The global port equipment market size is expected to reach USD 18.31 billion by 2030 and is projected to grow at a CAGR of 2.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. With the increasing globalization and numerous free trade agreements between several nations, there has been an exponential increase in maritime trade, which has necessitated the need for efficient and large ports. This demand for ports has led to an increase in the market growth for port equipment.

The increasing awareness toward sustainability and equipment that produces fewer carbon emissions and uses less energy requires many port equipment to be upgraded according to the guidelines and standards stipulated by international environmental organizations. This upgrade, along with technological advancements in port equipment, has fueled the market growth for port equipment.

Gather more insights about the market drivers, restrains and growth of the Port Equipment Market

The advancements in technology of port equipment are driving the market forward. Several innovations, such as digitalization, automation, and electrification, are boosting operational efficiency, sustainability, and safety of port operations. The automated equipment minimizes manual errors and reduces workforce costs. Electrification aids ports in reducing carbon emissions and helps align with stipulated environmental objectives. In addition, digitalization by adopting blockchain and the Internet of Things (IoT) enhances tracking, cargo management, and logistics, ensuring faster operations. These innovations cater to the growing demands for cargo handling capacity and efficiency, thereby fueling market growth.

The market is being significantly driven by the rise in public-private partnerships and improved legal frameworks. These collaborations combine public oversight with private sector efficiencies, facilitating swift infrastructure development and modernization. This synergy, supported by robust legal frameworks, is paving the way for a flourishing market in port equipment.

Port Equipment Market Report Highlights:

Based on operation, the conventional port equipment segment dominated the market in 2023 with a revenue share of 70.5%. This large share is attributed to its long-standing reliability, wide availability, and comprehensive service networks. These systems have been an integral part of port operations, proving their effectiveness in handling cargo efficiently.In terms of power, the diesel power port equipment segment dominated the market in 2023 with 63.6% of the global revenue share. The diesel-powered port is robust in its performance and offers more reliability compared to its counterparts.The electric power segment is anticipated to witness a CAGR of 4.0% over the forecast period. The electrically powered port equipment enhances operational efficiency and reduces environmental impact. It replaces the traditional diesel-powered machinery with electric options, which considerably lower greenhouse gas emissions and air pollutants.In terms of equipment type, the reach stackers segment held a 33.4% share of the global revenue in 2023. Reach stackers play a crucial role in global port equipment by providing an efficient and flexible solution for container handling and storage. They are vital for logistics operations, allowing ports to maximize space utilization and improve cargo flowThe growth of the North America market for port equipment is fueled by the heavy investments made in port modernization and infrastructure improvements. The adoption of more sustainable and efficient operations is also a key driver for market growth, leading to an upsurge in demand for eco-friendly and electrified equipment.

Browse more reports published by Grand View Research.

Ammunition Market Size, Share & Trends Analysis Report By Caliber, By Small Ammunition Product (Rimfire, Centerfire), By End-use (Civil & Commercial, Defense), By Cartridge, By Region, And Segment Forecasts, 2024 - 2030Docks Market Size, Share & Trends Analysis Report By Material (Wood, Plastic & Composites), By Frame Material, By Product Type, By Application, By End Use, By Dock Accessories, By Region, And Segment Forecasts, 2024 - 2030

List of Key Players in the Port Equipment Market

KalmarLiebherr GroupKonecranes AbpSany Heavy Industry Co. Ltd.Shanghai Zhenhua Heavy IndustriesEmerson Electric Co.Toyota Material HandlingCargotec CorporationAnhui Heli Co. Ltd.Gaussin GroupCVS FERRARILONKING HOLDINGS LIMITEDAMERICAN CRANE AND EQUIPMENTABBSIEMENS AG

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Explore Horizon, the world's most expansive market research database