At a CAGR of 4.1%, Ship-to-Shore Cranes Market is estimated to account for US$ 4.32 Bn globally by end of 2027, Says Coherent Market Insights (CMI)
SEATTLE, March 10, 2021 (GLOBE NEWSWIRE) — Ship-to-shore cranes are a great asset to any company that has a large marine presence, either on a small scale or on a grand scale. They provide the ability to move heavier and longer items from one part of the ship to another, while at the same time reducing the chances of damage to the vessel itself. In the past, ships would often need to be towed along behind a large transport vessel to be moved to a new destination. This was not only time-consuming, although it also resulted in the loss of valuable equipment that could have been repaired and restored. However, with the development of cranes that can move heavier loads by land, water, and air, shipping companies now have cranes that can be relied upon to help move any load, anywhere. Furthermore, this allows them to reduce their operational costs as well.
The global ship-to-shore cranes market is estimated to account for 4.32 Bn in terms of value by the end of 2027
1. Technological advancements in marine sectors are expected to drive growth of the global ship-to-shore cranes market during the forecast period
For instance, in April 2020, ABB enters into a Memorandum of Understanding (MOU) with Hydrogène de France (HDF), a hydrogen technologies specialist, to jointly manufacture megawatt-scale fuel cell systems that are capable of powering ocean-going vessels. Furthermore, in June 2020, National Renewable Energy Laboratory (NREL), Pacific Northwest National Laboratory (PNNL), and Sandia National Laboratories (SNL) in collaboration developed a Marine and Hydrokinetic Toolkit (MHKiT) launched open-source software. Thus, such factors are expected to accelerate growth of the global ship-to-shore cranes market during the forecast period.
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2. Rapid industrialization and urbanization is expected to boost the global ship-to-shore cranes market growth over the forecast period
Rapid industrialization and urbanization in both developed and emerging economies have led to increase in maritime transportation. According to the United Nations (UN), around 68% of the global population is expected to live in urban areas by 2050, increasing from 55% in 2018. According to the same source, in 2018, around 4.2 billion people were living in urban areas, increasing from 751 million in 1950. Hence, these factors are expected to propel the global ship-to-shares cranes market growth over the forecast period.
1. Continuous research and development activities by major companies can offer significant growth opportunities in the global ship-to-shore cranes market
For instance, in September 2018, ABB Ports introduced a new real-time visualization application for an entire team handling a ship-to-shore cane.
2. Modernization of existing STS cranes and ports can provide major business opportunities in the global ship-to-shore cranes market
For instance, in February 2019, San Vicente Terminal International (SVTI) received two new state-of-the-art STS gantry cranes to enhance operations with an investment of US$ 20 million.
1. Asia Pacific Trends
Asia Pacific is expected to register a robust growth rate in the global ship-to-shore cranes market during the forecast period. This is owing to increasing demand for goods and the rise in container traffic across the region. Furthermore, rising investments in the port expansion are expected to boost the regional growth of the ship-to-shore cranes market in the near future. For instance, in January 2021, Adani Ports announced to invest in Colombo Port terminal.
2. North America Trends
North America is expected to witness significant growth in the global ship-to-shore cranes market over the forecast period. This is owing to increasing trade and volume of import and export across the region.
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Competitive Landscape –
Major companies involved in the global ship-to-shore cranes market are 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.
For instance, in January 2021, Liebherr-International AG completed the delivery of four additional Liebherr ship-to-shore container cranes to NTB.
Market Segmentation –
- By Type
- High Profile Cranes
- Low Profile Cranes
- By Lifting Capacity
- Panamax STS Cranes
- Post Panamax STS Cranes
- Super-Post Panamax STS Cranes
- By Outreach
- By Region
- North America
- Asia Pacific
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