A new research report from MarketsandMarkets has estimated the value of the port equipment sector in 2018 to be approximately US$29.2 billion.
According to the study, this business area will advance at a compound annual growth rate (CAGR) of 3.3% over the next seven years, giving the port equipment market a value of roughly $36.6 billion by 2025.
Dr. Jean-Paul Rodrigue, Hofstra University, discusses ports in a the new manufacturing landscape in a recent Port Technology technical paper
The growth of the market will be fuelled by such factors as increasing seaborne trade across the globe, with the number of container shipments made in the Asia-Pacific and the Middle East regions rising especially quickly.
In terms of individual segments, straddle carriers are expected to grow at a higher CAGR than other types of port equipment, with the demand for these machines from port terminals in Germany, the Netherlands, and the UK currently increasing.
Drewry Warns of Equipment Price Dangers #PTIDaily SEE MORE: https://t.co/vXDpYBBUkK@DrewryShipping #containers #shipping #finance pic.twitter.com/kzRNM465zZ
— Port Technology (PTI) (@PortTechnology) July 11, 2018
In addition to this, equipment manufacturers are focused on building environmentally-friendly hybrid straddle carriers, as the requirement for advanced cargo handling equipment, equipped with eco-efficient technologies, is also growing.
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As well as forecasting an upswing in the port equipment market, MarketsandMarkets has projected that an increase in global maritime trade will force marine ports to modernize their operations and increase container handling capacity.
A rise in global imports and exports, coupled with increasing maritime shipping, will generate a greater need for port equipment.
Read the full report from MarketsandMarkets