Hybrid Variants to Drive Sales of Mobile Port Handling Equipment Market During Forecast Period 2021-2031
According to a new Fact.MR study, the global market for container handling equipment is expected to increase at a value CAGR of 4.2% over the forecast period, to reach a market surpass US$ 2 Bn by 2031. Historically, between 2016 and 2020, sales of container handling equipment surpassed US$ 1.5 Bn by the end of 2020. Due to COVID-19, transportation around the world was halted. Restricted movements by the government around the globe slowed down the growth of container handling equipment.
The increasing number of new terminals and the advent of automation is one of the most prominent trends in the container handling equipment market. As container terminals aim for higher productivity and more efficient operations, automation is making significant strides across the globe.
In order to meet the challenges of larger vessels and taller cranes the automated solutions will get adopted by port terminals. Automation of ports not only shrinks the turnaround and waiting time for container handling equipment but also cuts the container handling duration. Manufacturers of container handling equipment are focusing on reducing carbon emissions due to stringent rules and regulations.
Key Takeaways from Market Study
- By propulsion, electric/hybrid container handling equipment sales to soar, expanding at around 4% CAGR
- Automated stacking cranes demand to experience substantial growth, generating over 40% revenue
- U.S market to expand at a CAGR of 2.4%, attributed to increasing port infrastructure development
- U.K to account for over 1 out of 5 sales of container handling equipment in Europe
- East Asia to generate a total incremental opportunity of about US$ 176.5Mn
- South Asia likely to generate US$ 280 Mn incremental opportunity through 2031
“Higher productivity, better operations and consistent efforts at reducing emissions are driving the container handling equipment industry to new heights” says a Fact.MR analyst.
How are Various Sectors Influencing Growth of Container Handling Equipment?
Electronics manufacturing, mining, energy and various other sectors rely heavily on the shipping industry in order to ensure a steady supply of raw materials and end products. Bulk commodities account for over an 80% share in global seaborne trade. Increased speed, safety and reliability of containerization influences companies to innovate new technologies for container handling equipment.
For instance, ZPMC, a leading Chinese manufacturer of marine cranes has developed an AI straddle carrier, which can perform unmanned driving like self-location & autonomous navigation. Container handling equipment continues to witness profitability across the world on the backdrop of increasing containerized trade worldwide.
In recent years, owing to the development of a robust safety culture and continuously changing regulations, the maritime safety has increased. Diminishing numbers of total losses and incidents year-on-year is the effect of this improving safety culture of the marine industry, which is exhibiting a positive impact on the growth of container handling equipment demand.
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