According to the Market Statsville Group (MSG), the global container yard crane market size is expected to grow from USD 1,062.0 million in 2022 to USD 1,874.3 million by 2033, at a CAGR of 5.3% from 2023 to 2033.
Rising trading activities is increasing the vessel size and cargo volume adding further pressure on yards and ship berths. Organizations are allocating investments to enhance the facility. Moreover, the increasing electrification of container cranes as an alternative to fuel, backed by stringent government regulations, further escalates global market growth. Technological development, such as automation and external control of cranes via joystick or remote computers, is expected to propel the market growth in the near future. Countries like China, Japan, and others are shifting their interests to automated terminals to cater to the growing market needs, creating growth opportunities.
Yard cranes are the most popular container handling equipment for loading containers onto or unloading containers from trucks in container yards of land-scarce port container terminals. Ship-to-shore cranes (STS), also referred to as container cranes, are utilized for handling containers from ships to the shore and vice versa. In the loading operation, export containers loaded onto trucks by yard cranes at the yard are off-loaded at the quay and loaded onto a vessel by quay cranes. In mega port container terminals like those in Singapore and Hong Kong, it is essential to reduce the waiting time of trucks by coordinating yard cranes and truck movements. Hence, a good yard crane schedule can increase a terminal’s throughput by increasing the container flow to and from vessels by reducing the truck waiting time.
The COVID-19 epidemic hindered maritime transportation, but the consequences were less severe than previously anticipated. Maritime trade contracted in 2020 due to the shock in the first half of the year. However, there was an embryonic, if asymmetric, recovery in the second half of the year. Volumes had returned for containerized commerce and dry bulk commodities by the third quarter. Tanker shipping, on the other hand, has yet to recover fully. While carriers were able to minimize the shock and disruption, port and landside operations had a harder time adapting, and seafarers were put in a precarious position as the pandemic sparked an unprecedented worldwide crew-change crisis. Various seafarers could not return home due to health concerns and accompanying travel restrictions, while an equal number could not join their ships and provide for their families.
Oceans have always been significant as a mode of transportation for people worldwide. Since a few decades ago, ships now transport cargo goods rather than people. Ocean shipping is the primary route of global commerce transportation, accounting for over 90% of all traded products stated by the Organisation for Economic Co-operation and Development. As a result, the oceans serve as the primary transportation corridors for global trade. With the increase in global freight demand, maritime trade volume will increase. Maritime transport is one of a larger set of economic activities that can contribute value to the economy. In early 2021, maritime companies placed a record number of new orders, particularly for container ships, which saw the biggest number of orders in the prior two decades. According to the UNCTAD report, around 274,973 container ships were transported in 2020, and this rose to 281,784 container ships in 2021, which is 2.48% more than last year. Thus, rising cargo transportation around the world has significantly augmented the growth of the container yard crane market.
Freight rates have been increasing since the second half of 2020. While demand for containerized goods has surpassed expectations, shipping capacity has been curtailed by logistical challenges, bottlenecks, and equipment shortages. Surcharges and taxes, such as demurrage and detention fees, have increased due to unreliable scheduling and port congestion. These rising prices present a difficulty for all traders and supply chain managers, especially for smaller shippers who compared to larger companies, may be less able to absorb the additional cost and hence have a disadvantage when negotiating rates and booking space on ships. Smaller shippers and low-value cargo may find it difficult to get service contracts, and their businesses may suffer.
Freight prices are projected to continue high for the foreseeable future. Demand is high, and supply is becoming more unclear, with concerns regarding the efficiency of transportation infrastructure and port operations. In the face of rising costs and long-term market disruption, it's more critical than ever to keep an eye on economic trends and maintain transparency when it comes to setting rates, taxes, and surcharges. Governments and regulators have proposals to step in to tighten their control and eliminate unfair market practices. If container freight rates continue to rise, import and consumer prices will increase dramatically. According to UNCTAD's simulation model, global import prices will rise by an average of 11% due to freight rate increases.
Advancing technologies penetration significantly impacts the global container yard crane market. New container handling equipment integrates modern technologies such as touchscreen displays, cameras, AI technology, and sensors to boost efficiency and procedures. The maritime industry is increasingly dependent on online and automated technology. Shipping, port operations, offshore infrastructure, and digital business transactions are all aspects where marine cargo has adopted automation and is yet to come.
Furthermore, using marine autonomous surface ships (MASS) could improve safety and environmental performance while speeding up decarbonization. Several countries are progressing rapidly with this technology, with MASS commercial initiatives in advanced testing and trial. Container handling equipment is high-powered machinery with a power range of 140 to 550 kW. This equipment is utilized in extreme working environments and has a useful life of 10,000 to 20,000 hours (5 years); it also requires continual monitoring to attain the desired output. With the use of various technologies, there has been a significant change in equipment performance monitoring. Issues linked to safety and security have been overcome by increasing the level of automation in this equipment and other benefits such as real-time information on engine performance, fuel economy, tire wear, HVAC, and maintenance and services. This aids in achieving peak performance as well as fleet management.
The study categorizes the container yard crane market based on type, and application area at the regional and global levels.
Based on the type, the market is divided into rubber tired gantry cranes, rail mounted gantry cranes and automated stacking cranes. The rubber tired gantry cranes segment accounted for the global container yard crane market's largest market share of around 74.5% in 2022. RTGs are a type of mobile crane that use rubber tires to move and stack shipping containers. They are highly maneuverable and efficient, making them a popular choice for container yard operations. RTGs are capable of stacking containers up to six high and have a lifting capacity of up to 50 tons. They are also equipped with advanced technology such as GPS and automation systems, making them even more efficient and safe to operate. The growing demand for RTGs is due to their ability to handle a wide range of container sizes and types and their flexibility to operate in different weather conditions. Additionally, RTGs are more cost-effective than other types of container yard cranes, such as ship-to-shore cranes or rail-mounted gantry cranes.
Based on the regions, the global container yard crane market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. Asia Pacific accounted for the largest market share of around 47.7% in 2022. The region is home to some of the busiest ports and terminals in the world, such as Shanghai, Singapore, and Hong Kong, which drive the demand for container handling equipment, including container yard cranes. One of the major factors driving the growth of the container yard crane market in the Asia Pacific region is the increasing trade activities and the rise in container traffic in the region. The rapid expansion of ports and terminals in the region and the growing investments in port infrastructure also fuels the demand for container yard cranes. Moreover, significant container yard crane manufacturers in the region contribute to the market's growth. These manufacturers offer a wide range of container yard cranes with advanced features such as automation and digitalization, further enhancing container handling operations' efficiency and productivity.
The container yard crane market is a significant competitor, and extremely cutthroat in the sector is using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
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