Port Equipment Market 2023 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The port equipment market is projected to showcase a compound annual growth rate (CAGR) of 2.0% from 2022 to 2030, expanding from a value of 18.7 billion USD in 2022 to 20.3 billion USD by 2030. Port equipment includes a variety of systems that facilitate the loading and unloading of containers and bulk cargo from ships to shores and vice versa. These systems include ship-to-shore cranes, empty and laden forklift trucks, rail mounted gantry (RMG) cranes, rubber-tired gantry (RTG) cranes, straddles, and reach stackers. Additionally, software and solutions that aid in equipment automation are also included in the market's scope.

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SEGMENTATION ANALYSIS

On the basis of product, the market is categorized into equipment and software & solutions. Equipment segment is further segmented into tugboats, cranes, shiploaders, reach stackers, mooring systems, automated guided vehicles (AGVS), forklift trucks, container lift trucks, terminal tractors, straddle carriers and others. Among these, shiploaders segment is anticipated to grow at fastest CAGR during forecast period.

The increasing importance of automated stacking cranes (ASC) for container handling is driving growth in the Application segment. ASCs are advanced versions of RMG cranes used for handling yard containers at port terminals. They are electric and offer a high level of automation with a maximum lifting capacity of 40-70 tons for container handling applications. The highest demand for ASCs is for 35-45 tons and is expected to continue in the near future. Kalmar and Konecranes Abp are the leading suppliers of ASCs in the global market.

On the basis of investment, it is segmented into new ports and existing ports. Existing ports segment captured leading market share in 2022. The existing ports segment includes the upgrading and expansion of existing ports. These ports have already been developed and are in operation, but they require new equipment and infrastructure to handle the increasing volume of cargo and ships. This is leading to a greater demand for port equipment such as cranes, reach stackers, terminal tractors, and other equipment. Furthermore, the modernization of ports and the adoption of new technologies are also contributing to the growth of the existing ports segment.

The existing ports segment is expected to continue to capture a leading market share in the future as well. This is due to the increasing volume of cargo and ships, which is leading to the need for more efficient and reliable port equipment. Additionally, the modernization and expansion of existing ports will continue to drive the growth of this segment.

On the other hand, the new ports segment includes the construction of new ports. This segment is expected to experience growth as governments in various regions are investing in the development of new ports to improve logistics and transportation networks. This investment is also expected to lead to the adoption of new technologies, which will drive the growth of the new ports segment.

Based on solutions, the software and solutions segment is estimated to be the fastest growing market. The advancement of technology has introduced new methods of controlling ports and terminals, leading to a shift towards automation in all process flows and operations conducted on ports. The main use of these software and solutions is as part of the port automation initiative, which is being widely adopted worldwide. Smart ports, which deploy cloud-based software to assist in creating operational flows that help the port function smoothly, are increasingly being adopted globally, particularly due to government initiatives and the exponential growth of maritime trade.

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REGIONAL ANALYSIS

According to market projections, the Asia Pacific region is expected to hold the largest share, 36.7%, of the global port equipment market in 2023. This region is anticipated to experience significant growth in the market, with a projected growth rate of 2.8% during the forecast period. The primary driver behind this growth is the proliferation of sea trade and the significant investments being made in the development of port infrastructure in emerging economies within the Asia Pacific region.

As economies in the region continue to grow, the demand for efficient and reliable port equipment is also increasing. This is leading to a greater need for port equipment such as cranes, reach stackers, terminal tractors, and other equipment. The increasing number of ships and cargo vessels also requires the use of specialized equipment to handle and transport goods. Furthermore, the expansion of ports and the development of new ports in the region are also contributing to the growth of the port equipment market.

The government in this region is also investing heavily in the development of port infrastructure. This is being done to improve the logistics and transportation networks in the region, which will help to boost trade and commerce. This investment is also expected to lead to the modernization of ports and the adoption of new technologies, which will further drive the growth of the port equipment market in the region.

Overall, the Asia Pacific region is poised to be a major contributor to the growth of the global port equipment market, thanks to the increasing sea trade and significant investments in port infrastructure development. This is expected to lead to a robust and thriving market for port equipment in the region.

The North America port equipment industry is a significant contributor to the global port equipment market. The region has a well-developed transportation and logistics infrastructure, which is driving the growth of the port equipment market. The increasing volume of cargo and ships in the region is leading to a greater demand for efficient and reliable port equipment.

In North America, the United States is the largest market for port equipment. The U.S. government has also been investing in the modernization of ports and the development of new ports, which is further driving the growth of the port equipment market in the country. Canada and Mexico are also a significant market for port equipment in North America. The Canadian and Mexican government has also been investing in the modernization of ports and the development of new ports, which is further driving the growth of the port equipment market in the country.

COMPANIES COVERAGE

The global port equipment market is competitive with leading players accounting for larger market shares. Some of companies profiled in report include ABB, American Crane & Equipment, Anhui Heli Co., Ltd., Baltkran, Bedeschi S.p.A., Bruks Siwertell Group, Cavotec SA, CVS Ferrari, Damen Shipyards Group, Hoist Material Handling, Inc., Hyster-Yale Materials Handling, Inc.,  Kalmar,  Konecranes Oyj,  Kooiman Marine Group,  Liebherr Group,  Lonking Holdings Limited,  Navis,  Prosertek Group S.L,  Sany Heavy Industry Co., Ltd.,  Shanghai Zhenhua Heavy Industries (ZPMC),  Siemens AG,  Thyssenkrupp Industries,  Timars Svets & Smide AB,  TMEIC,  and Yardeye GmbH.