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“Hydraulic Marine Cranes Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Design (Knuckle Boom, Telescopic Boom, Stiff Boom, and Foldable Cranes), Capacity (Below 50 Tm, 50-150 Tm, and Above 150 Tm), and Boom Length (Below 10 Meters, 10-20 Meters, and Above 20 Meters)
According to The Insight Partners’ research, the global hydraulic marine cranes market was valued at US$ 3,674.61 million in 2020 and is projected to be worth US$ 5,850.88 million by 2028, growing at a 6.4% CAGR during 2021–2028. An increase in seaborne trade activities and the presence of a large number of market players are the key factors credited for market expansion.
The hydraulic marine cranes are manufactured with special features such water resistance to prevent corrosion. These are used for moving cargo at ports and offshore. Trading activities are gaining significant traction owing to ongoing economic developments. Governments worldwide are forming alliances and relaxing trade policies owing to the growing importance of globalization. Further, regional governments are aiding market players with various monetary and non-monetary incentives, such as reduced taxes, relaxed regulation and reporting norms, and complete business ownership. Thus, such initiatives attract various companies to either set up manufacturing facilities or uplift the manufacturing output. Lowering labor costs and rising disposable income worldwide are, in turn, accelerating seaborne trade. The sea cargo carriers are increasing their fleet to meet the demands of sea trade, generating substantial demand for ship/vessel cranes. This is bolstering the hydraulic marine crane market in the region. The increase in seaborne trade activities is escalating the production of ships or vessels in Europe and other regions across the globe, which, in turn, is generating demands for marine cranes, ultimately boosting the hydraulic marine crane market.
Market Size Value in US$ 3,781.55 Million in 2021
Market Size Value by US$ 5,850.88 Million by 2028
Growth rate CAGR of 6.4% from 2021-2028
No. of Charts & Figures 81
Segments covered Design , Capacity , and Boom Length
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Hydraulic Marine Cranes Market: Competitive Landscape and Key Developments
Amco Veba Marine, DMW Marine Group, Fassi Gru SPA, Fred Wahl Marine Construction, Inc., Heila Cranes SPA, HIAB, HS Marine SRL, HYVA, Industrias Guerra SA, Kenz Figee, Melcal, Puma Crane, MKG Maschinen & Kranvertrieb GmbH, Palfinger AB, and TMS are among key players profiled during the study of the Hydraulic Marine Cranes market.
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The marine crane market is growing substantially on the back of presence of large number of players operating in the market. Hydraulic marine crane market players are experiencing significant demand for their products owing to rise in ship/vessel production across ship builders. Some of the leading European hydraulic marine crane manufacturers include Heila Cranes S.p.A, HIAB, Palfinger AB, Liebherr, MKG Maschinen & Kranvertrieb GmbH, and Konecranes. The players mentioned above invest noteworthy amounts in respective R&D teams to innovate newer models which attract end users—shipbuilders and ship owners.
On the other hand, the regulatory pressure on the fishing industry will likely hinder the market growth.
As per design, the global hydraulic marine cranes market is split into knuckle boom, telescopic boom, stiff boom, and foldable boom. The foldable boom segment accounted for 38.0% of the market share in 2020. The segment was gauged at US$ 1,395.57 million in 2020 and is projected to grow at a 6.7% CAGR between 2021 and 2028 to reach US$ 2,266.51 million by 2028.
Based on capacity, the market is categorized below 50 Tm (tonne meter), 50–150 Tm, and above 150 Tm. Among these, the 50–150 Tm segment held 55.9% of the market share in 2020. The segment was valued at US$ 2,055.78 million in 2020 and is slated to expand at a 7.1% CAGR during 2021–2028 to reach US$ 3,432.83 million by 2028. In 2029, TMS was commissioned to design and build a hydraulic shipboard crane with a reach of 21 meters and a lifting load on a maximum reach of 25 tonnes.
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Moving on to boom length, the market is categorized into below 10 meters, 10–20 meters, and above 20 meters. The below 10 meters segment led the market with a market share of 56.2% in 2020. It was valued at US$ 2,028.94 million in 2020 and is expected to grow at a CAGR of 6.0% during the forecast period to reach US$ 3,192.53 million by 2028.
Our regional analysis states that Europe held a significant share in the global hydraulic marine cranes market in 2020. The regional market was evaluated at US$ 1,533.55 million in 2020 and is anticipated to be worth US$ 2,711.19 million by 2028. Europe is also projected to register the highest growth rate of 7.9% over the analysis period. This growth is attributed to the vast initiatives and investments made by the major companies of the region. For instance, in 2020, KenzFigee launched Knuckle Boom Subsea Crane which featured decreased hook weight, reduced pendulum length, and high safe working load up to 2,000 tonnes.
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