According to a new Fact.MR study, the global market for container handling equipment is expected to increase at a value CAGR of 4.2% over the forecast period, to reach a market size of USD 2,316.6 Mn by 2029 from a calculated USD 1,541.2 Mn in 2019. The report provides potential takeaways that prove to be significantly useful for other market entrants in the container handling equipment market and evaluates trends that are driving the growth for container handling equipment market in each market division on a global level.
The uncompromising emission regulations for container handling equipment, growing containerized trade across the world and strong demand for container handling equipment in the Asia Pacific and the Middle East will fuel the demand for container handling equipment. Despite the consequential complexities for manufacturers and suppliers, the proliferation of automated products is considered to be a boon for the growth of the container handling equipment market. According to a UNCTAD report published in 2018, the average container vessel size increased over the past few years. Due to the increased size of container vessels, container traffic from a single vessel increases, which requires efficient container handling equipment to move the containers. The container handling equipment market is analyzed across regions such as, Latin America, North America, South Asia, East Asia, Oceania and Middle East and Africa.
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According to the World Bank, China is the global leader in container handling activity. The ports in China, North Korea and Singapore handle millions of TEU yearly, which is responsible to increase container handling equipment market in Asia Pacific region. In 2019, South Asia and Oceania regions held about more than 28% of share in the global container handling equipment market and is expected to grow at a CAGR of 5.1% by value over the forecast period. As per the Port Equipment Manufacturers' Association (PEMA), the demand for container handling equipment mainly comes from larger and medium ports in countries such as China, India, Japan and Singapore within the Asia Pacific region due to increased container traffic over there. All such factors are expected to boost the demand for container handling equipment.
The increasing number of new terminals and the advent of automation is one of the most prominent trends in the container handling equipment market. As container terminals aim for higher productivity and more efficient operation, automation is making significant strides across the globe. In order to meet the challenges of larger vessels and taller cranes the automated solutions will get adopted by port terminals. Automation of ports not only shrinks the turnaround and waiting time for container handling equipment but also cuts the container handling duration.