Businesses Stitch with Autonomous Logistics and Transportation Systems during Coronavirus Outbreak
Transporting products from one place to another with minimal human contact has become imperative for businesses during the COVID-19 outbreak. Companies such as the San Francisco-based startup Above Robotics is pushing sales for autonomous logistics and transportation systems to limit the spread of the coronavirus. Such trends are generating incremental opportunities for companies in the port and material handling equipment vehicle market.
Merchants, warehouses, and transport providers are adapting to autonomous material handling equipment vehicles. Companies in the port and material handling equipment vehicle market are creating awareness for cloud-based software that can get driverless vehicles to communicate directly and handle goods with fewer humans. Businesses in Japan, South Korea, and other parts of Asia are becoming aware about these evolving trends.
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AMRs Overcome Shortcomings of AGVs with Increased Intuitiveness and Flexibility in Operations
Automated guided vehicles (AGVs) are being integrated in retail, military, and even healthcare applications. However, potentially high initial investment, maintenance costs, and decreased flexibility in operations are likely to inhibit growth of the port and material handling equipment vehicle market. Hence, equipment vehicle manufacturers are increasing their production of alternative solutions such as autonomous mobile robots (AMRs), conveyor systems, and automated storage & retrieval systems (AS/AR).
The port and material handling equipment vehicle market is projected to advance at a CAGR of ~5% during the forecast period. Innovations in intuitive autonomous mobile robots involve to transportation of inventory and sort products.
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Dual Mode Autonomous Lift Trucks Operate in Mixed Environments
Robotics, automation, and sealed lead acid battery technology are steering innovation in lift trucks. Manufacturers in the port and material handling equipment vehicle market are increasing their R&D muscle in equipment design and value added features in order to help clients achieve high operational efficiency. Thus, autonomous lift trucks have become the key focus for technological advancements and innovations.
Equipment vehicle manufacturers are increasing the availability of dual mode autonomous lift trucks that function with or without the operator. This helps to establish maximum flexibility in mixed environments. Companies in the port and material handling equipment vehicle market are gaining a strong research base in 2D LIDAR guidance to enable long runs and returns in dual mode autonomous lift trucks.
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Harbor Tug Boats Converted into Autonomous Vessels Integrated with Hazard Detection
The autonomous tug technology testing is undergoing a significant change from remotely controlling a vessel to adoption of computerized control on board as a support tool for the master. In Singapore, PSA Marine— a leader in the maritime sector, has collaborated with PACC Offshore Services Holdings (POSH) to complete their testing program to conduct sea trials of autonomous vessel technology. This is evident since Asia Pacific is anticipated to hold the lion’s share in terms of revenue in the port and material handling equipment vehicle market.
The port and material handling equipment vehicle market is expected to reach a revenue of US$ 9.7 Bn by the end of 2030. Operators at various ports and container terminals are converting its harbor tug into an autonomous vessel integrated with collision avoidance and hazard detection.
Autonomous Crane Systems Improve Profitability in Steel Industry with Digitization of Operations
Crane yard operations are becoming smart and safe. Companies in the port and material handling equipment vehicle market such as Schneider Electric— a global specialist in energy management and automation, is innovating in integrated autonomous crane systems (IACS). Autonomous crane systems have become the need of the hour since the steel industry is at crossroads with the need for investments in digitization whilst increasing profitability of operations.
Companies in the port and material handling equipment vehicle market are increasing the availability for autonomous crane systems in the steel industry to improve operations from furnace to yard and from warehouse to shipping with the help of digitization in crane operations.
Port and Material Handling Equipment Vehicle Market: Overview
- The global port and material handling equipment vehicle market is anticipated to expand at a CAGR of ~5% during the forecast period, owing to the surge in trade activities and rise in globalization of goods production
- Most countries witnessed increase in exports as a share of gross domestic product (GDP) in the last decade. Furthermore, there has been an increase in links to global supply chains and sourcing of raw materials. Finished products have become increasingly globalized, and producers in various areas, often-distant areas of the world, are increasingly being forced to compete with one another for the same markets. This trend is leading to more trade of goods across countries, thus, boosting port operations. This, in turn, is propelling the demand for port and material handling equipment vehicles.
Drivers of Port and Material Handling Equipment Vehicle Market
- Rise in seaborne trade practices across the globe is likely to increase the demand for material handling equipment, which, in turn, is likely to boost the port and material handling equipment vehicle market across the globe
- Growing import and export of goods and commodities through seaports due to different free-trade agreements, such has TPSEP, NAFTA, AFTA, and several others, have helped countries significantly strengthen their economies. This, in turn, is anticipated to boost the port and material handling equipment vehicle market across the globe.
- Incorporation of autonomous and semi-autonomous systems for port equipment functions is likely to significantly propel for port and material handling equipment vehicle market across the globe
Challenges for Port and Material Handling Equipment Vehicle Market
- High initial investments and maintenance cost of port and material handling equipment vehicles are likely to pose a challenge for the port and material handling vehicle market across the globe
Port and Material Handling Equipment Vehicle Market Segmentation
- The global port and material handling equipment vehicle market has been segmented based on equipment type, application, propulsion, demand, and region
- Based on equipment type, upgrade of ports in Asia Pacific, subsequent installation of new cranes, and upgrade of existing cranes are driving the demand for material handling port cranes. Electrified rubber-tired gantry and automated stacking crane types are also likely to witness higher demand over the next few years.
- Based on application, container handling was the dominant segment in 2019, owing to consistent rise in global trade volumes in 2019. The total container throughput of 50 major cargo ports in the world increased by 3.5% year-over-year.
- Based on propulsion, diesel is a major segment of the port and material handling equipment market; however, the introduction of the electric and fuel cell-based equipment is estimated to gain market share held by the diesel segment over the next few years, especially in developed regions such as Europe and North America
- Based on demand, new demand is a major segment, in terms of revenue, of the port and material handling equipment market. Improvement in vehicle technologies is estimated to contract the MRO and services segment, in terms of revenue, in the near future.
Port and Material Handling Equipment Vehicle Market: Regional Analysis
- Based on region, the global port and material handling equipment vehicle market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is projected to be a highly lucrative region of the global port and material handling equipment vehicle market during the forecast period. India, one of the rapidly expanding markets for port material handling equipment in the region, has introduced ‘Sagarmala’ project to boost sea trade. This is estimated to boost cargo traffic at Indian ports to approximately 2500 MMTPA, while the current cargo handling capacity of Indian ports is only 1500 MMTPA. A roadmap has been prepared to increase port capacity in India to 3300+ MMTPA by 2025 in order to cater to the growing traffic. This includes port operational efficiency improvement, capacity expansion of existing ports, and new port development. While Southeast Asia is projected to witness investments of more than US$ 47 Bn in port development, expansion projects, and planning strategies to address the rising demand and to achieve higher competitiveness through a stronger flow of investments into the transport and logistics segments.
- China has also been witnessing a surge in trade activity after eased trade policy between the U.S. and China. According to the statistics released by China Ports and Harbours Association, export container volume increased 11.5%, while inland container volume increased 18.3%, Therefore, Asia Pacific is estimated to be a prominent market for port and material handling equipment vehicles.
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Port and Material Handling Equipment Vehicle Market: Competition Landscape
- Key players operating in the global port and material handling equipment vehicle market include
- Konecranes
- Liebherr
- Shanghai Zhenhua Heavy Industries (ZPMC)
- Kalmar
- Hyster
- Competition in the port material handling market has intensified among companies who are introducing competitive models integrated with new technologies to capture market share
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