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Infrastructure investments ensure continuous demand for modern port machinery to enhance operational capabilities. The growing demand for commodities and goods necessitates port capacity expansion, driving the need for additional equipment like cranes, straddle carriers, and conveyors. The expansion of ports to accommodate larger vessels requires high-capacity machinery. Ports worldwide are upgrading to semi-automated or fully automated systems to improve efficiency, reduce operational costs, and handle higher cargo volumes.
Governments and operators are investing in digital transformation, necessitating machinery that integrates seamlessly with IoT, AI, and digital platforms. Additionally, technological advancements are transforming port operations, creating demand for innovative, efficient, and eco-friendly machinery. Economic growth in emerging markets drives the demand for modern and scalable port machinery.
The global market for port machinery equipment was reached USD 13.2 billion in 2023 and is estimated to grow at a 5.5% CAGR from 2024 to 2032, driven by economic trends, technological advancements, and logistics demands.
The cranes segment reached USD 3.94 billion in 2023 and is set to grow at a 6.1% CAGR from 2024 to 2032, due to the increasing demand for efficient cargo handling driven by globalization and e-commerce.
The diesel-powered segment held a dominant revenue share of around 41.5% in 2023, as diesel machines are essential in regions with infrastructure limitations or cost constraints.
The U.S. port machinery equipment market crossed USD 2.4 billion in 2023 and is estimated to grow at a 5.8% CAGR from 2024 to 2032, led by the e-commerce surge and trade agreements like the USMCA.
Key players in the industry include ABB, Anhui Heli, Cargotec, Gaussin Group, Kalmar, Konecranes, Liebherr Group, Mitsubishi, Prosertek Group, Sany Heavy Industry, Shanghai Zhenhua Heavy Industries, and Toyota.