Cargo Handling Equipment Market Size, Share, Industry Forecast - 2025
The increased seaborne trade, growing trend of E-Commerce,
and stringent emission regulations have impacted the cargo handling equipment
market, which is projected to grow at a CAGR of 3.61%, during the forecast
period, to reach a market size of USD 28.02 billion by 2025 from an estimated USD
21.85 billion in 2018.
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To handle the growing cargo
volumes at airports and marine ports around the world, the cargo handling
industry is shifting toward port automation in recent years. To increase productivity,
terminal operators are looking for automated equipment as a solution. For
instance, in September 2017, Kalmar was chosen by the Port of Virginia (US) to provide
complete automation solutions and industrial drives totalling 86 automated
stacking cranes at the Norfolk International Terminal (NIT) and Virginia
International Gateway (VIG) facilities. Additionally, in 2017, Konecranes
launched an unmanned automated guided vehicle that utilizes artificial
intelligence (AI) technology for complete equipment operation. Other companies
such as ABB and Siemens also provide automation technology. This trend is
expected to grow, spurring the demand for automated container handling
equipment.
Increase in global maritime trade
led to the requirement of increase in the capacity of marine cargo ports to
meet the demand. For instance, according to UNCTAD seaborne trade has increased
from 7,808 million tons in 2009 to 10,208 million tons in 2016. Additionally,
import and export in the world is estimated to grow due to increased production
and improved economic condition. The increasing global import and export
coupled with increasing maritime shipping is likely to drive the demand for
marine cargo handling equipment.
The RTG are estimated to show the
fastest growth in marine cargo handling equipment market. Growth in RTG market
can be attributed to increasing stringency in emission regulation coupled with the
demand for faster and efficient operation at the marine ports. As per PEMA, 25%
of RTG sold in 2016 were electric. Owing to increase in seaborne trade across
the globe, demand for cargo handling equipment such as RTG is increasing.
Growing demand for electric RTGs coupled with increasing capacity of marine
ports will drive the market for RTG globally. OEMs manufacturing RTG cranes can
leverage this oppurtiunity by targeting countries where the import and export
is set to increase through sea ports.
Automated guided vehicle is
estimated to show the fastest growth in land cargo handling equipment market. Increasing
wages, lack of skilled workforce, and demand for warehousing are likely to
increase the demand for automated cargo handling equipment. Storage space in
warehouses and distribution centres is expensive. Optimizing storage and
transport through narrow aisles, high racks, and compact layouts is a necessity
for warehousing companies to remain competitive, which can be achieved by using
automated guided vehicle. Above factors
are estimated to increase the market for automated guided vehicle. As these
vehicles are mainly used in warehouses, the manufactures of these vehicles can
target countries/markets with high potential for e-commerce growth. Authorities
are looking to deploy automated equipment with the desired accuracy which ultimately results in increased
productivity. Hence companies can gain competitive edge in the market by
focusing on electric or automated cargo handling equipment.
Critical Questions:
- Why
diesel propelled cargo equipment has the largest market today and will
also dominate in future as well?
- How
and why marine cargo handling equipment’s are the fastest growing?
- How
the industry players will address the challenge of increasing accidents
related to cargo handling equipment?
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