Port Equipment Market Size, Share & Trends Analysis Report By Operation (Conventional, Autonomous), By Power (Diesel, Electric, Hybrid), By Equipment Type (Heavy Forklifts, Reach Stackers), By Region, And Segment Forecasts, 2024 - 2030

Port Equipment Market Size & Trends

The global port equipment market size was estimated at USD 15.42 billion in 2023 and is projected to grow at a CAGR of 2.6% from 2024 to 2030. The exponential increase in global trade necessitates the expansion and efficiency of port operations. As international trade volumes grow, there is a pressing demand for modern, efficient, and automated port equipment to handle cargo with greater speed and accuracy. This development mandates ports to upgrade their equipment and infrastructure to remain competitive, driving the market for advanced handling machinery. 

Furthermore, surge in maritime traffic and the consequent need for environmental sustainability within port operations is expected to drive the market. Ports worldwide are increasingly investing in “green” equipment that reduces emissions and energy consumption to comply with international environmental regulations and standards. This shift toward sustainability is not only a response to regulatory pressures but also to growing environmental awareness and the demand for cleaner operations in the maritime industry. This trend is fueling the demand for electric and hybrid equipment, leading to innovation and growth in the market.

Technological advancements are significantly propelling the market. Innovations such as automation, electrification, and digitalization enhance operational efficiency, safety, and sustainability in port operations. Automated equipment reduces human error and workforce costs, while electrification helps ports reduce carbon footprints, aligning with global environmental goals. Furthermore, digitalization, through the Internet of Things (IoT) and blockchain, improves logistics, tracking, and management of cargo, ensuring smoother and faster operations. These advancements meet the increasing demands for cargo handling capacity and efficiency, thus driving market growth.

Drivers, Opportunities & Restraints

The increase in public-private partnerships, along with enhanced legal frameworks, is significantly propelling the market forward. These collaborations leverage both public oversight and private sector efficiencies, enabling rapid infrastructure development and modernization. This synergy between the public and private sectors, underpinned by strong legal frameworks, is setting the stage for a thriving market in port equipment.

However, the market is constrained by several factors. High initial investment and maintenance costs limit market entry and expansion, as acquiring advanced machinery requires substantial financial resources. Moreover, stringent environmental regulations and policies governing emissions and operations pose compliance challenges, slowing down implementation of new technologies. Additionally, the market faces limitations due to the dependency on global trade volumes; any downturn in global trade can negatively impact demand for port equipment, further restraining market growth.

The global port equipment market is positioned for significant growth, driven by increasing global trade, the expansion of port infrastructure, and the rising adoption of automated technologies for efficient cargo handling. These factors collectively create opportunities for manufacturers and service providers to sell advanced equipment and offer maintenance services. Moreover, the push toward sustainability and the electrification of port machinery further opens avenues for innovation and market expansion in this sector.

Operation Insights

“The demand for autonomous port equipment segment is expected to grow at a CAGR of 3.2% from 2024 to 2030 in terms of revenue”

The conventional port equipment segment led the market and accounted for 70.5% of the global revenue share in 2023, due to its long-standing reliability, wide availability, and comprehensive service networks. These systems have been a backbone for port operations, proving their effectiveness in handling cargo efficiently. Moreover, many ports are established with these systems integrated, making the transition to newer technologies significant in terms of both cost and operational downtime, thereby favoring the continued preference for conventional equipment.

The autonomous port equipment market is witnessing high demand driven by its high efficiency and reliability. The market is revolutionizing global trade and logistics. By introducing self-operating machinery, like autonomous cranes and vehicles, ports are becoming more efficient, reducing loading and unloading times dramatically. This leads to lower operational costs and enhanced safety, as the risk of human error is minimized. The integration of such technology ensures that ports can handle the increasing global trade volume, contributing to more streamlined and sustainable supply chains.

Power Insights

“The demand for electric power segment is expected to grow at a CAGR of 4.0% from 2024 to 2030 in terms of revenue”

The diesel power port equipment segment accounted for 63.6% of the global port equipment market revenue share in 2023. Diesel-powered port equipment dominates the market due to its robust performance and reliability. These equipment offer superior torque and efficiency, especially under heavy loads and constant use, which is typical in port operations. Additionally, diesel engines have a longer lifespan compared to their electric counterparts and are often favored for their ease of fueling and maintenance.

Electrically powered port equipment in global port equipment plays a crucial role in the loading and unloading of cargo. The significance of electrically powered port equipment lies in its contribution to enhancing operational efficiency and reducing environmental impact. By replacing traditional diesel-powered machinery, electric options substantially lower greenhouse gas emissions and air pollutants. This shift not only improves air quality for communities surrounding ports but also aligns with global sustainability goals. Furthermore, electric equipment tends to have lower operating costs, and low maintenance requirements and can increase the throughput of cargo handling, making ports more competitive and efficient.

Equipment Type Insights

“The demand for terminal tractors equipment type segment is expected to grow at a significant CAGR of 3.1% from 2024 to 2030 in terms of revenue”

Reach stackers accounted for 33.4% of the global revenue share 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 flow. Their ability to stack containers in various configurations, coupled with their mobility, speed, and versatility, significantly enhances productivity. This makes reach stackers indispensable for meeting the burgeoning demands of international trade and cargo movement, ensuring ports operate smoothly and efficiently.

The terminal tractors port equipment are widely employed in high volume cargo handling requirements. Terminal tractors play a critical role in port operations, serving as the backbone for efficient cargo movement. They are primarily used for moving cargo containers quickly between ship-to-shore cranes and container storage or for loading onto trucks and trains. This specialized equipment significantly reduces handling times, increasing overall profitability of port. Their robust design and maneuverability enable the safe and rapid transportation of heavy loads, making them indispensable in the smooth functioning of port logistics and supply chain continuity.

Regional Insights 

North America port equipment market is primarily driven by significant investments in port modernization and infrastructure improvements. The push toward more sustainable and efficient operations is also a key driver, leading to an uptick in demand for eco-friendly and electrified equipment. The region's strong focus on enhancing cargo handling capacities and reducing turnaround times, driven by the growing e-commerce sector and international trade, further fuels the market. 

Europe Port Equipment Market Trends

The port equipment market in Europe is propelled by stringent environmental regulations, which encourage ports to adopt greener technologies. The European Union's emphasis on reducing greenhouse gas emissions and improving air quality in ports has led to increased investments in electric and hybrid port equipment. Additionally, the strategic geographical location of European ports as key nodes in global trade routes necessitates continuous upgrades and expansion, driving demand for modern port equipment to handle rising cargo volumes efficiently.

Asia Pacific Port Equipment Market Trends

“India to witness fastest market growth at 4.1% CAGR”

The port equipment market in Asia Pacific is experiencing substantial growth due to the region's ongoing economic expansion which leads to an increase in trade both domestically and internationally. Additionally, many countries within Asia Pacific are investing in port infrastructure development and modernization to accommodate larger vessels and more cargo, enhancing efficiency and capacity. Additionally, the e-commerce boom has significantly boosted demand for faster and more reliable shipping, further propelling the need for advanced port equipment.

The port equipment market in India is estimated to grow at a significant CAGR of 4.1% over the forecast period. The market is significantly driven by government initiatives such as the SAGARMALA and development of inland waterways. SAGARMALA aims at port modernization, enhancing connectivity, and boosting port-led development in India, which demands advanced port equipment and technology. Together, these programs stimulate demand for cutting-edge port machinery, automation solutions, and efficient handling systems, promising a surge in the import and indigenous manufacturing of global port equipment to support India's expanding maritime trade.

Key Port Equipment Company Insights

Some of the key players operating in the market include Konecranes, Emerson Electric Co., and Liebherr Group among others.

• Konecranes is a provider of lifting equipment and solutions, offering a wide range of port equipment for various applications. The company's focus on innovation and advanced technology has solidified its position in the market. Konecranes' port equipment is known for its high performance, reliability, and energy efficiency.

• Liebherr Group is a prominent player in the port equipment market, known for its high-quality cranes and material handling equipment. The company's products are widely used in container handling, bulk handling, and ship handling applications for efficient and reliable cargo handling.

Anhui Heli Co. Ltd., Hyster-Yale Materials Handling Inc, and Sany Heavy Industry Co. Ltd. are some of the emerging market participants in the global port equipment market.

• SANY Group specializes in providing high-performance port equipment for various industrial applications. The company's focus on quality and advanced technology has driven its market growth.

• Hyster-Yale Materials Handling, Inc. is a major player in the port equipment market, offering a wide range of forklift trucks and material handling equipment for efficient and reliable cargo handling. The company's emphasis on innovation and customer-centric solutions has strengthened its position in the market. 

Recent Developments

• In March 2024, Konecranes launched a new series of advanced cranes featuring enhanced performance and energy efficiency for container handling and bulk handling applications.

• In January 2024, Liebherr Group introduced a new range of automated port equipment with advanced features such as automated controls and improved operational efficiency to meet the demands of modern ports. 

Port Equipment Market Report Scope

Global Port Equipment Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global port equipment market report on the basis of operation, equipment type, power, and region:

• Operation Outlook (Revenue, USD Billion, 2018 - 2030)

  • Conventional

  • Autonomous

• Power Outlook (Revenue, USD Billion, 2018 - 2030)

  • Diesel

  • Electric

  • Hybrid

• Equipment Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • Heavy Forklifts

  • Reach Stackers

  • Container Handlers

  • Terminal Tractors

  • Others

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE