Port Equipment Market Share to Record Steady Growth by 2025

Port equipment market is likely to showcase notable growth rate over 2019-2025. Ever-expanding maritime trade activities on account of marine being the cheapest mode of container transportation will drive port equipment industry share over the forecast timeframe. Additionally, the increasing number of port expansion and modernization projects to comply with the rising trade activities will also foster market growth.

Rapid increase in cargo traffic over last decade will augment the industry size over the predicted timeframe. Some of the top trends that will positively influence port equipment market outlook are elaborated underneath.

Get sample copy of this research report @ https://www.decresearch.com/request-sample/detail/3288

The international maritime industry is a major driver of the global economy, as it is responsible to carry around 90% of global trade shipments. The industry facilitates intercontinental trade, bulk transport of raw materials and import/export of manufactured goods and food supplies between the nations. The water way transportation will continue to expand owing to the benefit of competitive freight costs, further strengthening the industry prospects.

Reportedly the industry consists over 50,000 merchant ships which trade internationally carrying every kind of cargo across the globe. Over 150 nations are a part of it operated by more than a million seafarers. These figures are consistently expected to surge up with the reference to recently increasing ship building activities.

The Asia Pacific leads the global shipbuilding industry owing to the presence of major shipbuilding countries like China and South Korea. The high availability of shipbuilding infrastructure along with favoring government policies will augment shipbuilding industry in the region. Currently, South Korea enjoys highest ship building orders followed by China due to the presence of biggies like Hyundai Heavy Industries Co.

According to UNCTAD (United Nations Conference on Trade and Development), the international maritime trade will rise over 3.5% annually from 2018 to 2023. The ever-expansion of maritime industry will create requirements to modernize the existing port infrastructure and develop new ports. Such aspects will further create new opportunities to deploy port equipment, thus helping to drive port equipment market size.

Majority of ports across the world are witnessing an upsurge in cargo volumes, which will require advanced cargo equipment for efficient operations. This may lead to increasing adoption of automated technologies like automated guided vehicles (AGVs) and automated stacking cranes (ASCs). This type of port equipment offers enhanced capabilities for automated cargo movement, further cutting down the loading and unloading time at the dock yard.

Supply and demand play a key role for the maritime industry, based on which the cargo volume rises or reduces. Rising cargo volumes will drive increasing adoption of port equipment, thus will strengthen the port equipment market trends over the forecast period.

Apart from expansion of the ports, the modernization or replacement of the existing port equipment will also help to increase port equipment market share. Moreover, high performance, lower lifecycle costs, and enhanced productivity offered by modern cranes will significantly propel port equipment market size. Technology that improves safety is developing more rapidly than ever before owing to the changing safety regulations. Modernization will not only help to comply with current safety regulations but also reduce the risk of downtime, injuries or damage to facilities, materials, or products.

Request for a Customization of this research report @ https://www.decresearch.com/roc/3288

Charts & Figures

FIG. 1    Port equipment market segmentation

FIG. 2    Industry landscape, (Units) (USD Million), 2013 - 2025

FIG. 3    Industry ecosystem analysis

FIG. 4    NAFTA Container Traffic (in Million TEUs)

FIG. 5    Hourly average labor cost, 2018

FIG. 6    China’s month-wise port volume

FIG. 7    Middle East Volume Trade (Million TEUs)

FIG. 8    Growth potential analysis, 2018

FIG. 9    Porter’s analysis

FIG. 10    PESTLE analysis

FIG. 11    Market share by equipment, 2018 & 2025

FIG. 12    Market share by application, 2018 & 2025

FIG. 13    Market share by type, 2018 & 2025

FIG. 14    Port equipment market share by region, 2018 & 2025

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/port-equipment-market