The increased seaborne trade, growing trend of E-Commerce, and stringent emission regulations have impacted the cargo handling equipment market, which is projected to grow at a CAGR of 3.61%, during the forecast period, to reach a market size of USD 28.02 billion by 2025 from an estimated USD 21.85 billion in 2018.
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To handle the growing cargo volumes at airports and marine ports around the world, the cargo handling industry is shifting toward port automation in recent years. To increase productivity, terminal operators are looking for automated equipment as a solution. For instance, in September 2017, Kalmar was chosen by the Port of Virginia (US) to provide complete automation solutions and industrial drives totalling 86 automated stacking cranes at the Norfolk International Terminal (NIT) and Virginia International Gateway (VIG) facilities. Additionally, in 2017, Konecranes launched an unmanned automated guided vehicle that utilizes artificial intelligence (AI) technology for complete equipment operation. Other companies such as ABB and Siemens also provide automation technology. This trend is expected to grow, spurring the demand for automated container handling equipment.
Increase in global maritime trade led to the requirement of increase in the capacity of marine cargo ports to meet the demand. For instance, according to UNCTAD seaborne trade has increased from 7,808 million tons in 2009 to 10,208 million tons in 2016. Additionally, import and export in the world is estimated to grow due to increased production and improved economic condition. The increasing global import and export coupled with increasing maritime shipping is likely to drive the demand for marine cargo handling equipment.
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The RTG are estimated to show the fastest growth in marine cargo handling equipment market. Growth in RTG market can be attributed to increasing stringency in emission regulation coupled with the demand for faster and efficient operation at the marine ports. As per PEMA, 25% of RTG sold in 2016 were electric. Owing to increase in seaborne trade across the globe, demand for cargo handling equipment such as RTG is increasing. Growing demand for electric RTGs coupled with increasing capacity of marine ports will drive the market for RTG globally. OEMs manufacturing RTG cranes can leverage this oppurtiunity by targeting countries where the import and export is set to increase through sea ports.
Automated guided vehicle is estimated to show the fastest growth in land cargo handling equipment market. Increasing wages, lack of skilled workforce, and demand for warehousing are likely to increase the demand for automated cargo handling equipment. Storage space in warehouses and distribution centres is expensive. Optimizing storage and transport through narrow aisles, high racks, and compact layouts is a necessity for warehousing companies to remain competitive, which can be achieved by using automated guided vehicle. Above factors are estimated to increase the market for automated guided vehicle. As these vehicles are mainly used in warehouses, the manufactures of these vehicles can target countries/markets with high potential for e-commerce growth. Authorities are looking to deploy automated equipment with the desired accuracy which ultimately results in increased productivity. Hence companies can gain competitive edge in the market by focusing on electric or automated cargo handling equipment.
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Critical Questions:
• Why diesel propelled cargo equipment has the largest market today and will also dominate in future as well?
• How and why marine cargo handling equipment’s are the fastest growing?
• How the industry players will address the challenge of increasing accidents related to cargo handling equipment?
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This release was published on openPR.
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