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Port Equipment Market was valued at US$ 7.51 Bn. in 2021. Global Port Equipment Market size is estimated to grow at a CAGR of 4.93%.
Port Equipment Market Overview:
The Port Equipment market study gives a complete view of the competition, including the market share and company profiles of the worldwide industry's leading competitors. The scope of the research includes a full assessment of the Port Equipment Market, as well as the reasons for variations in the industry's growth across a number of sectors.
Market Scope:
To validate the market size and estimate the market size by different segments, top-down and bottom-up methodologies are utilized. The research's market estimates are based on the sale price (excluding any discounts provided by the manufacturer, distributor, wholesaler, or traders). Weights applied to each section based on usage rate and average sale price are used to determine percentage splits, market shares, and segment breakdowns. The percentage adoption or usage of the provided market Size in the relevant area or nation is used to determine the country-wise splits of the overall market and its sub-segments.
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Segmentation:
Port equipment is used to handle various types of material at the port, including cargo and machinery. Port equipment is a material handling solution for port infrastructure and application, which is used for loading and unloading commodities and passengers. The port equipment consists of reach tractors, goosenecks, stackers, forklift trucks, trailers, and ship-to-shore cranes. This equipment is very important for every operation and functioning of the port. The port equipment's effectiveness determines the amount of material, which port handles, and which ports receive the most cargo. Equipment with the most up-to-date technology is expected at the busiest ports to allow for optimal load management. As ports are the linking point between land and sea trade, port equipment is important in the broader trade and distribution network of products and services.
Growing awareness of carbon footprint and inclination toward environmentally friendly transportation is expected to increase the port equipment product demand during the forecast period. When compared to marine transportation, land and air transportation have a higher carbon impact. According to the International Chamber of Shipping (ICS), shipping emits 3-8 grams per tonne-kilometer, whereas trucks emit 80 grams per tonne-kilometer. As a result, the government's stringent regulations across the globe are limiting the carbon emission from port equipment leading to the adoption of alternate fuel for equipment. The ports are implementing alternative fuel equipment to reduce the logistical carbon impact, which in turn supports the market's growth. For instance, Europe has allocated more than US$ 4.5 million for the H2Port initiative, to adopt hydrogen fuel cell equipment at the ports.
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Key Players:
Primary and secondary research is used to identify market leaders, while primary and secondary research is utilized to determine market revenue. Primary research included in-depth interviews with key opinion leaders and industry specialists such as experienced front-line personnel, CEOs, and marketing executives. Secondary research included a review of the leading manufacturers' annual and financial reports, whereas primary research included in-depth interviews with key opinion leaders and industry specialists such as experienced front-line personnel, CEOs, and marketing executives. Secondary sources are utilized to compute percentage splits, market shares, growth rates, and global market breakdowns, which are then checked using primary data.
The biggest players in the Port Equipment market are as follows:
• Cavotec
• CVS Ferrari
• Famur Famak
• Hyster
• Kalmar
• Konecranes
• Liebherr
• Lonking Holdings Limited
• Mcnally Bharat Engineering
• Prosertek
• Sany
• Til Limited
• Timars Svets & Smide Ab
• TTS
Regional Analysis:
Individual market influencing components and changes in market regulations affecting the present and future market trends are also included in the regional overview of the Port Equipment market analysis. Current and future trends are researched in order to assess the entire market potential and identify profitable patterns in order to get a stronger foothold. The geographical market assessment is based on the present environment and expected developments.
COVID-19 Impact Analysis on Port Equipment Market:
End-user industries where Port Equipment are utilized saw a decline in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, and the United States, as well as Spain, France, and India, due to a pause in operations. This resulted in a significant drop in the revenues of enterprises in these industries, as well as in demand for Port Equipment manufacturers, affecting the Port Equipment market's growth in 2020. End-user business demand for Port Equipment has plummeted as a result of lockdowns and an increase in COVID-19 events throughout the world.
Key Questions Answered in the Port Equipment Market Report are:
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