PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290815
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290815
Rubber Tired Gantry Crane Market size was valued at USD 1,907.2 million in 2022, expanding at a CAGR of 6.4% from 2023 to 2030.
A transtainer, commonly referred to as a rubber-tired gantry (RTG) crane, is a type of mobile gantry crane used in intermodal operations for stacking or anchoring containers. It can be remotely operated and is often powered by electricity or diesel generator systems. Its steel frame is robust and solid, enabling precise handling and fluid motion even at high speeds. Additionally, it is used to put pipelines in place, erect massive, unbalanced structures, and assemble heavy manufacturing components.
The main factor promoting market expansion is a considerable increase in imports and exports via ships and cargo aircraft. Additionally, the rising trade activities between nations and the rising demand for goods and raw materials are accelerating product demand. In addition to this, governments from many countries are undertaking several projects and investing much in the expansion of port infrastructure and capabilities. For instance, the increased shipping container traffic caused by the Panama Canal development is fueling the demand for mobile container handling equipment like RTG cranes. The demand for the product is also being increased by a number of product improvements, such as the combination of RTG cranes with active load system (ALS) technology to improve operational effectiveness and container stability during transportation. Furthermore, due to the strict air pollution and emission control regulations put in place by governments of various countries, electric RTG cranes have been widely adopted. A optimistic market picture is also being produced by other aspects such as quick industrialization and globalization, adaptable import-export taxation, and technology developments.
The Global Rubber Tired Gantry Crane Market is segmented based on type, power supply, application, and Region.
The 16-wheeler RTG segment is expected to emerge as the fastest-growing segment and is presumed to grow at a CAGR during the forecast period. The expansion of these products is significantly influenced by the low maintenance expenses incurred because of the low cost of spare components. Additionally, having many wheels facilitates maneuverability and improves driver safety.
Asia-Pacific was the largest region in the rubber-tired gantry crane market in 2022 and anticipated to continue the same pattern during the forecast period. In emerging economies, population growth has increased demand for goods and raw materials. As a result, trade volumes have significantly increased throughout the developing world, which has stimulated investments in the construction of port infrastructure. Furthermore, the implementation of sophisticated container handling machinery like rubber-tired gantry cranes is a result of the increase in vessel size brought on by growing trade volumes. These cranes' great operational efficiency enables them to provide effective container management capabilities. Thus, this is expected to drive the market growth in the region.
In June 2021, the Cargotec Corporation subsidiary Kalmar, which specializes in rubber-tired gantry cranes, has launched a new line of gantry cranes equipped with energy-regenerative technology. When compared to other types of machinery, regenerative technology uses less fuel while operating and has the ability to store and use energy during changes in operation.
The scope of this report covers the market by its major segments, which include as follows: