Global Ship-To-Shore Cranes Market Is Estimated To Witness High Growth Owing To Increasing Seaborne Trade and Infrastructure Development
The global Ship-To-Shore Cranes Market is estimated to be valued at US$1.1 Bn in 2019 and is expected to exhibit a CAGR of 4.1% over the forecast period 2020-2032, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Ship-to-shore cranes are vital equipment used in ports and harbors for loading and unloading containers from ships. These cranes play a critical role in facilitating seaborne trade and logistics operations. The demand for ship-to-shore cranes is primarily driven by the growth in seaborne trade and the expansion of port infrastructure worldwide. These cranes are designed to handle heavy loads and ensure efficient and timely container transportation, improving the overall operational efficiency of ports.
B) Market Dynamics:
The Ship-To-Shore Cranes Market is fueled by two main drivers: increasing seaborne trade and infrastructure development.
Driver 1: Increasing Seaborne Trade
The growth in international trade and globalization has led to a significant increase in seaborne trade. Ship-to-shore cranes are vital for handling the increasing volume of containers at ports and efficiently transferring them between ships and shore. With the rising demand for consumer goods and commodities, the need for efficient and quick container handling has become crucial for the smooth functioning of the global supply chain.
For example, according to the United Nations Conference on Trade and Development (UNCTAD), the volume of world merchandise exports is projected to grow by 2.4% in 2020. This growth in international trade is expected to drive the demand for ship-to-shore cranes.
Driver 2: Infrastructure Development
Infrastructure development plays a pivotal role in driving the demand for ship-to-shore cranes. Governments across the globe are investing in port infrastructure to facilitate trade and attract foreign investments. The expansion of ports and the construction of new terminals require advanced loading and unloading technologies, creating a significant demand for ship-to-shore cranes.
For instance, the Belt and Road Initiative (BRI) by the Chinese Government aims to strengthen trade connections between China and other countries. This initiative involves the construction of new ports and the expansion of existing ones along the maritime Silk Road, thus driving the market for ship-to-shore cranes.
C) SWOT Analysis:
Strengths:
1. Advanced Technological Features: Ship-to-shore cranes are equipped with advanced features such as automation, remote control operation, and real-time monitoring, enhancing efficiency and safety.
2. Strong Market Presence: Key players in the market, such as Liebherr-International AG and Shanghai Zhenhua Heavy Industries Co., Ltd., have established a strong market presence through their wide product portfolio and global distribution network.
Weaknesses:
1. High Initial Investment: The cost of ship-to-shore cranes is significantly high, which can be a major drawback for small and medium-sized port operators with limited budgets.
2. Limited Port Infrastructure in Developing Countries: The lack of adequate port infrastructure in developing countries poses a challenge for the adoption of ship-to-shore cranes, restraining market growth in these regions.
Opportunities:
1. Adoption of Electric Ship-to-Shore Cranes: The global shift towards sustainability and the rising focus on reducing carbon emissions offer opportunities for the adoption of electric ship-to-shore cranes, promoting environmentally friendly solutions.
2. Integration of IoT and AI Technologies: The integration of Internet of Things (IoT) and Artificial Intelligence (AI) technologies can enhance the operational efficiency and automation capabilities of ship-to-shore cranes, opening doors for new market opportunities.
Threats:
1. Impact of COVID-19 Pandemic: The ongoing COVID-19 pandemic has disrupted global trade and supply chains, leading to a decline in demand for ship-to-shore cranes.
2. Intense Competition: The market is highly competitive, with several global and regional players offering ship-to-shore cranes. Intense competition can hamper the profitability of market players.
D) Key Takeaways:
- The Global Ship-To-Shore Cranes Market Size is expected to witness high growth, exhibiting a CAGR of 4.1% over the forecast period, driven by increasing seaborne trade and infrastructure development.
- The Asia-Pacific region is expected to dominate the market, supported by the rapid expansion of port infrastructure and the rise in seaborne trade in countries like China and India.
- Key players operating in the global Ship-To-Shore Cranes Market include Liebherr-International AG, Shanghai Zhenhua Heavy Industries Co., Ltd., Wison Group, Konecranes, Kalmar, Kranunion GmbH, Sany Group Co., Ltd., Noell Crane Systems (China) Limited, Anupam Industries Limited, and MAC PORT Macchine Operatrici Portuali s.r.l.
In conclusion, the Ship-To-Shore Cranes Market is poised for significant growth due to the increasing seaborne trade and infrastructure development. However, challenges such as the high cost of cranes and limited port infrastructure in developing countries need to be addressed. The adoption of advanced technologies and the focus on sustainability offer opportunities for market players to thrive in this competitive landscape.
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