Market Research Future (MRFR) has published a cooked research report on the “Global Marine Cranes Market” that contains the information from 2018 to 2027.
The marine cranes market is expected to register a CAGR of 15.59% during the forecast period.
MRFR recognizes the following companies as the key players in the global marine cranes market— Palfinger AG, Effer SpA, Heila Cranes S.p.A, Hawboldt Industries, HS. Marine S.R.L, KenzFigee Group B.V., Techcrane International, LLC, DMW Marine Group, LLC, Industriaguerra, S.A, and Cargotec Corporation.
The global marine cranes market is expected to register a CAGR of 15.59% during the forecast period and is expected to hit USD 7,833.3 million by 2027.
Marine cranes are specifically designed for offshore operations. They can be mounted on vessels and carried out into waters for operations such as loading and unloading. They are provided with appropriate protection and other features to operate efficiently in harsh weather conditions at sea. Marine cranes play a very important role in the construction industry because they have enough power and the ability to move the materials of various weights upward, downward, and horizontally.
The global marine cranes market is driven by various factors, such as government support for construction and the rapid growth of the oil & gas industry. However, volatile raw material prices might hamper the market growth during the forecast period. Marine cranes form an important aspect of oil rigs and are used for daily operations, such as lifting drill pipes, casing, and lifting maintenance equipment from ships and many other applications. They are used for handling pipes and lines for setting up oil and gas extraction systems.
The global marine cranes market is mainly segmented into lifting capacity, type, application, and end user. On the basis of lifting capacity, the marine cranes market has been sub-segmented into 2 Tons–500 Tons, 501 Tons–15,000 Tons, and 15,001 Tons–30,000 Tons. On the basis of type, the marine cranes market has been sub-segmented into knuckle boom, telescopic boom, stick boom, and foldable boom. Based on application, the marine cranes market has been segmented into oil & gas platforms, government & military, workboats, and research & fishing vessels.
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The global marine cranes market has been segmented on the basis of region into Americas, Europe, Asia-Pacific, Middle East & Africa and South America. The North American market is further divided into the US and Canada. The European marine cranes market has been segmented into Germany, France, the UK, Italy, Spain, and the rest of Europe. The marine cranes market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Middle East & Africa market includes UAE, Saudi Arabia, South Africa, Qatar, Bahrain, Kuwait, Egypt, and Rest of Middle East & Africa. The South American market is further divided into Brazil, Argentina, and Rest of South America.
The North America accounted for the market share of 28.46% in 2020 and is anticipated to reach approximately USD 2,106.0 million by 2027 at a 14.83% CAGR during the forecast period. In 2020, the region was anticipated to grow significantly during the forecasted period due to the expansion of the oil rig exploration sector. Moreover, there have been almost 430 active drilling rigs in the US, out of which the oil rig count is 340 rigs. Due to the expansion of the drilling rigs activities in the US, many of the marine crane manufacturers invest in research & development to improve fuel efficiency and strengthen their product portfolio and gain a competitive edge. Furthermore, the increasing awareness regarding the environment and usage of renewable energy in the US, Canada, and others have increased the adoption for construction and erection of large wind turbines across the marine environment.
Asia-Pacific comprises China, Japan, India, and the rest of Asia-Pacific. In 2020, the region held the largest share of the marine cranes market and accounted for 30.6%. The rising demand for the market is due to the growing development of marine exploration and construction activities in China, Malaysia, Australia, and Thailand. Moreover, increasing oil discoveries in developing countries such as China and India are expected to fuel the demand for the marine cranes market in the region. The rising investment by the government in this region for the development of the overall national infrastructure, including transportation and energy, is another factor promoting the growth of the market.
Key Findings of the Study