Hydraulic Marine Cranes Market will value USD 15.0 billion by 2030 : GreyViews
Hydraulic Marine Cranes Market By Design (Telescopic Boom, Knuckle Boom, Foldable Boom, and Stiff Boom), By Capacity (50-150 Tm, 501 tons to 15000, Below 50 Tm, and Above 150 Tm), By Application (Oil & Gas Platforms, Workboats, Shipping & Ports, Research & Fishing Vessels, and Government & Military), Regions, Segmentation, and forecast till 2030.
Pune India, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the hydraulic marine cranes market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the hydraulic marine cranes market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the design capacity, application, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating 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 other. To achieve a substantial market share in the worldwide hydraulic marine cranes market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
A specialised tool that may be used to lower and elevate cargo in order to transfer it horizontally is a maritime crane. It often comes with bundles, wire or chains, and a lifting cable. It is used to transport and carry big objects. By utilising one or more simple machines, the device transmits load more effectively than a human could by taking use of the machine. In the manufacturing of other products as well as the freight forwarding industry, cranes are regularly employed to assemble large pieces of equipment. Marine cranes are widely used to load and unload cargo in seaports. The growth of international trade and business promotes the shipping of many different commodities. For instance, the Sagar Mala project, the Indian government's flagship initiative, is a master plan for six major ports that is expected to be completed by 2025. In addition, the Sri Lankan government authorised the development of additional ports with Japan and India. In March 2021, the government of Sri Lanka also plans to establish a new port at Colombo Port. The United Arab Emirates' government of Dubai and the Senegalese government announced in December 2020 that they had reached a deal to build a new deep-water port in Ndayane, Senegal. China and Myanmar agreed in January 2020 that a new seaport would be constructed as part of Myanmar's new economic partnership. 2019 will see the construction of a port in Duqm, according to Oman.
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Scope of hydraulic marine cranes market Report
Market Share Unit
Design, Capacity, Application, and Regions
North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
DMW Marine, Heila Cranes, Allied Marine Crane, EK Marine, Liebherr, PALFINGER, North Pacific Crane Company, HS. MARINE, Huisman Equipment, James Fisher among others.
The foldable boom segment is expected to be the fastest-growing segment in 2022.
The design segment includes telescopic boom, knuckle boom, foldable boom, and stiff boom. The foldable boom segment is expected to witness the highest growth rate during the forecast period. Due to its design type as a knuckle boom, telescopic boom, firm boom, and stiff boom, the foldable boom segment is anticipated to account for the largest share of the market throughout the forecast period. The consistent torque momentum, small size, and considerable loading and unloading capacities of foldable boom cranes, among other aspects, have contributed to the market's unprecedent expansion.
The 501 tons to 15000 segment is expected to be the fastest-growing segment in 2022.
The indication segment includes 50-150 Tm, 501 tons to 15000, below 50 Tm, and above 150 Tm. The 501 tons to 15000 segment is expected to witness the highest growth rate during the forecast period. This expansion is anticipated to be aided by the rise in oil exploration and production in developing nations like China, India, and the Middle East. The Organization of the Petroleum Exporting Countries estimates that the Asia-Pacific and Middle East region, or 9.5 million barrels per day, has developed half of the world's total capacity for oil and natural gas refineries. 20% of the total, or about 3.7 mb/d, can be used for Middle Eastern exploration. Because of this, marine cranes are frequently used in oil exploration to manage loads of different tanks with different capacities.
The oil & gas platforms segment is expected to be the fastest-growing segment in 2022.
The application segment includes oil & gas platforms, shipping & ports, workboats, research & fishing vessels, and government & military. The oil & gas platforms segment is expected to witness the highest growth rate during the forecast period. Due to the widespread usage of maritime cranes for exploration by oil and gas companies as a result of a rise in world demand. To ensure global sustainable growth, the International Energy Agency (IEA) projects that all kinds of offshore energy will require roughly USD 4.6 trillion in capital investments by 2040. As a result, there will be a major growth in market opportunities for marine cranes, which are necessary for transporting large loads during oil and gas exploration.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the hydraulic marine cranes include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Europe region witnessed a major share. Italy, Germany, the United Kingdom, the Netherlands, and Spain are among the countries in Europe that produce the most marine cranes on a volume basis. In the European hydraulic marine crane market, there is a sizable demand for hydraulic marine crane products from end customers or shipbuilders in various areas of the world. Europe is anticipated to rule the market for hydraulic marine cranes throughout the forecast period due to its extensive coastline, numerous marine crane producers, and the existence of the busiest port in the world.
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. Due to increased subsea construction and oil exploration operations as well as rising demand for renewable energy sources, the market for hydraulic marine cranes in the area is growing.
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. In addition to being the location of the bulk of raw material suppliers who also supply some manufacturing facilities throughout the world with parts, China is the epicentre of this pandemic. The worldwide lockout, which has reduced the global production network, has restricted the creation mobility at many of these industrial facilities. Eighty-one percent of manufacturing firms purchase their components from Chinese suppliers. This has had a direct impact on FDI inflows internationally, and as a result, a few economies worldwide have seen considerable declines.
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 growth of the shipping and transportation industry. The population and urbanization are also rising, which is increasing the amount of seaborne traffic in these locations. This element is probably going to increase interest in the hydraulic marine crane industry on a global scale.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the hydraulic marine cranes market is mainly driven by the rise in shipping and transportation.
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