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Home / Press Release / Global Yard Crane Market is Estimated to Grow at a CAGR of 5.5% From 2023 to 2032

Global Yard Crane Market is Estimated to Grow at a CAGR of 5.5% From 2023 to 2032

The yard crane market, essential for the transport and stacking of heavy containers in logistics hubs, is experiencing a significant upswing, forecasted to grow at a CAGR of 5.5% from 2024 to 2032. These cranes are instrumental in maritime trade, facilitating the efficient transition of cargo between different modes of transportation.

The resurgence of global trade post-pandemic, especially in the maritime sector, has been a critical driver of the yard crane market. With port activities intensifying as economies recover, the need for efficient container handling has become more acute. The Global Trade Review reports a 15% increase in maritime freight volumes compared to pre-pandemic levels, emphasizing the heightened demand for yard cranes.

An opportunity emerging for the yard crane market is the ambitious Belt and Road Initiative (BRI) led by China. This initiative involves the development of new maritime routes and ports worldwide, necessitating advanced container management systems, including yard cranes. Ports under BRI, like Gwadar in Pakistan and Piraeus in Greece, have seen significant investments in yard cranes, enhancing their cargo handling capabilities.

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However, the market faces challenges, including the high initial investment and maintenance costs of yard cranes. A study by the Port Technology Journal reveals that acquiring and maintaining a yard crane over five years can cost between $2 to $3 million, which can be prohibitive for ports in developing countries or those with limited financial resources.

Additionally, integrating these cranes with digital infrastructure in the era of Industry 4.0 poses a significant challenge. Ensuring compatibility with technologies like IoT and AI-driven analytics is crucial, as highlighted by integration issues at the Rotterdam port.

The market is segmented primarily into Rubber-tired Gantry Cranes (RTGs) and Rail-mounted Gantry Cranes (RMGs). In 2023, RTGs dominated the market, accounting for 60% of the total revenue, due to their mobility and adaptability. However, RMGs are anticipated to see a higher CAGR from 2024 to 2032, driven by larger ports' plans to establish fixed container handling paths.

In terms of end-use, ports and terminals, being the primary users of yard cranes, generated the highest revenue in 2023. With the increasing global trade volume and expansion of port capacities, this segment is expected to continue its dominance in revenue and CAGR in the forecast period.

Geographically, the Asia-Pacific region, led by trade powerhouses like China, India, and ASEAN countries, held the largest market share in 2023. The region's CAGR from 2024 to 2032 is projected to be the highest globally, driven by ongoing infrastructural projects and port modernization initiatives.

Key players in the yard crane market include Andritz, Cargotec Corporation, Kato Works Co., Ltd., and others. These companies are focusing on innovation, after-sales service, and regional expansion. The integration of IoT and AI capabilities into cranes, emphasizing service-based revenue streams, and partnerships with tech firms are expected to be pivotal strategies in the coming decade.

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