According to the latest research report on Insight Partner titled “Rubber Tired Gantry Crane Market to 2027 – COVID-19 Impact and Forecast and Global Analysis,” published by The Insight Partners, the market was valued at USD 907.79 million in 2019 and is projected to reach USD 1,168.17 million by 2027; it is expected to grow at a CAGR of 3.67% from 2020 to 2027.
APAC rubber tired gantry crane market to account highest CAGR during forecast period
Developing economies, such as the APAC (APAC) belt, have been the major contributors for the growth of seaborne trade globally. According to a report by the United Nations Conference on Trade and Development (UNCTAD), the share of emerging economies in seaborne trade imports and exports had climbed rapidly over the past decade, touching almost 63% in 2017. The rise in sea trade activities across APAC is expected to boost the rubber tire gantry crane market growth. Moreover, ASEAN countries have been showcasing tremendous growth in the port infrastructure development and rise in seaborne trading. Further, rise in industrialization and liberalization of economies such as China and India have raised the demand for iron and coal, which are exported by industries through seaborne trading. The increase in import/export of goods and commodities has also uplifted the seaborne trading. Thus, the rise in seaborne trading is expected to boost the rubber tire gantry crane market in APAC during 2020–2027.
Download Sample PDF @ https://www.theinsightpartners.com/sample/TIPRE00011041/gantry crane market.
Key findings of the study:
A port becomes a wheel of the economy if it runs capably. Nowadays, the purpose of a port is not only limited but has extended to a logistical platform. The productivity of a port is important in international trade as a seaport is the nerve of foreign trade of a country. Several government policies are undertaken, which will drive the global rubber tire gantry crane market during the forecast period. The Ministry of Shipping—the nodal agency for ports—encompasses the shipping and port sectors, counting shipbuilding and ship repair, major ports and inland water transport. Also, several government initiatives are undertaken in regions such as North America, Europe, and APAC that are likely to boost the rubber tire gantry crane market growth. For instance, the Georgia Ports Authority (GPA) plans to bring the Port of Savannah’s annual capacity to 11m teus, up from the current capacity of 5.5m teus per year. This will be achieved by expanding beyond the 1,200-acre Garden City Terminal to establish a new container port on Hutchinson Island, across the Savannah River channel. The 200-acre Georgia site sits directly across the Ocean Terminal in Savannah. It will have an annual capacity of 2.5m teus. In 2020, Garden City Terminal will receive six additional ship-to-shore cranes, bringing its fleet to 36, more than any other terminal in North America. Speaking at the Savannah State of the Port, GPA executive director Griff Lynch said GPA plans continual upgrades to its crane fleet, which will include 12 new cranes with a lift height of 170 feet by 2027.
KALMAR, KONECRANES, LIEBHERR, SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD, TNT CRANE & RIGGING, AND SANY GROUP – PROMINENT MARKET PARTICIPANTS IN RUBBER TIRED GANTRY CRANES MARKET
The Rubber Tire Gantry (RTG) cranes are hoisting equipment usually used in port terminals to move shipping containers from one location to another. However, most RTGs are operated inefficiently; hence a high energy cost is incurred. A rubber Tire gantry (RTG) crane is a type of mobile machinery used for moving and stacking storage containers found in container ports[. Its main components include crane frame, power transmission system, lifting mechanism, crane traveling mechanism, trolley traveling mechanism, and telescopic spreader. The trolley is equipped with a lifting tool and moves along its track set on the main beams to load, unload and stack containers; the crane with Tires travels around the stockyard, or other workplaces, and moves flexibly from one work site to another. With its flexibility and smooth movement, it is commonly used in stockyards and other places where box-shaped storage containers are used, and the crane can lift and move the containers from one place to another quickly and safely.
In 2019, Europe led the global rubber Tire gantry crane market with approximately 37% share of the market, followed by MEA, and APAC. In terms of growth, APAC is anticipated to be the fastest-growing region with an impressive CAGR of 5.30% during 2020–2027. In North America, US held the largest market share in the region as the country is focused towards development of ports infrastructure. The rising trend of transshipments has led to the development of port infrastructure in regions like North America due to the rise in container traffic. Also, in North America, The U.S. Department of Transportation (DOT) has announced $292.7 million in discretionary grant funding through the new Port Infrastructure Development Program, which is expected to boost the rubber Tire gantry crane market.
The key companies profiled in the rubber tired gantry cranes market include Anupam Industries Limited, Electromech material handling systems (India) Pvt. Ltd, Kalmar, Konecranes, Liebherr, Mi-Jack Products, Reva Industries Ltd, Shanghai Zhenhua Heavy Industries CO., Ltd, TNT Crane & Rigging, and Sany Group. Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year.
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1–646–491–9876
