Port Equipment Market to Reach $32.73 Billion, Globally, by 2031 at 6.9% CAGR

Allied Market Research

The rising demand for cargo transportation through seaways and increasing loading & unloading activities at ports across the world are expected to boost the demand for the port equipment market.

PORTLAND, Ore., Jan. 31, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Port Equipment Market by Equipment Type (Cranes, Forklift Trucks, Reach Stackers, Terminal Tractors, and Others), Fuel Type (Diesel, Electric, and Hybrid), Lifting Capacity (Up to 20 Tons, 20 to 40 Tons, and Above 40 Tons), and Application (Ship Handling and Container Handling): Global Opportunity Analysis and Industry Forecast, 2021- 2031". According to the report, the global port equipment industry generated $17.56 billion in 2021 and is anticipated to generate $32.73 billion by 2031, witnessing a CAGR of 6.9% from 2022 to 2031.

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Prime determinants of growth

The rising seaborne trading operations, increase in usage of electric port equipment to minimize carbon consumption, and surge in demand for cargo transportation is likely to increase the sales of the global port equipment market. However, huge investments and maintenance cost of port equipment and a shortage of port laborers is expected to restrict the market growth. Moreover, the development of new port projects and the rising trend of automation in marine transportation to present new opportunities for port equipment in the coming years.

Covid-19 Scenario

• During the COVID-19 pandemic, the manufacturing, construction, tourism, and logistic industries were majorly impacted. The activities in logistics and manufacturing were restricted or halted.
• This led to a decrease in the manufacturing of port equipment as well as their demand in the market, thereby limiting the sales of the port equipment market. On the other hand, industries had resumed slowly their services and manufacturing activities. This is likely to lead to the re-initiation of the companies at their full-scale facilities, which helped the port equipment market share to recover by end of 2021.

The forklift trucks segment is gaining more popularity over the forecast period