In the last few decades, the marine sector has witnessed massive growth as the availability of high tech equipment such as container cranes has improved drastically. Container cranes are useful for off shore and on shore processes associated with natural oil extraction, shipping, and construction structures in or near sea water areas. Container cranes are also known as ship to shore cranes.
A major factor driving the container cranes market is advancements in the marine sector. These advancements are primarily witnessed in domains that deal with trading through ships, merchant navy, and other vessel types. Container cranes are widely utilized in this environment, primarily in the docks, quays and port areas. Rapid industrialization and urbanization is also driving the global container cranes market. Many companies are investing heavily to develop shipping processes, which also includes operations associated with container crane operations. This is consequently expected to expand the associated market during the forecast period. The global container cranes market is also expanding due to the rapidly surging oil and natural gas industry, as well as an increase in interest in the associated geological studies.
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Expansion of the Panama Port area is expected to increase maritime trade by providing an additional route to accommodate container vessel traffic, resulting in expansion of ports in regions such as Latin America. Increased container port traffic is also expected to fuel the market during the forecast period. Global trade which has increased at a significant rate during the last few decades is expected to drive the market during the forecast period. The transport of goods by sea accounts for more than 60% of the total trade in the world (in terms of value), and this represents high usage of containers in sea freight transportation. This is expected to fuel the demand for container cranes during the forecast period.
High cost of installation of container cranes is expected to hamper the steady growth of the market. Lack of availability of components and equipment required to set up container cranes in remote and underdeveloped regions is also expected to hamper the growth of the container cranes market. Complexity in operation of container cranes is expected to be a restraint for the growth of the market during the forecast period.
The container cranes market can be segmented on the basis of operation, end-user, installation type, and fit. Based on operating container cranes are segmented into diesel, electric, and hybrid. In terms of end-user, the container cranes market is segmented into commercial and defense. Defense segment is expected to have highest CAGR as compared to the commercial segment during the forecast period due to the extensive use of connected ships by the naval forces of different nations. On the basis of installation type, the container cranes market is segmented into onboard and onshore container cranes. In terms of fit, the market is segmented into Linefit and Retrofit. Linefit segment is expected to witness higher growth due to increasing investments in naval defense by various countries and growth of seaborne trade activities worldwide.
The container cranes market is segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to have the highest growth rate during the forecast time. The rising demand for goods due to increasing population has led to exponential rise in container traffic. This factor is projected to expand the market during the forecast period. North America is anticipated to have the highest share specifically in the U.S and Canada due to their increasing demand for various goods.
The major players in the container cranes market are Shanghai Zhenhua Heavy Industries Co. Ltd, Wison Group, SANY Group Co Ltd., Anupam Industries Limited, Macchine Operatrici Portuali s.r.l, Noell Crane Systems (China) Limited, SANY Group Co., Ltd, Kranunion GmbH, Liebherr-International AG, etc.
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