Port Equipment Market worth $36.6 billion by 2025

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Port Equipment Market worth 36.6 billion by 2025
According to the new market research report on
"Port Equipment Market by Equipment Type
(Mooring Systems, Tug Boats, Cranes,
Shiploaders, Container Lift Trucks, Reach
Stackers, Forklift Trucks, Automated Guided
Vehicles, Terminal Tractors, Straddle Carriers),
Type, Application, Demand, and Region - Global
Forecast to 2025" The port equipment market is
estimated at USD 29.2 billion in 2018 and is
projected to reach USD 36.6 billion by 2025, at
a Compound Annual Growth Rate (CAGR) of 3.30
from 2018 to 2025. Factors such as the
increasing seaborne trade across the globe
and the growing number of container shipments in
Asia Pacific and the Middle East are expected to
fuel the growth of the port equipment
market. Browse 89 market data Tables and 48
Figures spread through 172 Pages and in-depth
TOC on "Port Equipment Market - Global Forecast
to 2025" View detailed Table of Content here -
https//www.marketsandmarkets.com/Market-Reports/p
ort- equipment-market-184119530.html The
straddle carriers segment to grow at a higher
CAGR in the port equipment market among all
equipment types during the forecast
period Based on equipment type, the straddle carri
ers segment is estimated to lead the port
equipment market during the forecast
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period. These are used for lifting and lowering
containers, both vertically and horizontally.
Straddle carriers are used in container handling
have lifting capacities ranging from 40 to 60
tons. As per the industry experts, the demand
for straddles is mostly generated from port
terminals in Germany, the Netherlands, and the
UK. Equipment manufacturers are focused on
offering hybrid straddle carriers for port
terminals owing to the growing requirement of
advanced cargo handling equipment equipped with
advanced technologies. The container handling
application segment of the port equipment market
by application to grow at the highest CAGR
during the forecast period Based on application,
the container handling application segment of
the port equipment market is estimated to have
the highest CAGR during the forecast period. The
increase in seaborne trade in the last few years
has led to an increase in the deliveries of
marine vessels. With the increase in global
maritime trade, the marine ports will be
required to modernize to increase their
container handling capacity. Increasing global
imports and exports coupled with increasing
maritime shipping are likely to drive the demand
for port equipment. Asia Pacific region shows the
highest potential for implementation of port
equipment The port equipment market in the Asia
Pacific region is expected to witness high
growth during the forecast period. Port equipment
are expected to be deployed in large numbers in
port terminals, thereby providing various
application areas of operations. In recent
years, the maximum transportation of containers
has been noticed from South Korea, China,
Singapore, and India. According to the World
Shipping Council, of the top 50 container port
terminals in terms of handling million TEU in
2016, 24 were in Asia. These included China,
Japan, Malaysia, Indonesia, Singapore, and
Thailand.
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