Ship-to-shore cranes, popularly known as gantry cranes, are used at seaports and inland ports for loading and unloading ships as well as for container handling. These cranes facilitate faster and more efficient transfer of cargo containers between vessels and container stacks or transport vehicles. They have extensive lifting capabilities with large work envelopes to service the largest container ships easily.
The global Ship-to-Shore Cranes Market is estimated to be valued at US$ 1.29 Billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
One of the key drivers of the ship-to-shore cranes market is the steady growth in international seaborne trade and container traffic worldwide. According to the United Nations Conference on Trade and Development (UNCTAD), total seaborne trade volumes increased from 10.7 billion tons in 2012 to 11.7 billion tons in 2020 despite disruptions caused by the COVID-19 pandemic in 2020. Development of new container terminals and expansion of existing ports to accommodate larger container vessels is promoting demand for technologically advanced ship-to-shore cranes. Furthermore, increasing investments by governments as well as private terminal operators in port infrastructure development projects is expected to propel market growth over the forecast period. For instance, China announced a 10-year, USD 120 billion investment plan in 2019 to develop and modernize ports and waterways. Adoption of automated and remotely operated ship-to-shore cranes is also gaining traction to improve operational efficiency through reduced labor costs and errors.
Threat of new entrants: High capital requirements and patents held by existing players create significant barriers for new entrants in this market.
Bargaining power of buyers: Large buyers have significant bargaining power due to the availability of multiple options.
Bargaining power of suppliers: Industry concentration among suppliers ensures their strong position in price negotiations.
Threat of new substitutes: No close substitutes exist but innovation may create alternative lifting solutions over the long run.
Competitive rivalry: The ship-to-shore cranes market consists of a few major players, intensifying competition.
The Global Ship-To-Shore Cranes Market Demand is expected to witness high growth.
Regional analysis: The Asia Pacific region holds the largest share of the ship-to-shore cranes market currently. China, Japan, and India have witnessed substantial growth in container trade and cargo transport over the past few years. This has spurred investments into port equipment and infrastructure development projects.
Key players: 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., Duracell Inc., Samsung SDI, EnerSys, Saft Groupe SA, GS Yuasa Corporation, Panasonic Corporation, Clarios, and LG Chem Ltd.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it