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Marine Cranes Market Research Report - Global Forecast till 2027

Marine Cranes Market: Information by Lifting Capacity (2 Tons–500 Tons, 501 Tons–15,000 Tons, and 15,001 Tons–30,000 Tons), by Type (Knuckle Boom, Telescopic Boom, Stick Boom, and Foldable Boom), by Application (Oil & Gas Platforms, Government & Military, Workboats, and Research & Fishing Vessels) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) - Forecast till 2027

ID: MRFR/E&P/9328-CR | April 2022 | Region: Global | 165 Pages         

Marine Cranes Market

Marine Cranes Market share to reach USD 7,833.3 million, registering a CAGR of 15.59% during the forecast period of 2021 to 2027.

Segmentation

By Lifting Capacity 2 Tons–500 Tons 501 Tons–15000 Tons 15001 Tons–30000 Tons
By Type Knuckle Boom Telescopic Boom Stick Boom Foldable Boom
By Application Oil & Gas Platforms Government & Military Workboats Research & Fishing Vessels

Key Players

  • 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
  • Cargotec Corporation

Drivers

  • Rising adoption in renewable energy applications
  • Increasing offshore exploration & production activities
  • Growing subsea construction vessel industry
  • Increasing regulations and government initiatives for various industries
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Marine Cranes Market Overview:


The marine cranes market is expected to register a CAGR of 15.59% during the forecast period of 2021 to 2027, due to increasing regulations and government initiatives for various industries.


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 on Marine Cranes Market


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


Drivers


  • Increasing offshore exploration & production activities


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.



  • Growing subsea construction vessel industry

  • Increasing regulations and government initiatives for various industries


Restraints


  • High environmental risks


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.



  • High purchase, installation, and maintenance costs


Opportunity


  • Rising adoption in renewable energy applications


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:


By Lifting Capacity


  • 2 Tons–500 Tons


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.



  • 501 Tons–15,000 Tons


Usually considered medium-sized marine cranes, the marine cranes included in this segment are used extensively in research and fishing vessel applications.



  • 15,001 Tons–30,000 Tons


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.


By Type


  • Knuckle Boom


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.



  • Telescopic Boom


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.



  • Stick Boom


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


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.  


By Application



  • Oil & Gas Platforms


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 & Military


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.



  • Workboats


For workboats, medium-sized marine cranes are used extensively.



  • Research & Fishing Vessels


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
Global Marine Cranes Market Share (%), 2020
North America


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


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.


Marine Cranes Market Key Players


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.


Recent Developments in Marine Cranes Market



  • In April 2021, Palfinger AG won a contract to deliver equipment for Ocean Infinity. The company will supply equipment for Ocean Infinity’s eight new robotic vessels in the Armada fleet.

  • In March 2021, MacGregor, a part of Cargotec Corporation, secured a new equipment order for 4 PCTC vessels for Nippon Yusen Kaisha (NYK Line). The order covers a range of electrically operated equipment and quarter stern ramps & doors, side ramps & doors, internal ramps & covers, internal doors, and a liftable car deck.

  • In February 2021, Effer S.p.A., a subsidiary of Hiab (Cargotec Corporation), launched the new Effer 1000, which gives a 90-tm heavy range loader crane new vertical lifting capacity.


Report Overview


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.


Market Segmentation


Marine Cranes Market, by Lifting Capacity



  • 2 Tons–500 Tons

  • 501 Tons–15,000 Tons

  • 15,001 Tons–30,000 Tons


Marine Cranes Market, by Type



  • Knuckle Boom

  • Telescopic Boom

  • Stick Boom

  • Foldable Boom


Marine Cranes Market, by Application



  • Oil & Gas Platforms

  • Government & Military

  • Workboats

  • Research & Fishing Vessels


Marine Cranes Market, by Region



  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • Japan

    • China

    • India

    • Rest of Asia-Pacific



  • Middle East & Africa

    • UAE

    • Saudi Arabia

    • South Africa

    • Qatar

    • Bahrain

    • Kuwait

    • Egypt

    • Rest of Middle East & Africa



  • South America

    • Brazil

    • Argentina

    • Rest of South America





Report Scope:

Report Attribute/Metric Details
  Market Size   2027: USD 7,833.3 Million
  CAGR   15.59%
  Base Year   2020
  Forecast Period   2021-2027
  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   â€˘ Rising adoption in renewable energy applications
  Key Market Drivers   â€˘ Increasing offshore exploration & production activities • Growing subsea construction vessel industry • Increasing regulations and government initiatives for various industries


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Frequently Asked Questions (FAQ) :

The expected CAGR of the industry is 15.59% till 2027.

Top key players in the 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, and others.

Marine Cranes Market eveluation till 2027 will be around USD 7,833.3 Million.