Global Port Equipment Market

Port Equipment Market Size, Share, Growth Analysis, By Equipment Type(Tugboats, Cranes), By Product Type(Electric, Hybrid), By Application(Container Handling, Ship Handling) - Industry Forecast 2024-2031

Report ID: SQMIG20Y2008 | Region: Global | Published Date: April, 2024
Pages: 204 | Tables: 100 | Figures: 71

Port Equipment Market Regional Insights

The North America region dominated the global port equipment market due to the extensive port infrastructure along the coasts of this market. These ports handle a large portion of global trade, requiring significant investments in modern port equipment to meet the demand for larger vessels and increase volumes. Furthermore, emphasis on technological innovation and automation in North American port operations helps to dominate the global port equipment market.

The Asia-Pacific region in the global port equipment market is expected to grow at the fastest CAGR from 2024 to 2031. This is due to strong economic growth, increased international trade, and ports for shipping larger and handle increasing volumes. Due to the need to expand and modernize the system. Moreover, China had the largest market share in the port equipment market, and the port equipment market was the fastest growing market in Asia Pacific.

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Port Equipment Market size was valued at USD 17.9 Billion in 2022 and is poised to grow from USD 18.31 Billion in 2023 to USD 21.97 Billion by 2031, growing at a CAGR of 2.30% in the forecast period (2024-2031).

Leading market players are investing heavily in research and development to expand their product portfolio, which will help further the growth of the port equipment market. Leading players also develop a variety of strategies for their broadcasts, where contractual relationships, redesigns, spin-offs and acquisitions, high-profile investments and collaborations with other organizations are undertaken. 'Liebherr (Switzerland)', 'TTS (Norway)', 'Kalmar (Finland)', 'Konecranes (Finland)', 'Sany (China)', 'Shanghai Zhenhua Heavy Industries (ZPMC) (China)', 'Hyster (US)', 'Lonking (China)', 'CVS Ferrari (Italy)', 'Anhui Heli (China)', 'Famur Famak (Poland)', 'Mitsubishi Logisnext Co., Ltd.', 'Gaussin Group', 'Sany Heavy Industry Co Ltd (SHI)', 'Cargotec Corporation'

Self-consumption, electrification and digital inclusion in trade, security and stability in trade as well as sustainable improvement in trade infrastructure, to facilitate the production of profitable products great, has enhanced the demand for modern port equipment solutions.

Increasing Trade and Container Transportation: The port equipment market is driven by the growing trade and container shipments. The integration of trade has dramatically increased the volume of goods passing through ports around the world. Containers that facilitate the movement of goods between modes (ships, trucks, trains) have become the dominant form of shipping and, as a result, are consumed by ports handling large volumes of cargo, thus requiring more efficient and advanced equipment to handle the increased demand. Port operators and shipping companies are continuously driven to improve efficiency and effectiveness. This includes reducing fleet turnaround time and reducing handling delays.

The North America region dominated the port equipment market due to the extensive port infrastructure along the coasts of this market. These ports handle a large portion of trade, requiring significant investments in modern port equipment to meet the demand for larger vessels and increase volumes. Furthermore, emphasis on technological innovation and automation in North American port operations helps to dominate the port equipment market.

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Global Port Equipment Market

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