Port Equipment Market Size valued at USD 17.9 Billion in 2022. The Port Equipment market industry is projected to grow from USD 18.31 Billion in 2023 to USD 21.96 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.30% during the forecast period (2024 - 2032). The increasing global trade and containerization of goods and the need for improved safety and the security measures in port operations are the key market drivers enhancing growth of the market.
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for port equipment is being driven by the rising global trade and containerization of goods. The globalization of trade has led to a significant increase in cargo volumes moving through ports worldwide. Containerization, which allows goods to be easily transferred between different modes of transportation (ships, trucks, trains), has become the dominant method of shipping. As a result, ports are handling larger quantities of containers, necessitating more efficient and advanced equipment to handle the increased demand.
Port operators and shipping companies are under pressure to improve the efficiency and productivity of their operations. This includes reducing turnaround times for vessels and minimizing delays in cargo handling. Modern port equipment, such as container cranes, straddle carriers, and automated guided vehicles (AGVs), can significantly enhance the speed and the efficiency of cargo handling, making them essential for ports seeking to remain competitive. The trend toward larger container vessels, including mega-ships, requires ports to invest in equipment that can handle these massive vessels efficiently. Larger cranes, deeper berths, and equipment with higher lifting capacities are needed to accommodate these vessels, and this drives the demand for specialized port equipment. Automation and technology have a pivotal role in modern port operations. Automated container terminals equipped with robotic cranes, unmanned straddle carriers, and smart logistics systems have become increasingly prevalent. These technologies not only improve efficiency but also reduce labor costs and enhance safety. As a result, port operators are investing in advanced equipment and digital solutions to stay competitive and meet the demands of global trade.
There is a growing emphasis on minimizing the environmental impact of port operations. Modern port equipment often incorporates eco-friendly features such as energy-efficient designs, electrification, and emissions-reduction technologies. Ports are investing in these environmentally sustainable solutions to comply with regulations and reduce their carbon footprint. Ports worldwide are upgrading their infrastructure to accommodate larger vessels and higher cargo volumes. This includes deepening harbors, expanding container yards, and installing state-of-the-art cargo handling equipment. These infrastructure investments drive the demand for port equipment.
Ensuring the safety of personnel, cargo, and the port infrastructure is a top priority in the maritime industry. Port operators and authorities are continuously seeking ways to enhance safety and security measures. Advanced port equipment, such as automated cranes with collision avoidance systems, intelligent surveillance and monitoring technologies, and secure access control systems, contribute significantly to reducing accidents, preventing unauthorized access, and safeguarding valuable cargo. Thus driving the port handling equipment market revenue.
The Port Equipment Market segmentation, based on type, includes Equipment, and Software, and solutions. The equipment segment dominates the market, accounting for the largest market revenue. Port operations heavily rely on physical machinery, such as cranes, container handlers, and forklifts, for the efficient movement of cargo. While software and solutions play a crucial role in optimizing and managing port operations, tangible equipment forms the backbone of cargo handling, making it the dominant segment in the port handling equipment market. Additionally, the investment and maintenance costs associated with physical equipment are a significant portion of the port's budget, further emphasizing the prominence of this segment.Â
The Port Equipment Market segmentation, based on application, includes Container Handling, Scrap Handling, Bulk Handling, Stacking, General Cargo, and Others. The container handling category dominates the market. The efficient and rapid handling of containers is vital in modern port operations, driven by the global trade of goods. Container handling equipment, such as cranes and straddle carriers, plays a pivotal role in facilitating the loading and unloading of containerized cargo, making it the most prominent and critical application in the port equipment market.
The Port & Harbor Equipment Market segmentation, based on operation, includes Conventional and Autonomous. The conventional category dominates the market. Traditional, human-operated port machinery, handling the majority of cargo movements, remains prevalent in the industry. While there is growing interest in autonomous or semi-autonomous solutions for improved efficiency, conventional operation methods are still widely employed due to existing infrastructure, operational familiarity, and certain limitations in fully autonomous technology.
Figure 1: Port Equipment Market by Operation, 2022 & 2032 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study gives market insights into the North America, Europe, Asia-Pacific and the Rest of the World. The North American Port Equipment market area dominates this market due to its extensive network of ports and terminals along its coastlines. These ports handle a significant portion of global trade, necessitating substantial investments in modern port equipment to meet the demands of larger vessels and increased cargo volumes. Additionally, North America's emphasis on technological innovation and automation in port operations contributes to its dominance in the Port & Harbor Equipment Market.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil.
Figure 2: Port Equipment Market Share By Region 2022 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Port Equipment market accounts for the second-largest market share due to its extensive network of ports, growing trade volumes, and the need to modernize and expand infrastructure to accommodate larger vessels and enhance logistics efficiency. Further, the German Port Equipment market held the largest market share, and the UK Port Equipment market was the fastest-growing market in European region.
The Asia-Pacific Port Equipment Market is expected to rise at the fastest CAGR from 2023 to 2032. This is due to robust economic growth, increasing international trade, and the need to expand and modernize port infrastructure to accommodate larger vessels and handle growing cargo volumes. Moreover, China’s Port Equipment market held the largest market share, and the Indian Port Equipment market was the fastest-growing market in Asia-Pacific region.
Leading market players are investing heavily in the research and development in order to expand their product lines, which will help the Port Equipment market grow even more. Market players are also undertaking a variety of strategic activities to spread their global footprint, with important market developments including contractual agreements, new product launches, mergers and acquisitions, higher investments, and collaboration with other organizations. To spread and survive in a more competitive and rising market climate, the Port Equipment industry must offer cost-effective items.
Manufacturing locally to minimize the operational costs is one of the key business tactics used by the manufacturers in the global Port Equipment industry to benefit clients and grow the market sector. In recent years, the Port Equipment industry has offered some of the most significant advantages to the marine industry. Major players in the Port Equipment market, including Liebherr Group, Lonking Holdings Limited., Toyota Material Handling, ZPMC, Konecranes, Mitsubishi Logisnext Co., Ltd., Gaussin Group, Sany Heavy Industry Co Ltd (SHI), Anhui Heli Co., Ltd., Cargotec Corporation, and others, are trying to increase market demand by investing in the research and development operations.
TTS Group is a Norwegian multinational corporation specializing in providing advanced solutions for the marine and offshore industries. TTS Group provides a diverse portfolio of equipment and systems, including marine cranes, offshore cranes, winches, hatch covers, and RoRo (Roll-on/Roll-off) access systems. These products are designed to improve efficiency, safety, and operational capabilities for vessels and offshore installations. The company also provides a range of services, including installation, commissioning, maintenance, and repair of their equipment and systems. Their service teams are available to support customers throughout the equipment's lifecycle. TTS Group announced in October 2022 that it had acquired Noell Special Cranes, a leading manufacturer of heavy-duty cranes and other material handling equipment for the maritime and offshore industries. This acquisition is expected to expand TTS Group's product portfolio and give it access to Noell Special Cranes' expertise in heavy-duty crane technology.
Cargotec Corporation is a Finnish multinational company that specializes in cargo handling and associated technologies. Cargotec has a strong global presence, with operations in more than 100 countries. They serve a broad range of industry, including shipping, logistics, manufacturing, and construction. The company's core expertise lies in providing efficient and innovative cargo-handling solutions for various industries. Their equipment and technologies are designed to improve the efficiency, safety, and sustainability of cargo operations. Cargotec announced in December 2022 that it had entered into a partnership with Kalmar to develop and market a new generation of automated container-handling equipment. This partnership is expected to accelerate the development of automated port operations and improve the efficiency and productivity of ports around the world.
May 2023: Cargotec acquired MacGregor, a provider of marine cargo handling and offshore load handling equipment and services. This acquisition is expected to expand Cargotec's product portfolio and strengthen its presence in the offshore market.
January 2023: Konecranes announced that it had acquired Morris Material Handling, a leading provider of port cranes and other material handling equipment in North America. This acquisition is expected to strengthen Konecranes' position in the North American port equipment market and expand its product portfolio.
November 2022: ZPMC announced that it had acquired Liebherr Mobile Crane Division, a leading manufacturer of mobile cranes and other material handling equipment. This acquisition is expected to expand ZPMC's product portfolio and give it access to Liebherr's expertise in mobile crane technology.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 17.9 Billion |
| Market Size 2023 | USD 18.31 Billion |
| Market Size 2032 | USD 21.96 Billion |
| Compound Annual Growth Rate (CAGR) | 2.30% (2024-2032) |
| Base Year | 202 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2023 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, The Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Solutions, Application, Operation, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Liebherr group, Lonking holdings limited., Toyota Material Handling, ZPMC, Konecranes, Mitsubishi Logisnext Co., Ltd., Gaussin Group, Sany Heavy Industry Co Ltd (SHI), Anhui Heli Co., Ltd., Cargotec Corporation |
| Key Market Opportunities | Requirement for improved safety and security measures in port operations. |
| Key Market Dynamics | The increasing global trade and containerization of goods. |
Frequently Asked Questions (FAQ) :
The Port Equipment Market size valued at USD 17.9 Billion in 2022.
The global market is foreseen to rise at a CAGR of 2.30% during the forecast period, 2024-2032.
North America had largest share in the global market
The prime players in the market are Liebherr Group, Lonking Holdings Limited., Toyota Material Handling, ZPMC, Konecranes, Mitsubishi Logisnext Co., Ltd., Gaussin Group, Sany Heavy Industry Co Ltd (SHI), Anhui Heli Co., Ltd., Cargotec Corporation.
The equipment category dominated the market in 2022.
The conventional had the largest share in the global market.
Research Analyst Harshita post graduate mba in business administration from welingkar institute, mumbai and 5 years of experience in the field of product market research. as a research analyst, i have cross-domain experience in packaging, and industrial automation & equipment. i am currently looking after the research process of packaging, logistics & transportation, and industrial automation & equipment at market research future reports. my responsibilities at the organization involve handling syndicate and custom reports as well as responding to client inquiries, and organize, co-ordinate with a group of 5 to 6 persons to manage all workflows.
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