Rubber Tired Gantry Crane Market- Description
A rubber-tired gantry (RTG) crane is defined as a mobile gantry crane that is used to ground or stack containers in intermodal operations.
The inbound containers are stored for future pickup by drayage trucks, while the outbound are stored for future loading onto vessels.
Various factors that includes, increase in seaborne trade because of rapid industrialization, the flexible taxation across various regions for the import of goods, increase in incoming container traffic, and increased crane efficiency during loading and unloading of containers from the ship are driving the market growth.
Rubber Tired Gantry Crane Market- Overview
The Rubber Tired Gantry Crane Market is valued at USD 975.76 billion in 2022 and is projected to reach a value of USD 1301.87 billion in 2030 expanding at a CAGR of 3.67% over the forecast period of 2022-2030.
The rubber tired gantry crane market is mainly driven by favourable government initiatives for the development of ports.
A port has become a wheel of the economy only if it runs capably. Nowadays, the purpose of a port is not only limited but has also extended to a logistical platform.
Also, the productivity of a port is important in international trade as a seaport is the nerve of foreign trade of a country.
Several government policies are also being undertaken that will, in turn, drive the global rubber tire gantry crane market over the forecast period.
Rubber Tired Gantry Crane Market- Key Market Trends
Rise in focus toward green technology has boosted the market growth
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the rise in focus toward green technology. Also, the rise in demand for goods & raw material, and rise in global economy has driven the growth of the market over the forecast period. The use of rubber-tired gantry (RTGs) that is equipped with electric drives can be optimized to consume less power. The use of the battery hybrid technology on the cranes will focus to substantially reduce fuel consumption and damaging fossil fuel emissions.
High capital investment & maintenance cost has hindered the market growth
The major restrain to the market growth over the forecast period is the high capital investment and maintenance cost. Flywheel energy storage technology for rubber Tire gantry cranes or rubber-tired gantry (RTG) that can either be retrofit to existing RTG cranes or included as part of a new build. Flywheels offer fuel and emission reductions by capturing braking energy produced when a container is lowered. These have provided lucrative opportunities to the market over the forecast period.
Rubber Tired Gantry Crane Market- Segmental Analysis of the Market
Based on type
8-wheeler
16-wheeler
The 8-wheeler segment has dominated the market growth over the forecast period. This is because of the rising popularity of the segment.
Based on Power Supply
Diesel
Electric
Hybrid
The diesel segment has dominated the market growth over the forecast period.
Based on Operation
Hydraulic
Electric
Hybrid
The electric segment has dominated the market growth over the forecast period.
Rubber Tired Gantry Crane Market- Geographical Analysis of the Market
The Rubber Tired Gantry Crane Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, Europe has dominated the market growth over the forecast period. This is because of Europe's ports that have adopted electric RTGs for reducing pollution and greenhouse gas emissions. The government regulations in this region have enabled the adoption of electrical container handling equipment, such as carbon emission verification in maritime transportation. Europe accounts for a large volume of trade in products and assets, such as machinery, vehicles, aircraft, fuels, nonferrous metals, textiles, chemicals, clothing, and crude oils.
Rubber Tired Gantry Crane Market- Competitive Landscape
Some of the prominent companies operating in the market are Anupam Industries Limited, Konecranes, SANY GROUP, TNT Crane & Rigging, Liebherr, ElectroMech Material Handling Systems Pvt. Ltd., Kalmar, Mi-Jack Products, Shanghai Zhenhua Heavy Industries Co., Ltd., Reva Industries Ltd.
Report Scope
Rubber Tired Gantry Crane Market: Historical Period- 2018-2021
Rubber Tired Gantry Crane Market: Industry and Forecast Period- 2022-2030
Rubber Tired Gantry Crane Market CAGR- 3.67%
Rubber Tired Gantry Crane Market 2022- USD 975.76 billion
Rubber Tired Gantry Crane Market 2030- USD 1301.87 billion
Major Segments Covered
Type (8-wheeler, and 16-wheeler)
Power Supply (Diesel, Electric, and Hybrid)
Operation (Hydraulic, Electric, and Hybrid)
Key Countries and Regions covered
North America (US, Canada, and Mexico)
Europe (UK, Germany, France, Italy, Netherlands, and Rest of Europe)
Asia Pacific (China, Japan, South Korea, and Rest of APAC)
Middle east and Africa
Top companies profiled- Anupam Industries Limited, Konecranes, SANY GROUP, TNT Crane & Rigging, Liebherr, ElectroMech Material Handling Systems Pvt. Ltd., Kalmar, Mi-Jack Products, Shanghai Zhenhua Heavy Industries Co., Ltd., Reva Industries Ltd.
