by Ship-to-shore cranes, also known as port cranes, are large dockside gantry cranes used for loading and unloading ships. They can be electrically or diesel-powered and are equipped with a wide range of lifting capabilities along with outstanding reach from onshore to the point of loading/unloading containers on ships. Ship-to-shore cranes help improve efficiency at ports by transferring containers swiftly between ships and storage areas. The use of advanced features like GPS, auto steering systems, and remote monitoring in newer ship-to-shore cranes has further enhanced operational efficiency.
The Global Ship-To-Shore Cranes Market Demand is estimated to be valued at US$ 1.49 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Ship-to-Shore Cranes market are TianJin Lishen Battery Joint-Stock Co. Ltd., BYD Co. Ltd., Tesla Incorporation, Contemporary Amperex Technology Co. Limited, Showa Denko K.K. Key players are focusing on expanding their product portfolio and global footprint to strengthen their position in the market. Technological advancements in ship-to-shore cranes along with growing adoption of automation at ports offer lucrative growth opportunities.
The increasing trade of containers globally is one of the major drivers of market growth. Rapid growth in container trade has boosted demand for advanced port handling equipment like ship-to-shore cranes to improve operational efficiency. In recent years, emerging economies in Asia Pacific and Latin America have witnessed substantial growth in container trade which is expected to drive the ship-to-shore cranes market during the forecast period. Growing investments by regional governments in port infrastructure development will also contribute to market growth.
Market drivers
Rising globalization has increased international trade volumes significantly over the past few decades. This has led to continuous growth in container traffic at ports worldwide. According to World Bank estimates, global container trade grew from 700 million TEUs in 2010 to over 930 million TEUs in 2018. The robust growth in container traffic drives investments in new ports and expansion of existing ports. This increased demand for efficient port equipment like ship-to-shore cranes is a major market driver.
PEST Analysis
Political: The ship-to-shore crane market will witness high demand due to increasing import-export activities globally. Supportive government policies pertaining to maritime infrastructure expansion will positively influence market revenues.
Economic: Steady global economic growth especially in developing Asian economies will augment cargo trade volumes handled at ports and drive investments in port technology modernization including ship-to-shore cranes.
Social: As worldwide population rises and urbanization increases, demand for consumer goods and overseas shipments of commodities will grow. This will necessitate higher cargo handling efficiency through automated cranes.
Technological: Advancements in sensor technology, automation, telematics and remote operation capabilities of modern ship-to-shore cranes enhance productivity compared to older manual machines. Integration of IoT and AI will optimize cargo movement workflows.
The Asia Pacific region leads in terms of market value share for ship-to-shore cranes owing to substantial international freight traffic handled at major ports especially in China, Japan and India. Robust economic conditions and rising imports-exports fuel infrastructure spending on technologically advanced cargo handling solutions in these countries.
The Middle East and Africa region exhibits high growth potential for ship-to-shore cranes market over the forecast period. This is attributed to large-scale port expansions underway in Gulf nations to accommodate increasing container volumes as well as diversify their oil-dependent economies. Special economic zones and trade agreements boost container terminal capacity additions, presenting lucrative opportunities for marine cargo equipment providers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
