Port Equipment Market Worth $36.6 Billion by 2025 - Exclusive Report by MarketsandMarkets

CHICAGO, January 11, 2019 /PRNewswire/ --

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", published by MarketsandMarkets, 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.

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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 carriers segment is estimated to lead the port equipment market during the forecast 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.