The global port and material handling equipment vehicle market is expected to be worth nearly US$ 10 billion by 2031, with a CAGR of around 5% over the forecast period, according to a recently published report by award-winning consulting firm Fact.MR. The overall increase in global trade and transportation activities has a significant impact on growth.
Rapid port infrastructure development in key countries such as China, India, Singapore, and South Korea, according to the report, is increasing uptake, particularly in the container management segment. According to the 2020 e-handbook of statistics from UNCTAD, developing economies in Asia and Oceania handled 62% of global port container traffic. Furthermore, global container port traffic increased by 2% between 2018 and 2019.
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Furthermore, future infrastructure expansion projects are expected to provide significant market momentum. For example, at the March 2021 Maritime India Summit, the Indian government allocated US$ 82 billion for the ongoing Sagarmala Project, which will see improved port infrastructure development, generating demand. Similarly, several planned port infrastructure projects as part of China’s Belt and Road Initiative (BRI) are expected to boost demand for port and material handling equipment vehicles in the coming years.
Market Players
New developments, strengthening the supply chain management system, maintaining product standards, etc., are some noteworthy initiatives taken by market players.
Market players are investing in footprint expansion, mergers & collaborations, etc., to gain a competitive edge.
For instance :
- ABB Group announced its investment of CHF 40 million (US$ 45 million) in December 2020 for the expansion of its R&D activities and an office area for the motion and industrial automation business in Aragu, Switzerland.
Vital indicators shaping the future of the industry
- Automated Stacking Cranes (ASCs) to remain most preferred equipment due to their significant capital cost reduction.
- By application, container handling emerged as the dominant segment, expected to retain its position through 2031.
- Demand for electric- / battery-propelled vehicles to aggrandize over coming years.
- New demand is likely to attract significant investments towards port and material handling equipment vehicles.
- China and India to present heavy investment opportunities amid extensive port and maritime infrastructure spending.
- Robust presence of regional manufacturers heightening growth prospects in the U.S.
“Prominent end users are seeking autonomous and smart equipment handling solutions with a view to streamline management operations. This is prompting key port and material handling equipment vehicle manufacturers to introduce digitized management solutions,” remarks the Fact.MR analyst.
Market Structure
Equipment
- Cranes
- Rubber-tired Gantry (RTG) Cranes
- Electrified Rubber-tired Gantry (E-RTG) Cranes
- Ship-to-share Cranes
- Yard Cranes
- Rail-mounted Gantry (RMG) Cranes
- Automated Stacking Cranes
- Ship Loaders
- Reach Stackers
- Mooring Systems
- Automated Guided Vehicles
- Forklift Trucks
- Container Lift Trucks
- Terminal Tractors
- Straddle Carriers
- Others
Application
- Container Handling
- Ship Handling
- Services
- Storage Handling
- Automated Storage Handling
- Bulk Material Handling
- Others
Propulsion
- Diesel Port and Material Handling Equipment Vehicles
- Gasoline Port and Material Handling Equipment Vehicles
- Electric- / Battery-powered Port and Material Handling Equipment Vehicles
- Hybrid Port and Material Handling Equipment Vehicles
- Others
Demand
- Port and Material Handling Equipment Vehicles for New Demand
- Port and Material Handling Equipment Vehicles for MRO & Services
Region
- North America (US and Canada)
- Europe (Germany, UK, France, Italy, Spain and Rest of Europe)
- Asia Pacific (China, India, Japan, ASEAN and Rest of Asia-Pacific)
- Middle East & Africa (GCC, South Africa and Rest of MEA)
- Latin America (Brazil, Mexico and Rest of Latin America)
Increasing Needs for Battery/Electric Equipment for Port Material Handling Vehicles
Based on propulsion, the global industry is classified into diesel, gasoline, electric/battery, and hybrid. Based on volume, the battery-/electric-based port material handling equipment vehicles are predicted to hold a dominating position. The majority of ports around the world are putting efforts to implement initiatives for automation and port electrification.
Companies are adopting electric equipment instead of diesel equipment to achieve carbon neutrality, though electric-based vehicles are comparatively costly. However, increasing concerns about carbon emissions are predicted to stimulate the adoption of electric-based port material handling equipment vehicles.
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