The global port equipment market is projected to grow at a noteworthy CAGR of over 4% during the forecast period. The market is driven by increasing seaborne trades across the globe. In addition, increasing government initiatives for the development of new ports drive the growth of the global port equipment industry. As of Union Budget 2019-20, the total allocation for the Ministry of Shipping is $272.22 million. In March 2018, a revised Model Concession Agreement (MCA) was approved for making port projects more investor-friendly and make investment climate in the sector more attractive.



Get Free Sample Copy @

https://www.omrglobal.com/request-sample/port-equipment-market


As per the United Nations Conference on Trade and Development (UNCTAD), maritime transport is the backbone of the economy, which contributes around 80% trade by volume and nearly 70% of global trade by value across the globe. The seaborne trade has experienced the fastest growth of more than 4% in past years as per UNCTAD.



Browse for Full Report at:

https://www.omrglobal.com/industry-reports/port-equipment-market


The primary factor that drives the growth of the global port equipment includes infrastructure development in the Asia-Pacific region. Coupled with increased spending on road infrastructure, economies are investing heavily in other forms of transport infrastructure such as the seaborne movement of goods and raw materials. In addition, rising seaborne activities in the European region also contributes to the growth of the port equipment market during the forecast period. For instance, the Marine Knowledge 2020 initiative, Common Information Sharing Environment (CISE) for the surveillance of the EU maritime domain, Marine Strategy Framework Directive are some of the activities in the European region.

Further, road and air travel emit more carbon footprint in comparison with the sea conveyance. As per the International Chamber of Shipping (ICS), shipping produces around 3-5-gram 80 grams per tonne-km of carbon emission, whereas road and air transportation generates 80 gram per tonne-km by trucks. Growing consciousness regarding carbon footprint and inclination towards eco-friendly transportation is likely to encourage the adoption of port equipment which in turn will drive the market growth and expand port equipment market size during the forecast timeframe.

Further, as per the United Nations Conference on Trade and Development (UNCTAD), in 2018, the seaborne trade increased by 4%. It offers several benefits such as large cargo space availability, economical, and safety. Expanding maritime logistics services is likely to flourish the market growth. In May 2019, UK allocated $220 million for expanding Port of Dover. Besides, the ports are incorporating smart solutions to optimize operations, reduce logistics costs, and enhance efficiency.



Global Port Equipment Market – Segmentation

By Product Type
Cranes
Ship Loaders
Mooring Systems
Forklifts
Others

By Application
Container Handling
Bulk & Ship Handling
Others


Global Port Equipment Market – Segmentation by Region

North America
United States
Canada

Europe
Germany
UK
France
Spain
Italy
Rest of Europe

Asia-Pacific
China
Japan
India
Rest of Asia-Pacific

Rest of the World



For More Customized Data, Request for Report Customization @
https://www.omrglobal.com/report-customization/port-equipment-market



About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.

Media Contact:

Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: [email protected]
Contact no: +91 780-304-0404