Port Equipment Market Expected to Reach $32.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Port Equipment Market," The port equipment market was valued at $17.6 billion in 2021, and is estimated to reach $32.7 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031.

Asia-Pacific dominates the market, in terms of revenue, followed by Europe, North America and LAMEA. In addition, North America is expected to grow at a significant rate during the forecast period, owing to the demand for cranes and forklift with greater performance.

The maintenance and construction of infrastructure in ports requires heavy capital investment. This hinders the sales of port equipment. Also, the hurdles in trade activity are limiting the sales of port equipment. The lean ports decrease the utilization of resources without a reduction in productivity. For instance, a lean port is enhanced to avoid the inappropriate material handling excessive travel of storage practices of forklifts, bottleneck, and empty forklifts at the unloading and loading areas.

The hybrid type of port equipment uses more than one type of power source. The most popular type of hybrid equipment uses a blend of an electric motor and an internal combustion engine. The hybrid port equipment is intended to have minimum emissions, more power and better fuel efficiency. These equipment’s takes electrical energy made from different sources, such as engines and regenerative braking systems. They can sustain the energy by bolting down the engine when any of the port equipment is at idle position or parked or when the electric motor’s energy is adequate to drive the port equipment without any assistance from the IC Engine.

The rise in perception of the secretions has led to control the bodies to execute the rigorous regulations on emission. Increase in severity in norms of emission for mentioned port equipment is forcing the OEMs to manufacture hybrid and electric type of equipment. The hybrid vehicles release less greenhouse gases than diesel and gasoline engines. The governments in Europe and the U.S. are focusing on reducing the emission curbs to decrease the gas effect of greenhouse and are also aiming to improve the fuel economy.

Over the historic period, the port equipment industry has seen a drastic change in terms of technology evolution. To accommodate the consumers changing demands, the OEMs are counting on electrical components, owing to their lightweight and output efficiency; thus, making port equipment electrified which is a fuel economic solution. Moreover, electrification is the next step as majority of the port equipment manufacturers are covering toward the hybrid-driven equipment’s to accommodate the varying requirement of the policy makers and end users to handle with green mobility requirements

The automation in ports is bolstered by robotic forklifts, which can undoubtedly travel and provide pick up and drop materials. The advancements in the e-commerce units and ports are likely to drive the global sales of forklift trucks as well as other port equipment. Moreover, the rise in investments in developments of port infrastructure, and surge in implementation of various types of forklift trucks are the factors expected to drive the growth of the market.

Additionally, the lifting capacity of up to 20 tons are designed to be loaded by compact and small machines so that they can lift fairly small weights. When there is requirement to lift in an area with obstacles, constrained space, and inadequate access, a small crane or a small forklift or any other small port equipment is the best equipment for the job. This small port equipment is primarily designed to get into areas where large or ordinary cranes can be act very costly.

The surge in use of small capacity port equipment for port infrastructure development work is expected to boost the global sales. The leading players are currently converging more on the development of rubber-tired type of small cranes owed due to their interior applications in port structures. The sales for lifting equipment of light weight up to 20 tons has swelled at a rapid pace due to growing demand for operating in constrained and small spaces.

COVID-19 Impact Analysis:

The global port equipment industry was likely to grow between 2% to 3% in 2020; but, due to the Covid-19 impact pandemic, it has seen a major downfall of growth owing to restrictions arising in global trade. Consequently, port equipment was also negatively affected due to disturbance in the global supply chain. The COVID-19 lockdown has its monetary toll which disrupted the supply chain, ceased the service/production cycle, and affected inventories, thus, making a situation of apprehension and uncertainty, due to interruptions in inventory management, payments, wage bills and cash flows.

KEY FINDINGS OF THE STUDY

• By equipment type, the others segment is projected to dominate the global port equipment market in terms of growth rate.
• By fuel type, the hybrid segment is projected to dominate the global port equipment market in terms of growth rate.
• By lifting capacity, the up to 20 Tons segment is projected to dominate the global port equipment market in terms of growth rate.
• By application, the ship handling segment is projected to dominate the global port equipment market in terms of growth rate.

The key players operating in the port equipment market are Anhui Heli Co., Ltd., Cargotec Corporation, Gaussin S.A., Konecranes, Liebherr Group, Lonking Machinery Co., Ltd., Mitsubishi Logisnext Co., Ltd., Sany Heavy Industry Co., Ltd., Shanghai Zhenhua Heavy Industries (ZPMC), and Toyota Material Handling.