The major factors that are expected to fuel the growth of the port equipment market are the increasing seaborne trade across the globe and the growing number of container shipments in regions such as Asia Pacific and the Middle East. Various countries have been focusing on developing new ports, owing to the increase in vessel count and trade volume.
Sarasota, FL -- (SBWIRE) -- 02/13/2019 -- Global Port Equipment Market: Overview
Port Equipment comprises of material handling system, breakbulk & heavy-lift, container shipping, maritime cranes, and power transmission equipment. It helps in propelling the maritime trade through proficient delivery of safe, secured, and sustainable services to the end-users. Fourth industrial revolution is anticipated to propel the growth of port equipment market in the years ahead.
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Global Port Equipment Market: Growth Factors
The major factors that are expected to fuel the growth of the port equipment market are the increasing seaborne trade across the globe and the growing number of container shipments in regions such as Asia Pacific and the Middle East. Various countries have been focusing on developing new ports, owing to the increase in vessel count and trade volume. With the large chunk of global trade carried out via sea route, the need for the use of the port equipment, having large carrying capabilities, at sea ports has become a necessity for transporting heavy and bulky goods. Furthermore, escalating demand for reliable & proficient port equipment will accelerate the port equipment market trends. In addition, massive demand for mooring systems, Shiploaders, tug goats, forklift trucks, container lifts trucks, automated guided vehicles, terminal tractors, and straddle carriers will further stimulate the growth of port equipment market in the years ahead. The device finds myriad applications in container handling, ship handling, passenger & scrap handling, and bulk handling. This, in turn, will propel the growth of port equipment market in the ensuing years.
Global Port Equipment Market: Segmentation
The global port equipment market can be classified based on equipment type, application, product, and demand. On the basis of equipment type, the market is sectored into mooring systems, Shiploaders, tug boats, cranes, forklift trucks, reach stackers, automated guided vehicles, straddle carriers, terminal tractors, and others including passenger boarding bridges, linkspan, and hoopers. On the basis of application, the market is segmented into container handling, ship handling, bulk handling, and others including scrap handling & passenger handling. Based on the product type, the market is divided into electric, hybrid, and diesel. On the basis of demand, the market is classified into new demand and MRO.
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Global Port Equipment Market: Regional Analysis
Based on regions, the global port equipment market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The port equipment market in the Asia Pacific region is expected to witness high growth during the estimated timeline. Port equipment market is slated to be deployed in large numbers in port terminals, thereby providing various application areas of operations. In recent years, the maximum transportation of containers has been noticed in South Korea, China, Singapore, and India. A large number of container port terminals are based in Asia with maximum of them established in the countries such as China, Japan, Malaysia, Indonesia, Singapore, and Thailand. This will further accelerate the market trends in APAC region.
European countries have a robust economy, and the region is the home to some of the leading manufacturers of port equipment which drives the regional market growth. Konecranes (Finland), Kalmar (Finland), and Liebherr (Switzerland) are the key manufacturers, dealers, distributors of this equipment in the region.
North America, LATAM, and MEA markets have the huge growth potential.
Global Port Equipment Market: Competitive Players
The key players in the global port equipment market include ABB, Cavotec, Til Limited, CVS Ferrari, Timars Svets & Smide Ab, Shanghai Zhenhua Heavy Industries (ZPMC), Liebherr, Konecranes, Lonking Holdings Limited, and Prosertek.
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Global Port Equipment Market: Regional Segment Analysis
The Asia Pacific
The Middle East and Africa