The market study covers the present scenario and growth prospects of the global rail mounted gantry crane market for 2017-2021. The report also lists manual RMG cranes and automatic RMG cranes as the two major product segments, of which the manual RMG cranes segment accounted for close to 62% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global RMG crane market:
- Projected growth in global trade
- Growth in container transshipments
- Focus on industrial emissions
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Projected growth in global trade
According to the World Bank, crude oil prices will witness a growth trend during 2017-2021, which is expected to increase global trade. This expected increase in the global trade is anticipated to increase traffic for cargo carrying vessels between countries. This will propel the demand for port handling equipment and machinery during the forecast period.
“Growing trade relations and activities in various countries, especially in APAC, will lead to the growth of transshipments, which is anticipated to increase the demand for larger and bigger shipping vessels, as bigger vessels can accommodate several large shipping containers. This, in turn, will lead to an increase in demand for cranes that can lift heavy weights, thus boosting the global RMG cranes market,” says Gaurav Mohindru, a lead analyst at Technavio for construction research.
Growth in container transshipments
Increased port activities across the globe are expected to propel the need for port handling equipment and machinery during 2017-2021. These port activities are expected to increase due to the growth of container shipments. Between 2010-2014, container shipments in various ports worldwide increased at a CAGR of close to 6%.
This growth in container shipments is also expected to continue during the forecast period owing to the anticipated growth in global trade. Growth in container transshipments will create a demand for additional cargo handling equipment such as RMG cranes, which augurs well for the growth of the market.
Focus on industrial emissions
The equipment and machinery used in many industries is operated on fuels such as diesel. The use of diesel in such equipment leads to harmful carbon emissions. Because of this, several countries have formulated stringent environmental regulations on various industries to control their carbon emissions. This forces the industry to control the use of equipment that involves high carbon emissions, while the use of diesel as fuel also adds to their cost of operations.
“Material handling equipment such as forklifts use diesel fuel to operate. However, RMG cranes do not release any harmful emissions into the environment as these cranes do not operate on diesel. RMG cranes run purely on electricity, thus eliminating the release of carbon into the environment. This propels the demand for RMG cranes as they not only reduce the costs incurred on fuel but simultaneously ensure that they adhere to the strict environmental regulations on carbon emissions,” says Gaurav.
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