CAGR: 5.10%Current Market Size: USD 10.1 BillionFastest Growing Region: APAC
Largest Market: EuropeProjection Time: 2023-2030Base Year: 2022
The global hydraulic marine cranes market is expected to grow from USD 10.1 billion in 2022 to USD 15.0 billion by 2030, at a CAGR of 5.10% during the Projection period 2023-2030. One of the key factors propelling the hydraulic marine crane market is the rise in private-public partnerships (PPPs) to support infrastructure development.
A marine crane is a specialized type of device that can be used to lower and lift goods in order to move them horizontally. It is typically equipped with a lifting cable, wire or chains, and bundles. It is employed to move and lift heavy items. The device transfers load more efficiently than a human being could by using one or more simple machines to profit from the machine. Cranes are frequently used in the freight forwarding sector as well as in the production of other goods for the assembly of bulky equipment. In seaports, marine cranes are frequently used for loading and unloading cargo. The shipment of numerous cargoes is encouraged by the expansion of global trade and commerce. For instance, the Indian government has unveiled Sagar Mala, its flagship project, which is a master plan for six major ports that would be finished by 2025. Additionally, the Sri Lankan government approved the construction of new ports with Japan and India, and it also wants to develop a new port at Colombo Port, Sri Lanka, in March 2021. In December 2020, the Senegalese government and DP World, a firm owned by Dubai's government in the United Arab Emirates, announced their agreement to create a new deep-water port in Ndayane, Senegal. As part of Myanmar's new economic cooperation, China and Myanmar announced in January 2020 that a new seaport would be built. Oman declared that a port would be built at Duqm in 2019. It is anticipated that the rapid expansion of port construction across the globe will present chances for players in the marine crane market to experience sustainable growth.
Sample Request: - Global Hydraulic Marine Cranes Market
Market Dynamics:
Drivers:
The hydraulic marine cranes market is expanding due to rising subsea construction and oil exploration activities and rising demand for renewable energy sources. Furthermore, the great precision in heavy-duty activities makes these subsea construction machines very useful. Some involve the delivery, repair, and assembly of systems for extracting oil and gas. This is fueling the market for maritime cranes' growth and demand. Additionally, as additional oil fields are discovered, the demand for equipment like marine cranes and the number of merchant boats available to transport people and cargo will grow, supporting the sales of marine cranes during the Projection period.
Restraints:
The difficult installation procedure and the need for qualified specialists & laborers to prevent damages restrict market expansion. Additionally, it is anticipated that the fluctuating price of raw materials will impede the market expansion for maritime cranes.
Opportunities:
Due to their excellent reliability and great load-bearing capability, hydraulic marine cranes have significantly increased their share of the worldwide marine crane industry over the past few years. Furthermore, new offshore wind energy projects are booming and helping European nations' use of lattice boom maritime cranes expand. With these important driving forces at play, the worldwide marine crane market's outlook is anticipated to be good going forward, and market growth is anticipated to be rapid over the following years.
Challenges:
Throughout the Projection period, high operational risks factors like position accuracy, suppression, and collision avoidance could restrain the global maritime crane market. A reduction in oil and gas output has considerably impacted the expansion of this market.
Segmentation Analysis:
The global hydraulic marine cranes market has been segmented based on design, indication, and region.
By Design
The design segment includes telescopic boom, knuckle boom, foldable boom, and stiff boom. The foldable boom segment led the largest share of the hydraulic marine cranes market with a market share of around 31% in 2022. During the Projection period, the foldable boom segment is expected to account for the majority share of the market due to its design type as knuckle boom, telescopic boom, stiff boom, and stiff boom. Foldable boom cranes are characterized by the constant torque momentum, compact size, and significant loading and unloading capabilities, among other features, that have led to unprecedented growth in the market.
By Capacity
The indication segment includes 50-150 Tm, 501 tons to 15000, below 50 Tm, and above 150 Tm. The 501 to 15000 segment led the largest share of the hydraulic marine cranes market with a market share of around 43% in 2022. The increase in oil exploration and production from growing nations like China, India, and the Middle East is expected to contribute to this expansion. According to the Organization of the Petroleum Exporting Countries, the Asia-Pacific and Middle East area has built half of the world's total capacity for oil and natural gas refineries or 9.5 million barrels per day. Around 3.7 mb/d, or 20% of the total, can be used for exploration in the Middle East. As a result, maritime cranes are heavily utilized in oil exploration to manage loads of various tanks with varying capacities.
By Application
The application segment includes oil & gas platforms, shipping & ports, workboats, research & fishing vessels, and government & military. The oil & gas platforms segment led the largest share of the hydraulic marine cranes market with a market share of around 34% in 2022. Due to the numerous oil and gas firms' use of maritime cranes for exploration as a result of an increase in global demand. The International Energy Agency (IEA) estimates that by 2040, all forms of offshore energy will need to receive around USD 4.6 trillion in capital investments to support global sustainable development. As a result, the marine crane market, which is essential for moving heavy loads during oil and gas exploration, will see a significant increase in opportunity.
Global Hydraulic Marine Cranes Market - Sales Analysis.
The sale of the hydraulic marine cranes market expanded at a CAGR of 4% from 2016 to 2022.
Marine cranes are made to handle the big to medium loads needed for offshore operations. Container loading and unloading, bulk loading, and mounting on maritime vessels are all done with the use of marine cranes. In order to manage different marine conditions when loading and unloading oil drilling platforms, navy ships, vessels, and fishing gear, the cranes are specifically built. The cranes assist in transferring into the water various cargoes while providing the necessary protection and other features. With the relevant safety certifications, the marine crane has features like seal welding for corrosion prevention, UV-resistant paint, and watertight grips for varied lifting capabilities and reach lengths. Additionally, marine cranes can be constructed in accordance with the demands of managing diverse operations.
The demand for marine cranes to raise fleets, dead weights, and containers at sea ports is driving the market. Marine cranes are mostly used to load and unload containers from ports onto ships and vice versa. The UNCTAD estimates that the amount of global maritime trade was approximately 11 billion tonnes in 2018, and that it will rise at an annual pace of 3.4% from 2019 to 2024. There is an increase in the introduction of fresh, creative designs used with the following generation; the oil and gas industry's use of modular offshore technology cranes may present a sizable possibility for the expansion of the marine crane market.
For instance, in 2019 Thunder Crane Company introduced an offshore portable, modular crane of the next generation to support a combined turret for reducing rig up and rig down times. For the oil and gas business, this crane was built with specially developed Appleton hoists that are lightweight, allow for enhanced line speed, and have higher rope capacity.
Thus, owing to the aforementioned factors, the global hydraulic marine cranes market is expected to grow at a CAGR of 5.10% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the hydraulic marine cranes market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The European region dominated the hydraulic marine cranes market and held a 38% share of the market revenue in 2022.
Global hydraulic marine cranes market - Country Analysis:
Germany's hydraulic marine cranes market size was valued at USD 1.17 billion in 2022 and is expected to reach USD 1.9 billion by 2030, at a CAGR of 6.4% from 2023 to 2030. The market for hydraulic marine cranes in the region is expanding as a result of rising subsea construction and oil exploration activities as well as rising demand for renewable energy sources.
China’s hydraulic marine cranes market size was valued at USD 0.78 billion in 2022 and is expected to reach USD 1.27 billion by 2030, at a CAGR of 6.3% from 2023 to 2030. The epicenter of this pandemic is China, which is also the location of the majority of raw material suppliers who also provide some manufacturing facilities across the world with parts. The creation movement has been restricted at many of these manufacturing offices as a result of the global lockout, which has resulted in a reduction in the global production network. About 81% of manufacturing companies source their parts from Chinese vendors. This has directly affected international FDI inflows, and as a result, a few economies around the world have experienced a significant decline.
India's hydraulic marine cranes market size was valued at USD 0.60 billion in 2022 and is expected to reach USD 0.97 billion by 2030, at a CAGR of 6.2% from 2023 to 2030. Due to the expansion of the transportation and shipbuilding industries. Additionally, there is an increase in population and urbanization, which is leading to increased seaborne traffic in these areas. This factor is likely to raise interest in the global market for hydraulic marine cranes in the area.
Key Industry Players Analysis:
To increase their market position in the global hydraulic marine cranes market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
5.10% |
Market Size |
10.1 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Design, By Capacity, By Application, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
DMW Marine, Heila Cranes, Allied Marine Crane, EK Marine, Liebherr, PALFINGER, North Pacific Crane Company, HS. MARINE, Huisman Equipment, and James Fisher. |
By Design |
|
By Capacity |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global Hydraulic Marine Cranes market By Design:
Global Hydraulic Marine Cranes market By Capacity:
Global Hydraulic Marine Cranes market By Application:
Global Hydraulic Marine Cranes market By Region:
Global hydraulic marine cranes market is expected to reach USD 15.0 billion by 2030.
The hydraulic marine cranes market is projected to have a CAGR of 5.10%.
Based on the application, the hydraulic marine cranes market is segmented into oil & gas platforms, shipping & ports, workboats, research & fishing vessels, and government & military.
Leading market players active in the global hydraulic marine cranes market are DMW Marine, Heila Cranes, Allied Marine Crane, EK Marine, Liebherr, PALFINGER, North Pacific Crane Company, HS. MARINE, Huisman Equipment, James Fisher among others.
The segments covered in the hydraulic marine cranes market are; design, capacity, application, and regions.
Political Factors- The recent degree of political stability in the nation had an effect on the hydraulic marine cranes market. Due to the politicians' honesty and tendency for corruption, high-ranking government officials may also be forced to resign or be impeached. the laws that the nation upholds, particularly those that pertain to commerce, like contract law, because they specify what is and isn't permitted to be done. For instance, whereas other governments have overgrown bureaucracy that deter entrepreneurship, some nations forbid alcohol or have tight rules that must be obeyed.
Economic Factors-Whether the market is now set up as a monopoly, oligopoly, or something closer to a perfect competitive system. will probably grow in the near future at a variety of rates, depending on the nation's GDP growth rate. The interest rates in a country have an impact on how much money people are ready to borrow and invest. Greater investment would be encouraged by higher rates, which would increase GDP. Profitability would be impacted by the country's currency rate, especially if it participated in international trade.
Social Factors- Age and gender distribution in the population have a big impact on whether or not a product can be marketed to them. Targeting a demographic that is mostly male would result in fewer people being contacted than targeting a group that is mostly female because the makeup is mostly marketed to women. If the bulk of people belonged to a lower class, it would be simpler to market a premium product to the general public; instead, they would need to concentrate on exceedingly specialised niche markets. The distribution of classes within the population is therefore crucial. It could be challenging to properly relate to and attract the target market due to the variations in educational backgrounds between marketers and the target market.
Technological Factors- scientific advancements and breakthroughs cited by opponents. It is crucial to regularly monitor the extent of new technology adoption as well as how quickly it is evolving and displacing sales from rivals in the industry in question. This would be the level of urgency necessary to adequately respond to the creation, either by adjusting the technology or creating a distinctive replacement.
Environmental Factors- The weather at this time may have a considerable impact on the ability to transport materials and the finished product. This would therefore have an impact on when the finished product would be delivered in the event of an unexpected monsoon. Some items would completely lose their worth as a result of climate change. In the case of the market for hydraulic marine cranes is significantly lower in nations where winters are now relatively mild as a result of global warming. Businesses that produce a lot of trash may have to comply with legislative constraints on their environmental operations.
Legal Factors- As was already said, the purpose of intellectual property laws and other data protection regulations is to safeguard the patents and ideas of businesses that derive their entire revenue from information. If there is a chance of data theft, the system will lose its competitive edge and is very likely to fail. Government-enacted anti-discrimination laws are intended to safeguard workers and guarantee that everyone is treated fairly and has the same opportunity, regardless of gender, age, physical handicap, ethnicity, religion, or sexual orientation. As a result of seeing the appalling conditions that individuals had to labour in during and immediately after the industrial revolution, health and safety legislation were created.
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