SAN FRANCISCO, June 6, 2017 /PRNewswire/ --
The global rubber-tired gantry (RTG) crane market is expected to reach USD 1.64 billion by 2025, according to a new study by Grand View Research, Inc. Advancements in technologies, such as Active Load System (ALS), are expected to fuel the market growth over the forecast period. RTGs equipped with ALS technology help in increasing the stability of the container during transportation.
The increasing seaborne trade due to rapid industrialization has led to the development of port infrastructure across the globe. The growth in seaborne trade can be attributed to the increasing population, especially in developing regions. Moreover, flexible taxation across various regions for the import of goods has led to an increase in incoming container traffic. This stimulates the implementation of robust container handling equipment such as RTGs.
The recent advancements in the technology have helped in increasing the efficiency of cranes during loading and unloading of the container from the ship. Cranes are being remotely controlled through a wireless medium established at a common control center that enhances driver safety and operational convenience.
The growth in vessel size due to increase in global trade has stimulated the usage of RTGs in various ports for improving container handling capacity. The equipment operates with fewer performance deviations and carries out container stacking in lower number of moves, thereby saves fuel and time of operation.
Market participants are increasingly focusing on green technology due to stringent government regulations pertaining to pollution and emission limits across various regions. Moreover, the use of RTGs equipped with electric drives can be optimized to consume less power.
Browse full research report with TOC on "Rubber Tired Gantry (RTG) Crane Market Analysis By Type (8-wheeler, 16-wheeler), By Power Supply (Diesel, Electric, Hybrid), By Region (North America, Europe, Asia Pacific, Latin America, MEA), And Segment Forecasts, 2014 - 2025" at: http://www.grandviewresearch.com/industry-analysis/rubber-tired-gantry-rtg-crane-market
Further key findings from the report suggest:
- The 16-wheeler RTGs segment dominated the overall market in 2016 and was valued at USD 563 million. Easy maneuverability and high load carrying capacity are expected to propel the demand for these products
- Electric cranes contributed remarkably toward industry growth and were valued at USD 269.1 million in 2016
- Hybrid RTGs are widely adopted as they are equipped with optional diesel generator sets that are expected to prevent the downtime and keep the equipment functional
- The hybrid powered RTG segment is expected to gain traction over the forecast period and was valued at USD 92.0 million in 2016. These RTGs facilitate port terminals and crane operators in reducing fuel expenses
- The demand for this equipmentin the Asia Pacific region was relatively higher, owing to its operational efficiency. The region is expected to grow at a CAGR of 4.4%from 2017 to 2025
- Ports in North America are expected to receive funding from regional governments for port infrastructure development. The funds will be invested in container handling equipment and terminal development for capacity expansion
- The key industry participants include Anupam Industries Limited, Konecranes, SANY GROUP, TNT Crane & Rigging, Liebherr, ElectroMech Material Handling Systems (India) Pvt. Ltd., Kalmar, Mi-Jack Products, Shanghai Zhenhua Heavy Industries Co., Ltd., and Reva Industries Ltd.
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Grand View Research has segmented the Rubber-Tired Gantry (RTG) crane market based on type, power supply, and region:
- RTG Crane Type Outlook (Revenue, USD Million; 2014 - 2025)
- RTG Crane Power Supply Outlook (Revenue, USD Million; 2014 - 2025)
- RTG Crane Regional Outlook (Revenue, USD Million; 2014 - 2025)
- North America
- Asia Pacific
- Latin America
- North America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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SOURCE Grand View Research, Inc.