[333 Pages Report] The global marine cranes market is forecasted to be appraised at USD 7945.2 million by 2032, up from USD 3868.2 million in 2022, advancing at a CAGR of 7.5% during the forecast period.
Marine cranes are the types of machinery that are equipped with hoist ropes, wire ropes or chains, and sheaves, which are used both for lifting and lowering materials and to move them horizontally.
| Report Attribute | Details |
|---|---|
| Marine Cranes Market Value (2022) | USD 3868.2 Million |
| Marine Cranes Market Anticipated Value (2032) | USD 7945.2 Million |
| Marine Cranes Projected Growth Rate (2022 to 2032) | 7.5% |
The sales of marine cranes are likely to rise as this product is highly being used in transporting cargo or personnel for marine vessels, oil drilling platforms, navy ships, and fishing vessels. This factor is likely to boost the demand for marine cranes during the forecast period.
Moreover, rapidly growing industrialization, mainly in emerging nations, and noteworthy prominence in energy conservation have led to some remarkable advancements in the global marine crane market and are anticipated to act as a prime factor in fueling the significant growth of the marine crane market size.
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The significant factors driving the growth of the marine crane market are increasing subsea construction and oil exploration operations and rising demand for renewable energy.
Moreover, these subsea construction machines are primarily used due to their high precision in heavy-duty operations. Some of them are assembly, repair, and supply of oil & gas extraction systems. This is driving the expansion and demand of the marine crane market.
Furthermore, increasing oil field discoveries are fuelling the need for equipment like marine cranes and increasing merchant vessels for transporting cargo and passengers, bolstering the sales of marine cranes during the forecast period.
In addition to this, there is flexibility, low operational cost, high safety, and low maintenance cost for these marine cranes, which is driving the market size for this product. Also, robust collaboration among the public and private players are driving the marine cranes market.
Furthermore, in the past few years, hydraulic, marine cranes have gained significant traction in the global marine crane market due to their high reliability and high load-bearing capacity, driving the market share for marine cranes.
Moreover, new projects associated with offshore wind turbines are roaring and also supporting the growth of lattice boom marine cranes in European countries. With these key driving factors, the future stance for the global marine crane market is projected to persist positively, and the market is expected to witness high CAGR growth in the upcoming years.
However, the complex installation process and requirement for skilled technicians & laborers to prevent damages hamper the growth of the market. In addition to this, the fluctuating raw materials price is also expected to restrain the growth of the marine cranes market.
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, a 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.
At present, it is anticipated that the Asia-Pacific regions are likely to dominate the global marine cranes market owing to the high presence of shipbuilding industries and transportation, particularly in South Korea, India, and China.
Furthermore, there is a rise in population and rapid urbanization, which is leading to increased seaborne traffic in these regions, and this factor is likely to hike the demand for the global marine cranes market in this region.
Currently, North American regions are holding 26% of the total market share and are also gaining significant traction in the global marine crane market during the forecast period. Europe is accountable for 30% of the global market share of marine cranes; increased offshore vessels have increased the demand for offshore marine cranes.
It is expected that these regions are going to influence market performance for marine cranes, improving the sales of marine in the near future.
Some key trends in the marine cranes market are:
Some of the key players in the 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.
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| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 7.5% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2014 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Type, Lifting Capacity, Application, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | 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 |
| Customization | Available Upon Request |
The marine cranes market is precited to grow at a CAGR of 7.5% during the forecast period.
The marine cranes market would be USD 7945.2 million by the end of 2032.
The Asia Pacific regions are anticipated to dominate the marine cranes market during the forecast period.
Some of the key players in the 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.
| Estimated Market Value (2024E) | USD 17,679.6 million |
|---|---|
| Projected Market Size (2034F) | USD 33,500.2 million |
| Value-based CAGR (2024 to 2034) | 6.7% |
| Market Value in 2023 | USD 21,063.30 million |
|---|---|
| Projected Industry Value in 2033 | USD 33,661.95 million |
| Value-based CAGR from 2023 to 2033 | 4.8% |
| Estimated Market Size (2023) | USD 422.2 million |
|---|---|
| Projected Market Value (2033) | USD 761 million |
| Value CAGR (2023 to 2033) | 6% |
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