Global Port Equipment Market Report 2022: Increased Demand for Electric Port Equipment and Automated Operations to Drive Growth - ResearchAndMarkets.com
The global port equipment market is projected to grow from USD 18.2 billion in 2022 to USD 20 billion by 2027, at a CAGR of 1.9%. The world's seaborne transport of goods continues to be largely determined by the developments in the world economy and trade. Although, the relationship between economic output and merchandise trade seems to be shifting, with an observed decline in the growth ratio of trade to Gross Domestic Product (GDP) over recent years. The port industry has witnessed moderate growth in the last few years. The adoption of automation and electric equipment has fueled the growth of the port equipment market
DUBLIN--(BUSINESS WIRE)--Nov 11, 2022--
The "Global Port Equipment Market by Solution (Equipment, Software & Solutions), Investment (New Ports, Existing Ports), Application, Type (Diesel, Electric, Hybrid), Operation (Conventional, Autonomous) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global port equipment market is projected to grow from USD 18.2 billion in 2022 to USD 20 billion by 2027, at a CAGR of 1.9%. The world's seaborne transport of goods continues to be largely determined by the developments in the world economy and trade. Although, the relationship between economic output and merchandise trade seems to be shifting, with an observed decline in the growth ratio of trade to Gross Domestic Product (GDP) over recent years. The port industry has witnessed moderate growth in the last few years. The adoption of automation and electric equipment has fueled the growth of the port equipment market.
The importance of automated stacking cranes (ASC) for container handling is driving the application segment
The automated stacking cranes (ASC) are updated versions of RMG cranes used for handling yard containers at the port terminals. Automated stacking cranes are electric and offer a high automation level with a maximum lifting capacity of 40-70 tons for container handling applications. There is high demand for 35-45 tons, and the trend is expected to continue in the near future. Kalmar and Konecranes Abp are the leading suppliers of automated stacking cranes in the global market.
With the rising demand for automation levels at the port terminals to increase the container throughput, the ASC has become an important piece of equipment for container handling applications. Europe, Middle East & Africa has the highest demand for automated stacking cranes. European countries, in particular, have a high demand owing to the high adoption rate of automated technologies. Thus, the rising demand for automation that provides automatic pick, drop, and stacking of containers and offers reliable operation would drive the demand for automated stacking cranes in the coming years.
Based on solutions, the software & solutions segment is estimated to be the fastest growing market
The advancement of technology has introduced new and better methods of controlling ports and terminals. The gradual shift toward implementing automation in all the process flows and operations conducted on ports has led to significant changes in maritime trade. The main use of these software & solutions is a part of the port automation initiative, which is being widely adopted worldwide.
Port automation can be defined as the use of integrated technology to develop intelligent solutions for efficient control of traffic and trade flows, thereby increasing port capacity and efficiency. Smart ports (or automated ports) generally deploy cloud-based software to assist in creating the operational flows that help the port function smoothly. Currently, most ports globally have technology integrated to some extent for efficient management. However, there has been a gradual increase in smart ports, owing to government initiatives and the exponential growth of maritime trade.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Port Equipment Market, by Solutions
8 Port Equipment Market, by Application
9 Port Equipment Market, by Type
10 Port Equipment Market, by Investment
11 Port Equipment Market, by Operation
12 Port Equipment Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Appendix
Companies Mentioned
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KEYWORD:
INDUSTRY KEYWORD: MARKETING COMMUNICATIONS TRANSPORT LOGISTICS/SUPPLY CHAIN MANAGEMENT MANUFACTURING OTHER MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/11/2022 06:24 AM/DISC: 11/11/2022 06:24 AM
http://www.businesswire.com/news/home/20221111005230/en
