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Container Handling Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Container Handling Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • February 2021
  • 100 pages
  • ID: 6030500
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The Container Handling Equipment Market?is anticipated to register a CAGR of about 4 %, during the forecast period (2020 – 2025).

- The major factors that are driving growth for container handling equipment market includes increasing cargo transportation, stringent emission norms for pollution control, safety for human labors, automation of ports and electrification of container handling equipment.
- For international trade, countries prefer marine route because it is quicker and cheaper than other modes of transport. For instance, in India almost 90% of international trade by volume is carried through marine route. With an increase in globalization and industrialization activities around the world, the trade volume is expected to go up during the forecast period and this will require more equipment to handle the containers at port which in turn driving the growth in the market.

Key Market Trends
High Cost Involved in the Operation of Container Handling Equipment

The container handling equipment are use specific and thus require a different equipment to carry out specific job. However, continuous R&D efforts have resulted in products that are highly advanced and capable of handling multiple tasks. These machineries include complex mechatronic systems that require specialized manufacturing and assembly processes. All the steps involved in the designing, production and distribution of this equipment require huge investments, which is reflected in the cost of the machinery made available to the customers. This huge cost may hinder the demand in the market during the forecast period.

Asia Pacific Remains as the Market leader

The Asia-Pacific region consists of major developing economies of the world such as China and India, where a large volume of containers is exported and imported from the ports of these countries owing to the high requirement of raw materials and final products. This requires high volume of containers and to handle these containers, the requirement of container handling equipment has increased significantly in the region over the past five years. Asia Pacific dominates the global container handling equipment market in revenue terms owing to high volume of cargo being transported from emerging economies such as China, India, and Japan. As per the data of the World Shipping Council, 7 of the top ten container port terminals, in terms of volume, in 2015 belonged to China with a capacity of around 130.2 million TEUs annually which is expected to go up during the forecast period because of the development of many new ports in the country. Other factors such as high infrastructural spending by regional authorities to improve port terminals, and increased import & export activities would drive the container handling equipment market in this region.

Competitive Landscape
The Container Handling Equipment market is moderately fragmented, with several players accounting for significant amounts of shares in the market. Some of the prominent companies in the Container Handling Equipment market are Kalmar, Liebherr, SANY, CVS Ferrari and others. Companies are investing heavily in research and development for the innovation of new and advanced products.

In July 2019, Shanghai Zhenhua Heavy Industry Co. Ltd. (ZPMC) delivered Manila International Container Terminal (MICT), new quay crane (QC) and eight new hybrid rubber-tired gantries (RTGs) establishing the terminal as having the largest fleet of modern container-handling equipment in the Philippines with 18 QCs and 58 RTGs.

In June 2019, Kalmar delivered New Container Handling Equipment for two of Britain’s major ports Forth Ports, which operates eight ports round the UK. Forth Ports has continued investing in its network with a multimillion-pound order for eleven new?Kalmar?straddle carriers to upgrade and expand its container handling abilities.

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