ID: MRFR/E&P/9328-CR | April 2022 | Region: Global | 165 pages
The marine cranes market is expected to reach USD 7,833.3 million by 2027 and register a CAGR of 15.59% during the forecast period of 2021 to 2027.
The 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.
Impact of COVID-19
The manufacturing industry contributes approximately 17% to the global GDP and is one of the severely impacted industries throughout the COVID-19 pandemic. China is the epicenter of this pandemic, and also the hub for most raw material suppliers that provide components as well to several manufacturing units across the world. The lockdown across the globe has restricted production activity at many of these manufacturing facilities, therefore, derailing the global supply chain. Approximate 82% of the manufacturing industries have their component suppliers based in China. This has directly impacted the global FDI inflows, and thus, several economies across the world have faced a major downturn. Major industrial companies have closed their facilities and have laid off their employees to curb the spread of the virus and economic reasons. However, the temporary shutdown of these facilities for a prolonged period could increase financial losses for these companies.
Marine Cranes Market Dynamics
Rapid economic development and technological changes in the manufacturing sector have enhanced the productivity of manufacturers across industries. Digitalization is aiding the manufacturing sector to produce cost-effective and quality consumer goods. Governments across the globe are taking initiatives to promote automation and digitalization of various industry verticals such as electrical & electronics, pharmaceuticals, automotive & transportation, machine manufacturing, and oil & gas. Oil and gas production is among the most capital-intensive industries in the world due to its need for expensive tools, equipment, processes, and highly skilled labor.
Maintaining environmental balance is a highly important consideration for the global marine cranes market, especially since the technology deals with sensitive flora and fauna in the deep sea. In case of an imbalance or loss, the ramifications are significant for the crane manufacturers, installers and the ecosystem. Most users demand a robust security and safeguarding installation that will only enable them to access the information and are not even in favor of the handling companies having any access to their personal information. Its use is widespread in managing several risk typologies, i.e., environmental risks due to marine oil spills, industrial risk due to operating chemicals, and environmental pollution from heavy machinery, including marine cranes.
With the increasing need for equitable and profitable distribution of resources and boosting cost efficiency, manufacturers require complete transparency and visibility. Adopting marine cranes is expected to provide real-time geographical location tracking and monitoring of their business processes, assets, and personnel. Marine cranes have witnessed high volume adoptions in the past and are expected to continue the growth trajectory, especially in the deep-sea wind energy segment. Although they have a limited market share in terms of volume and revenues, there is a significant potential for using marine crane technology in real-time applications in renewable energy.
Marine Cranes Market Segment Overview:
This subsegment of marine cranes consists of the smallest cranes available in the market, usually used for more compact applications and smaller business and product lines.
Usually considered medium-sized marine cranes, the marine cranes included in this segment are used extensively in research and fishing vessel applications.
This segment includes the heaviest and most sturdy payload delivery cranes available in the market. The cranes included in this segment are mostly used in government and defense applications.
Knuckle boom cranes, also called loader cranes, articulating cranes, and picker cranes, have a two-boom design, featuring the main boom and an outer boom. The two booms have a knuckle between them, which allows more options for the loader crane operator. The addition of two knuckles on the crane allows for various uses compared to a straight boom crane.
A telescoping crane uses a hoist and high-boom angles to lift loads. These cranes are designed to promote strength and stability and are used to lift heavy loads vertically. Booms are usually either conventional lattice truss boom or telescopic boom. Virtually all telescopic boom cranes currently in use hydraulic cylinders to extend and retract the boom. These types of booms carry the load weight differently.
A stick-boom crane acts as a lifting tool and specifically incorporates a winch to enable more precise lifting and holding components while servicing equipment. Its stick design allows for better reach into enclosed areas, such as cabs, while using the winch to lift or lower component parts.
Foldable Boom Cranes have a compact structure that can minimize the occupying space on the platform and ship. Moreover, the operation of knuckle-jib is flexible and changeable. The hook can touch the sea when the wire rope is not spooled off. These cranes can be used for handling precision instrument and be widely used for in fishing boats, research boats, engineering vessels, naval vessels, and special vessels.
Oil platforms, offshore platforms, or offshore drilling rigs are massive structures, which may be temporary or permanent, with facilities for well drilling to explore, obtain, store up, and process petroleum and natural gas that lies in the rock formations under the seabed. Many oil platforms will also contain facilities to accommodate their workforce.
Government and military vessels are usually heavy to very heavy in terms of weight and have an adaptive payload delivery system that depends on the purpose of the activities carried out by the vessel. Such purpose-built ships have applications in specific governance or surveillance purposes and weigh significantly more than other vessels.
For workboats, medium-sized marine cranes are used extensively.
Vessels carrying research teams and equipment to study marine life and biology, the seabed or the ocean water and ice, along with small, medium, and large fishing boats & trawlers, are accounted for under this segment.
Marine Cranes Market Regional Analysis
The global marine cranes market has been segmented, on the basis of region, into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
Global Marine Cranes Market Share (%), 2020
North America comprises the US, Canada, and Mexico. In 2020, the region was anticipated to grow significantly during the forecast 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.
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 key factor promoting the growth of the market.
Marine Cranes Market Competitive Landscape
The global marine cranes market consists of various global and regional service providers that are continuously evolving to enhance their market position. The use of marine cranes in shipboard and heavy-lift applications and drilling operations are the key factors that are aiding the market growth. However, manufacturing complexities challenge the market growth issues are expected to limit the market's growth during the forecast period. Marine crane manufacturers compete based on technology, efficiency, and reliability of products to sustain in the market.
The prominent players in the global marine cranes market are 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 among others.
The study covers the existing short-term and long-term market effects, helping decision-makers draft short-term and long-term plans for businesses by region. The report covers major regions in North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The report analyzes market drivers, restraints, opportunities, challenges, Porter's Five Forces, value chain, and impact of COVID-19 on the market.
Marine Cranes Market, by Lifting Capacity
Marine Cranes Market, by Type
Marine Cranes Market, by Application
Marine Cranes Market, by Region
|Market Size||2027: USD 7,833.3 Million|
|Historical Data||2018 & 2019|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Lifting Capacity, Type, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, Middle East & Africa, South America|
|Key Vendors||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|
|Key Market Opportunities||• Rising adoption in renewable energy applications|
|Key Market Drivers||• Increasing offshore exploration & production activities • Growing subsea construction vessel industry • Increasing regulations and government initiatives for various industries|