COVID-19 Analysis on the Global Container Handling Equipment Market
A recent market research report on the Container Handling Equipment market published by Fact.MR is an in-depth assessment of the current landscape of the market. Further, the report elaborates on the impact of the COVID-19 on the Container Handling Equipment market and provides a thorough understanding of the growth potential of each market segment over the forecast period (2020-2030).
According to the analyst at Fact.MR, the Container Handling Equipment market is evenly slated to register a CAGR growth of ~XX% during the assessment period and attain a value of ~US$ XX by the end of 2030. The report analyzes the micro and macro-economic factors that are projected to impact the growth of the Container Handling Equipment market in the upcoming years. Further, a detailed analysis of the business continuity strategies of leading market participants is enclosed in the presented report.
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Key Insights Enclosed in the Report
- Key technological developments related to the Container Handling Equipment
- Assessment of the product pricing strategies of prominent market players
- Country-wise analysis of the Container Handling Equipment market in different regions
- Analysis of the COVID-19 impact on supply-demand, value chain, and consumption
- Adoption of the Container Handling Equipment in various end-use industries
Segmentation of the Container Handling Equipment Market
The presented report dissects the Container Handling Equipment market into different segments and ponders over the current and future prospects of each segment. The report depicts the year-on-year growth of each segment and touches upon the different factors that are likely to influence the growth of each market segment. Further, projections are made taking into account the impact of the COVID-19 pandemic on the each market segment.
The various segments of the Container Handling Equipment market analyzed in the report include:
market players have introduced the electric and hybrid container handling equipment and the consumers are more attracted towards them. Growing government concerns for low carbon emitting vehicles and machineries, and imposition of stringent regulations by governing bodies for reducing carbon emissions have further boosted the sales of electric and hybrid container handling equipment. The higher demand for electric units is due to their multiple benefits such as, 100% emission free work and noiseless operation. However, the increased developments in the field of automation is expected to give immense traction to the container handling equipment worldwide.
International trade upturn coupled with increasing dependency on seaborne trade continue to remain influential factors in pushing the adoption of container handling equipment across the globe. Manufacturing, mining, energy and various other sectors rely heavily on the shipping industry in order to ensure a steady supply of raw materials and end products. Bulk commodities account for over an 80% share in global seaborne trade. Increased speed, safety and reliability of containerization influences companies to innovate new technologies for container handling equipment. For instance, ZPMC, a leading Chinese manufacturer of marine cranes has developed an AI straddle carrier, which can perform unmanned driving like self-location & autonomous navigation. Container handling equipment continues to witness profitability across the world on the backdrop of increasing containerized trade worldwide.
In recent years, owing to the development of a robust safety culture and continuously changing regulations, the maritime safety has increased. As compared to the past, many port operators are now focused on safety. The decrease in the number of total losses and incidents year-on-year is the effect of this improving safety culture of the marine industry, which shows a positive impact on the growth of container handling equipment market.
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Merger and Acquisitions Remain the Key Strategies of Companies
New alliances between shipping lines are affecting container traffic flows and setting new efficiency standards for port operators. By delivering synergetic mergers between two container shipping lines, cost savings can be achieved along with long term strategic advantages. During the forecast period, the global market for container handling equipment is estimated to grow as the competitors and their competition with present market players is increasing. With the help of strategic developments, such as acquisitions, collaborations and mergers, the manufacturers in container handling equipment are anticipated to increase their business portfolio. For example, in the year 2019, one of the prominent container handling equipment market players and Finnish lifting solutions provider Konecranes has acquired one of largest crane service companies in Italy, Italian Trevolution Service SRL, specializing in crane modernizations, repairs, maintenance, spare parts and hoists, and components. In the same year, another container handling equipment market player Sany Heavy Industry Co., Ltd. partnered with ANGST Group and VCE (Vienna Consulting Engineers) ZT GmbH to form a joint venture called Palfinger Structural Inspection GmbH (STRUCINSPECT).
Key market players are doing a lot of investment in R&D work to fulfill the requirements of customers across the world. Across the globe, the container handling equipment market is fragmented due to the presence of multiple market players. The container handling equipment market has significant competition. In order to remain in sync with the demand, the manufacturers are launching new products by investing in research and development activities. The availability of container handling equipment at distribution channels generates variations in price causing an increase in the competition among the market players. This would make way for the manufacturers to deliver more technologically advanced, cost efficient, and newer generation container handling equipment during the forecast period. In order to strengthen their position as technology leaders in the market, investment in research and development activities is one of the important strategies implemented by the market players. In addition, to enhance their global presence, the companies ensure that their products are available in all the regions across the globe. The key market players offer the container handling equipment under different categories such as forklift trucks, automated stacking cranes, reach stackers, terminal tractors, rail mounted gantry cranes, automated guided vehicles, rubber tired gantry cranes, straddle carriers, ship to shore cranes, standard duty cranes, heavy duty cranes and bulk material unloaders, etc.
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Growing Public Private Partnerships (PPP) in Ports and Diminishing Oil Prices to Trigger Growth
Maximum global trades are carried out via sea routes. So maritime transport plays an important role in the overall development of countries who participate in global trade. The port operation requires heavy manpower and equipment investments. As a result, some countries are adopting Public Private Partnership (PPP), in which the management and operation responsibilities are given to private companies, while some assets remain with the government. This trend is mainly acquired in developing countries and some developed nations due to the high initial investment associated with the development of terminals. This, combined with different companies focusing on production enhancement, has fueled the growth of the container leasing sector, which in turn has supported the growth of container handling equipment market during the forecast period.
Considering the projected growth in the GDP of the world, merchandise trade and the downside risks to the global economy and trade policy, different estimates of upcoming seaborne trade have been put forward and all appear to converge on a continued growth path in world seaborne trade in 2018. This has translated into a considerable increase in development of large ships with a high container capacity. In response to this, container handling equipment manufacturing is anticipated to further accelerate to oblige the growing demand. In the forthcoming years, this factor remains an important growth driver for container handling equipment market.
A changing scenario in the world is a decrease in oil prices which is anticipated to support the shipping industry, in turn pushing the demand for container handling equipment. That said, the production of fuel is expected to rise in the coming years, covering new opportunities of growth for container handling equipment. For instance, the US EIA (Energy Information Administration) estimated that the production of fuel is anticipated to touch 10.7 million barrels per day, the highest production registered in US history. This has raised the dependence of manufacturers in the shipping industry for transportation of products. As a result, decreasing oil prices combined with a rising shipping industry is anticipated to fuel the demand for container handling equipment during the forecast period.
On other hand, pushing fully automated operations by international maritime ports over the last decade has aggravated U.S. longshoremen whose way of life and jobs are at stake. The automation trend also sets up a battle between their governments, companies and unions who see automation as more cost-friendly and efficient alternative to system. California is at front in the battle as the ports of Los Angeles, Oakland, and Long Beach handle 40% of U.S. container traffic and is anticipated to rise with the expansion of the Panama Canal.
South Asia and Oceania Regions Provide Ample Opportunities for Growth of Container Handling Equipment Market
In case of container handling equipment market, the Asia Pacific is an important region. The market for container handling equipment in the Asian regions has also increased due to significant momentum by the shipping sector over there. The market for container handling equipment in regions such as East Asia and South Asia combined with Oceania is estimated to increase at a significant value CAGR of around 5.0% and 5.1% respectively and will represent a total incremental opportunity of about US$ 176.5Mn and US$ 280Mn respectively in terms of value during the forecast period. Due to the presence of a huge population in developing countries like China and India in the Asian region, the export and import business over there is increasing significantly which plays an important role to drive the container handling equipment market. In addition, the growing seaborne trade in Asian countries also provides ample opportunities for growth of container handling equipment over there.
The increasing port activities will also increase revenues for the European shipping sector. Benelux and UK are considered to be the major market for container handling equipment, with around 45% of share held by these two countries in European Market. On other side, The North American container handling equipment market, includes country wise analysis for countries like U.S., and Canada. The U.S. container handling equipment market is expected to grow at a CAGR of around 2.4% by value over the forecast period.
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Important doubts related to the Container Handling Equipment market clarified in the report:
- Which regional market is expected to witness the highest growth during the forecast period?
- How has the surging prices of raw materials during the COVID-19 pandemic impacted the growth of the Container Handling Equipment market?
- Why are market players focusing on R&D and innovations?
- Are market players expanding their global presence? If yes, how?
- What is the estimated value of the Container Handling Equipment market in 2020?
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