Market Size of Port Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Port Equipment Market Analysis
The port equipment market is anticipated to register a CAGR of about 4%, during the forecast period (2020 - 2025).
- Some of the major factors driving the growth of the market are growing trade relations between countries. Primary factor for all trade is the mode of transport and distance. Cost effective transport enhances trade activities with lesser time, low traffic and congestion along with the ability to manage more cargo. With this advantage over other modes, marine trade activities are gaining popularity on a global scale.
- Asia-Pacific is expected to witness a high growth rate during the forecast period.
But because of the trade tensions between US and China, the years 2018 and 2019 showed some signs of slowdown in the marine trade activities which have further led to reduced import-export activities. Recent agreements between the two nations have shown some signs of relief for the world economy and trade is expected to be on a growing track. This deal will ease the tension between the two major economies of the world and the growth for the marine trade is expected to rise again.
