In a testament to its robust trajectory, the global marine cranes market is anticipated to reach a significant valuation of US$ 7,945.2 million by the year 2032, marking a remarkable ascent from its 2022 valuation of US$ 3,868.2 million. This noteworthy progression is underpinned by a steadfast Compound Annual Growth Rate (CAGR) of 7.5% projected for the forecast period.
Marine cranes, serving as a versatile category of machinery, stand as indispensable components within the maritime and offshore industries. Distinguished by their ability to handle a diverse array of tasks, from precision lifting and lowering of materials to facilitating horizontal movements with utmost efficiency, these cranes are equipped with hoist ropes, wire ropes, or chains, along with sheaves. This versatility positions them as pivotal assets in various maritime applications.
An outstanding feature of marine cranes lies in their adaptability, seamlessly integrating into diverse maritime environments. Whether aboard large cargo vessels navigating the world’s oceans or on offshore platforms extracting valuable resources from beneath the seabed, these cranes serve as indispensable workhorses. Their roles extend beyond singular functions, encompassing tasks ranging from loading and unloading cargo to facilitating intricate offshore operations.
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Marine Cranes Market: Dynamics
Increasing oil field discoveries will fuel the need for equipment such as marine cranes and increasing merchant vessels for transporting cargo and passengers and fishing vessels may support intangible growth for the global marine crane market during the forecast period. Furthermore, robust collaboration among the private and public players are driving the global marine crane market.
Complicated design, need of trained operators and fluctuating raw material price are expected to hamper the global marine crane market during the forecast period. Furthermore, high operational risk, for instance position accuracy, suppression and collision avoidance may also hinder the global marine crane market throughout the forecast period. Moreover, curb in the production of gas and oil industries has significantly impacted the growth of this market.
New product development and technology up-gradations and governmental regimes to deteriorate regional manufacturer is gaining high traction in the global marine crane market during the forecast period.
Marine Cranes Market: Region-wise Outlook
It is expected that the Asia-Pacific is dominating in the global marine crane market owing to the high presence of shipbuilding industry and transportation particularly in South Korea, China & India. Furthermore, the rise in population and rapid urbanization that result of increasing seaborne traffic may hike the demand of the global marine crane market in this region.
Latin America is also gaining significant traction in the global marine crane market during the forecast period, increasing offshore vessels have increased the demand for offshore cranes. It is anticipated that the market performance of Latin America will be also commendable and likely to improve further in the near future.
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Marine Cranes Market: Key Participants
- TECHCRANE INTERNATIONAL, LLC.
- Anupam Industries Limited
- PALFINGER AG
- DMW Marine Group, LLC
- HS MARINE S.R.L.
- Kenz Figee Group
- HEILA Cranes S.p.a.
- Fjell Marine Service AS
- Gulf Crane Services
- NINGENMURA COMPANY
- INDUSTRIAGUERRA, S.A.
- Atlas Polar Company Limited
- Favelle Favco Group
Key Segments of the Marine Cranes Market:
By Type:
- Knuckle boom
- Telescopic boom
- Foldable boom
- Stiff boom
By Lifting Capacity:
- 2 tons–500 tons
- 501 tons–15,000 tons
- 15,001 tons–30,000 tons
By Application:
- Oil & gas platforms
- Workboats, research
- Fishing vessels
- Government & military
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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