According to a Comprehensive Report by Market Research Future (MRFR), Cargo Handling Equipment Market Information by Type, Mode of Propulsion, Application, and Region - Forecast till 2028”, the global cargo handling equipment market value is registered as USD 22.6084 billion in 2020 and is anticipated to grow at a significant rate of 3.04% CAGR with the market size of $ 27.4474 billion during the forecast period (2021-2028).
Container ships use cargo handling equipment to convey products and services. Moreover, the equipment for handling cargo is utilized for loading and unloading operations. Examples include cargo cranes, side loading systems, cargo pumping systems, conveyors, belt conveyors, elevators, and side loading systems. As freight handling equipment is being used in end-use sectors, demand for it is growing at an extremely quick rate.
The market is expanding as a result of the growing need for sturdy cargo handling equipment and cargo shipping to convey goods and services effectively, quickly, and affordably.