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Port Equipment Market outlook with industry review and global forecasts | Trends in 2019
Market is Expected to Grow at the Highest CAGR During the Forecast Period
SANY GROUP, Liebherr, Elecon Engineering Company Limited, SEAPOL, Anupam Industries Limited, thyssenkrupp Industries India Pvt. Ltd., Konecranes, Terex MHPS GmbH, Demag Cranes & Components GmbH, and TTS Group ASA are some of the manufacturers in the global port equipment market. Lithium ion-operated forklifts are being introduced by companies such as JLG to enable cleaner functioning. Anupam Industries is investing in the training and development of its staff to enable them to have access to the latest technical knowledge. Additionally the company, like most of its peers, is training its staff to provide effective customer service and product support.
Port equipment includes all those equipment which are used to handle various kinds of material including cargo and machinery at the port. Port equipment includes reach stackers, tractors, goosenecks, forklift trucks, trailers, and ship-to-shore cranes. These equipment are crucial for the functioning of any port. This is due to the fact that the efficiency of the port equipment determines the capacity of material a port can handle and also which ports receive larger amounts of cargo. The busier ports are expected to have equipment with the latest technology to enable optimum load management. Port equipment is crucial in the overall trade and distribution network of goods and services due to ports being the connecting point between land and sea trade.
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Increasing trade activity and easing regulations are expected to be among the key drivers of the global port equipment market. Demand for port equipment is forecasted to rise as newer markets open their shores for trade. Additionally, as governments look for higher trade revenues and better international trade relations, they are expected to ease the regulatory environment. The opening of waterways and establishment of new ports such as the the one at Chabahar in Iran, present opportunities for players in the global port equipment market.
Hitherto unexplored and closed economies for instance Iran, are emerging as potential markets for port equipment. Moreover, as regional demand for port shipments rise, demand for the products of the global port equipment market are on the rise. Rising seaborne trade is another factor contributing to the growth of the global port equipment market. Furthermore, as disposable incomes across the world increases, demand for goods rises, which in turn propels the amount of on-gate arrival of goods at ports. This has a positive impact on the demand for the products of the global port equipment market. Additionally, the importance of the global port equipment market is set to rise, with greater impact of globalization being felt across the world, and internationalization of production activity.
The use of traditional fuels has had an adverse impact on the environment, compounded by the fact that trade across countries is only increasing by the day. This is expected to restrain the global port equipment market in the long run. Optional lithium ion batteries are being provided by manufacturers in their machines to enable cleaner functioning.
Reduction in carbon footprint and use of automated equipment are key opportunities for manufacturers of the global port equipment market. The use of better technology is projected to enable handling of larger volumes of goods and reduction in equipment and labor cost for manufacturers.
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The global port equipment market can be segmented on the basis of product type, application, and region. Overhead cranes, ship loaders, mooring systems, ship-to-shore cranes, forklifts, horizontal and vertical outreach cranes, and gantry cranes are some of the product types of port equipment. There are many more depending on use. Based on application, port equipment are segmented into harbor use, stacking, container handling, bulk & ship handling, and others. Regional segmentation of the global port equipment market is North America, Europe, Asia Pacific, Middle East & Africa, and South America.
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