The Ship-to-Shore Cranes Market is estimated to be valued at US$ 1.29 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ship-to-Shore Cranes, also known as Port Cranes, are used to lift and transfer containers from container ships to shoreside trucks or rail car systems. They play an important role in expediting the loading and unloading of cargo from vessels in ports efficiently and safely. With the rapid growth in global containerized trade and ever-increasing ship sizes, the demand for modernized and automated ship-to-shore cranes is rising.
Market key trends:
One of the major trends driving the growth of the ship-to-shore cranes market is the increasing containerization rates. Containerization has enabled standardized handling, transportation, and security of cargo globally. According to the World Shipping Council, an estimated 60% of non-bulk cargo today is shipped in containers. Modern mega container ships carry over 23,000 twenty-foot equivalent units (TEUs). This has significantly increased the need for high-capacity ship-to-shore cranes that can expedite the loading and unloading processes efficiently to prevent delays. Additionally, growing investments by governments and port operators towards expanding and modernizing port infrastructure with advanced ship-to-shore cranes are also fueling the market growth.
Porter’s Analysis
Threat of new entrants: Low capital requirements pose a medium threat as it is easy to enter but established brands have economies of scale and customer loyalty.
Bargaining power of buyers: Large shipping lines have significant bargaining power due to their buying power which keeps prices low.
Bargaining power of suppliers: A few large manufacturers like Liebherr dominate the supply and have negotiating power over components and materials.
Threat of new substitutes: Low as there are no close substitutes for ship-to-shore cranes in loading and unloading cargo from large vessels.
Competitive rivalry: Intense as established manufacturers compete on technology, quality and pricing.
SWOT Analysis
Strengths: Established brands have strong R&D capabilities and financial resources to develop advanced automated cranes.
Weaknesses: Large initial investments and long replacement cycles make manufacturers vulnerable to downturns. Maintenance of large mechanical systems is complex and costly.
Opportunities: Rising global seaborne trade and expansion of ports in developing countries provide opportunities. Automation and digital technologies offer efficiency gains.
Threats: Economic uncertainties and fluctuations in cargo volumes pose risks. Local manufacturers increasing capabilities in China and India.
Key Takeaways
The Global Ship-To-Shore Cranes Market Growth is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing globalization and trade expansion. Growing container traffic is driving investments in port infrastructure across regions.
Regional analysis: Asia Pacific dominates the market with over 50% share led by China, India and other emerging Asian nations.their expanding trade and investments in modernizing and expanding ports. Europe and North America are also significant markets while the Middle East and Africa regions are fastest growing due to economic growth and development projects.
Key players operating in the ship-to-shore crane 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. The market is fairly consolidated with top players competing on product quality, technology and services.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.