal layout planning. The various solutions used for retrofitting the terminals include Automated Stacking Cranes (ASCs) with automated shuttle carriers for horizontal transport, Automated Guided Vehicles (AGVs), fully automated straddle carrier terminals, and automated Rubber Tired Gantries (RTGs).
The South Carolina Port Authority (SC Ports), US, inaugurated its Hugh K. Leatherman terminal in April 2020, aiming to stimulate economic development in the state and solve capacity problems. The Charleston port serves the large ships that make stopovers along the American East Coast. The initial stage, involving an investment of USD 1 billion and a capacity of 700,000 twenty foot equivalent (TEU), has provided a 426 meter docking area, with 5 huge Ship to Shore (STS) cranes, supported by a 19-hectare container yard with 25 hybrid RTG crane and a refrigerated cargo area. 2.4 million TEUs of annual throughput capacity will be added by the time it is completed, involving a USD 2 billion investment.
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Asia Pacific accounted for the largest share of the port equipment market in 2022. The presence of major port equipment manufacturers, such as Sany Heavy Industry Co., Ltd. (China), and Shanghai Zhenhua Heavy Industries (ZPMC) (China), is one of the most significant factors driving the demand for port equipment in this region. Asia Pacific is expected to continue its dominance in the port equipment market during the forecast period. However, the market in Asia Pacific is projected to record the highest CAGR of 2.7% during the forecast period.
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Mr. Aashish Mehra MarketsandMarkets
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