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The rubber tire gantry crane (RTG) market has witnessed significant trends in recent years, reflecting the evolving dynamics of the industry. One trend that stands out is the increased demand for green or energy-efficient RTGs. Consequently, businesses are turning towards cleaner technologies, given the current emphasis on environmental sustainability. In addition, this has led to the deployment of high-tech RTGs featuring such attributes as regenerative braking systems and energy storage capacities, among others. Another notable trend involves smart technology-enabled automation integration into RTGs' operations. Automated features incorporated by container manufacturers are meant to use space available for handling goods optimally, thereby minimizing cost implications related to rent when it comes to where their containers are placed due to lack of enough space at ports, whereby retailers will not afford high rates demanded by some operators hence seeking greener pastures elsewhere thus landing into such Oceaneering Petroleum Services Inc.'s hands automating its ship operations allows it save loads other than human beings hence few personnel would work there it could only save money thus time spent while traveling overseas. These innovative cranes include sensors, cameras, and advanced controls, allowing accurate, seamless movements all the time. The market is shifting towards futuristic, technical RTGs, mainly around ports and container terminals where efficiency and productivity are vital.
The ongoing advancements also influence the market for rubber tire gantry cranes in port infrastructure and logistics. As global trade continues to grow, the demand for efficient and high-capacity port handling equipment, including RTGs, is on the rise. Ports have had to construct new infrastructures and upgrade their equipment to ensure they can handle bigger ships, plus increased cargo amounts brought about by global commerce. This has necessitated a need for more powerful RTGs capable of heavy lifting and fast container movement. In response, manufacturers are developing strong, technologically advanced RTGs that cater to changes in needs within the port industry.
Moreover, there is a trend towards customization based on specific customer needs within the market. The different industries or applications have various material handling equipment requirements that differ greatly from each other. Diverse clients' demands are now being met through custom-made solutions provided by RTG producers, such as variable span lift capacity height specialization, among others. It's increasingly important to be able to tailor these machines to specific operational requirements when deciding what to buy.
Rubber Tyre Gantry Crane Market Highlights:
Rubber Tyre Gantry Crane Market Synopsis
Rubber Tyre Gantry Crane Market Size was valued at USD 1006.9 Million in 2023. The Rubber Tyre Gantry Crane industry is projected to grow from USD 1058.3 Million in 2024 to USD 1672.4 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 5.89% during the forecast period (2024 - 2032).
The Global Rubber Tyre Gantry Crane Market is expected to witness significant growth in the next few years due to the rapid growth of seaborne trade. Seaborne trade is expected to continue to expand internationally over the forecast period as shipping has a significant contribution to the global economy, which adds to the demand for rubber tyre gantry cranes.
Furthermore, the increase in industrialisation and the liberalisation of the economies of China and India, have boosted the demand for iron ore and coal, which are exported by industries through seaborne trading. The increase in import/export of goods and commodities and the growth of e-commerce and three-dimensional printing have further increased the demand for rubber tyre gantry cranes in the global market.
Regional Analysis: Global Rubber Tired Gantry Crane Market
Based on region, the Rubber Tyre Gantry Crane Industry has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Asia-Pacific is expected to hold the largest share of the rubber tyre gantry crane market, followed by North America and Europe. This is attributed to the growing trend of transshipments, especially in China and India, have led to a rise in the demand for rubber tyre gantry cranes in the region. The region is also anticipated to witness the fastest growth rate during the forecast period. Furthermore, rapid industrialisation and urbanisation in Asia-Pacific have increased the demand for iron ore and coal. Hence, an increase in transportation of iron ore, especially in developing countries, drives the demand for rubber tyre gantry cranes during the forecast period.
Segmentation: Global Rubber Tyred Gantry Crane Market
The Global Rubber Tired Gantry Crane Market has been segmented based on Type and Power. Based on type, the Global Market has been divided into 8-wheeler and 16-wheeler. Based on power, the global market is segmented into diesel, electric, and hybrid.
In 2018, the hybrid segment accounted for the largest market share of around 45%, which is expected to witness the fastest growth rate during the forecast period.
Key Players
The Key Players operating in the Global Rubber Tyre Gantry Crane Industry include Anupam Industries Limited (India), TNT Crane & Rigging (US), ElectroMech Material Handling Systems Pvt. Ltd (India), SANY GROUP (China), KoneCrane (Finland), Cargotec-Kalmar (Finland), Liebherr (Switzerland), Mi-Jack Products (US), and Shanghai Zhenhua Heavy Industries Co., Ltd (China).
There are many global and regional players operating in the global rubber tyre gantry crane market. These players are adopting strategies such as mergers & acquisitions, product development, partnerships, and expansion to improve their position in the global market. High competition, rapid changes in technology, and integrated solutions by industry participants are the key factors that impact market growth. Vendors compete based on cost, product quality, and reliability. It is vital for these players to offer cost-effective and superior products to succeed in the competitive market environment.
Intended Audience
- Crane manufacturers
- Traders/distributors/suppliers
- Raw materials suppliers
- Architects & engineers
- Regulatory bodies
- Research organisations
- Association and industry bodies
- End consumers
- Market research and consulting firms
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