With a CAGR of 7.5 percent over the forecast period, the global marine cranes market is expected to be worth US$ 7945.2 million by 2032, up from US$ 3868.2 million in 2022.
Marine cranes are rotating lifting and pedestal-mounted elevating machines that are used to transport cargo or personnel for marine vessels, oil drilling platforms, navy ships, and fishing vessels. Rapidly growing industrialization, particularly in emerging economies, and a notable emphasis on energy conservation have resulted in remarkable growth in the global marine crane market during the forecast period.
Hydraulic marine cranes have gained significant traction in the global marine crane market in recent years due to their high load bearing capacity and dependability. Furthermore, new offshore wind turbine projects are booming, bolstering the growth of lattice boom marine cranes in European countries, particularly the United Kingdom and Germany.
Flexibility, low operational cost, high safety, and low maintenance cost, on the other hand, will remain the primary focus of key manufacturers in the global marine crane market throughout the forecast period. The global marine crane market is expected to remain positive in the future, with the market growing at a high CAGR during the forecast period.
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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
Examples of some the key participants of the global marine cranes market are:
- 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
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report covers exhaust analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
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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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