According to the new research report titled “Hydraulic Marine Cranes Market Forecast to 2028 - COVID-19 Impact and Global Analysis,” the market is expected to reach US$ 5,850.88 million by 2028, registering a CAGR of 6.4% from 2021 to 2028.
The marine crane market is growing substantially, owing to the presence of a large number of players operating in the market. The market players are experiencing significant demand for their product, owing to rise in ship/vessel production across the ship builders. Europe comprises the highest volume of hydraulic marine crane manufacturers, followed by APAC and North America. 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 the end users (ship builders as well as ship owners).
In the APAC region, Chinese marine crane manufacturers dominate the market. Companies such as Jiangsu OUCo Heavy Industry and Technology Co., Ltd.; SANSANGIN Heavy Industries Ltd.; Jiangsu Tonghui Lifting Equipment Co. Ltd.; and PilotFits Engineering Co., Ltd., are the leading manufacturers of marine cranes. China accounts for the largest sea trade business in the region, holding nearly 60% of the sea trade business in the APAC. Additionally, the ship building industry in China is enormous. Thus, coupling the sea trade business and ship building industry, the Chinese hydraulic marine crane market players observe continuous demand for their products. This factor is driving the hydraulic marine cranes market. Apart from China, Japanese and South Korean marine crane manufacturers also enjoy sufficient order volumes year-on-year, which supports the growth of the hydraulic marine crane market in APAC.
From the North American perspective, the US and Canada dominate the market from both supply side and demand side. The two countries have noteworthy number of hydraulic marine crane manufacturers, as well as ship builders and ship owners. Also, the number of marine ports in the two countries are higher as compared to Mexico. The higher number of marine cranes suppliers as well as end users is one of the critical factors propelling the hydraulic marine crane market. The leading hydraulic marine crane market players in the region include Fred Wahl Marine Construction, Inc.; The Manitowoc Company, Inc.; Allied Systems Company; Hawboldt Industries; and Appleton Marine, Inc.
The hydraulic marine cranes market is segmented into design, capacity, boom length, and geography. Based on design, the market is further segmented into knuckle boom, telescopic boom, stiff boom, and foldable boom. In 2021, the foldable boom segment accounted for a significant share in the global hydraulic marine cranes market. In terms of capacity, the market is categorized into below 50 Tm, 50-150 Tm, and above 150 Tm. In 2021, the 50-150 Tm segment accounted for a significant share in the global hydraulic marine cranes market. Based on boom length, the market is further segmented into below 10 meters, 10- 20 meters, and above 20 meters. In 2021, the below 10 meters segment accounted for a significant share in the global hydraulic marine cranes market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa, and South America (SAM). In 2021, Europe accounted for a significant share in the global hydraulic marine cranes market.
Impact of COVID-19 Pandemic on Hydraulic Marine Cranes Market
The COVID-19 outbreak has significantly affected the world and is continuing to shatter several countries. Until the outbreak of COVID-19, the marine industry was experiencing substantial growth; however, the outbreak of the virus has been reflecting a notable decline in the adoption of marine equipment including hydraulic marine cranes. Owing to the containment measures such as lockdowns, business shutdowns, and travel restrictions, the production and supply chain of hydraulic marine cranes were negatively affected, leading to decline in production from the supply side. Moreover, as majority of countries strictly implemented containment measures, the trading activities were severely affected. This, in turn, negatively affected the adoption hydraulic marine crane from supply side in 2020. However, as the trading activities picked pace from the last quarter of 2020, the market players are experiencing steady growth in demand from end users of hydraulic marine cranes.
Key Findings of the Study:
The European region accounts for the highest number of marine crane manufacturers, with higher volumes of players headquartered in Italy, Germany, the UK, the Netherlands, and Spain, among others. The European hydraulic marine crane market players experience significant demand for their products from end users or ship builders from different countries across the globe. This facilitates the European manufacturers to increase their customer base and annual sales figures year-on-year, which ultimately boosts the hydraulic marine crane market. Europe is expected to dominate the global hydraulic marine crane market throughout the forecast period, owing to a large number of marine crane manufacturers, large coastline, and the presence of world’s busiest port such as Port of Rotterdam, Port of Antwerp, Port of Hamburg, Port of Bremen-Bremerhaven, Port of Valencia, and Port of Piraeus. These marine ports encounter significantly large volumes of cargo each year, thereby requiring higher number of cranes for the movement of cargo to and from the ships/vessels.
Presence of vast industrialization in North America and high inclination toward outsourcing of globalizing supply chain is one of the major factors contributing to the growth of the market. Also, the US is the world’s largest importer and second largest exporter. In 2019, the import value of the US was approximately at US$ 2,567.45 billion and the export was valued at US$ 1,431.64 billion. Moreover, the growing fishing operations in the region are driving the adoption of hydraulic marine cranes in North America.
The APAC region is estimated to register substantial growth rate in the global hydraulic marine crane market during the forecast period, owing to the factors such as presence of leading exporting countries such as China, South Korea, and Japan. Furthermore, the growing development of ports is among other major factors driving the market. Similarly, the MEA and SAM are also experiencing growth in seaborne trade activities, which is projected to increase the deployment of hydraulic marine cranes.
Reasons to Buy- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global hydraulic marine crane market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global hydraulic marine crane market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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
- TMS
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 172 |
| Published | June 2021 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 3781.55 Million |
| Forecasted Market Value ( USD | $ 5850.88 Million |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
