Yard Crane Market Size, Share & Trends Analysis Report By Product (Rubber-tired Gantry Cranes, Rail-mounted Gantry Cranes), By Region (North America, Asia Pacific, Europe), And Segment Forecasts, 2023 - 2030

Yard Crane Market Size, Share & Trends Analysis Report By Product (Rubber-tired Gantry Cranes, Rail-mounted Gantry Cranes), By Region (North America, Asia Pacific, Europe), And Segment Forecasts, 2023 - 2030

Yard Crane Market Growth & Trends

The global yard crane market size is expected to reach USD 2.59 billion by 2030, registering a CAGR of 5.6% from 2023 to 2030, according to a report published by Grand View Research. The market growth is attributed to the growing e-commerce sector across the globe. Yard cranes help in efficiently handling and organizing large quantities of goods, reducing congestion in storage yards. According to an article published by the International Trade Administration in July 2022, the Australian e-commerce market increased over the year from USD 38 billion to USD 49 billion in 2021. Almost 9.2 million households in Australia, or four out of five Australian households, made online purchases during the year. The increased activity and growth in the port's logistics sector are evident as more goods flow through the port facilities to meet the demands of e-commerce.

To cope with the increased shipping volume, many ports have had to invest in upgrading and expanding their infrastructure. This includes expanding container yards, increasing the number of berths, and implementing advanced logistics technologies. These improvements are essential to accommodate larger cargo ships, streamline operations, and enhance efficiency. For instance, in June 2023, the U.S. Department of Homeland Security and the U.S. General Services Administration (GSA) hosted a ceremony for the launch of the San Luis I Land Port of Entry modernization and expansion project. The project costs around USD 308 million to upgrade and expand the San Luis I Land Port of Entry, which is one of the busiest land ports in Arizona.

The project will double the number of vehicle inspection lanes and increase the number of pedestrian inspection booths. Ships may have to wait longer to be loaded or unloaded, resulting in increased turnaround times and higher operational costs for shipping companies. In addition, delays in the movement of goods can have broader economic implications, affecting trade and industry activities. The market growth directly impacts the efficiency of port operations, which affects the overall shipping industry. Efficient yard cranes can significantly streamline the loading and unloading procedures, minimizing the time ships spend in port. This reduces operational costs for shipping companies, as shorter turnaround times mean less idle time for vessels, optimized labor usage, and more expedient transport of goods.

As a result, investing in advanced yard crane technology can lead to a competitive advantage for port operators and can positively impact the growth of the overall shipping industry. The global market growth is propelled by technological advancements in their design & manufacturing. Industry players are increasing investments in R& activities to produce technologically advanced and eco-friendly cranes that deliver improved performance & productivity while minimizing maintenance & operational expenses. For instance, in 2022, Konecranes Plc, a manufacturer of cranes and lifting equipment, invested EUR 47.7 million (USD 50.4 million) in R&D activities. The investment comprises product development projects, which are focused on improving the crane's quality and cost efficiency.

Yard Crane Market Report Highlights

• Based on product, the rubber-tired gantry (RTGs) cranes segment is expected to register the highest CAGR from 2023 to 2030
• This is due to increasing demand for efficient, faster loading & unloading processes, and streamlined container handling operations in the maritime industry across the globe
• Asia Pacific is expected to register the highest CAGR from 2023 to 2030. This growth can be attributed to a rise in the volume of trade and shipping activities in the region
• Companies are engaging in several growth strategies, including partnerships, mergers & acquisitions, and geographical expansion, to stay afloat in the competitive market
• For instance, in March 2023, PSA Sines ordered six electric Automated Rubber-Tired Gantry (eRTG) from Konecranes Plc. The eRTGs at PSA Sines are expected to improve the terminal's operational efficiency and safety while reducing its environmental impact

Please note The report will be delivered in 4-8 business days upon order notification.