New York, US, May 16, 2022 (GLOBE NEWSWIRE) -- Marine Cranes Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Marine Cranes Market” information by Lifting Capacity, by Type, by Application and Region – Forecast to 2027” market size to reach USD 7,833.3 million, growing at a compound annual growth rate of 15.59% by 2027.
Marine Cranes Market Scope:
A crane is a machine that is often equipped with wire ropes/chains, sheaves, and hoist ropes, which have use in lifting as well as lowering different materials and then moving these horizontally. It is primarily used to lift heavy things and then transport them to other points. Marine cranes are specially designed for functions in offshore operations. These are mainly mounted on vessels and then carried out into the waters for operations, such as unloading and loading.
Dominant Key Players in Marine Cranes Market Covered 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
- Cargotec Corporation
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The marine cranes market position is propelled by numerous factors, including the rise in government support with respect to construction and the dramatic expansion of the oil & gas industry worldwide. With that said, volatile prices of the chief raw materials could hamper the market growth in the coming years.
However, marine cranes are a significant aspect of the oil rigs and have extensive use in daily operations, like casing, lifting maintenance equipment and lifting drill pipes from ships, and many other applications. These have use in the handling of the lines and pipes for setting up oil and gas extraction systems.
Market USP Exclusively Encompassed:
Marine Cranes Market Drivers
The top factors enhancing the expansion rate of the marine crane market include the rise in subsea construction as well as oil exploration operations. The heightened demand and use of renewable energy add to the market demand too. Rapid innovations in offshore exploration activities along with the surge in high wind activities can further boost the marine crane market growth in the ensuing years.
Rise in oil exploration and subsea construction operations will be favorable for the worldwide market. Most of the subsea construction machines are majorly deployed owing to their high precision in most of heavy-duty operations. A few of these are repair, supply, and assembly of oil & gas extraction systems, which results in a higher market growth rate.
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With the surging requirement for profitable and equitable distribution of resources and bolstering cost efficiency, many of the manufacturers are looking for complete visibility and transparency. Adoption of marine cranes to offer real-time geographical location tracking as well as monitoring of business assets, personnel and processes can be a huge opportunity. Marine cranes are experiencing high-volume undertakings and will continue to see a rapid growth trajectory, particularly in the deep-sea wind energy space.
Marine Cranes Market Restraints
Maintenance of the environmental balance is an extremely significant aspect of the worldwide market for marine cranes, particularly since this technology involves the presence of sensitive fauna and flora in the deep sea. If there is a loss or an imbalance, the ramifications could be major for the marine crane manufacturers, the ecosystem and installers.
COVID-19 Analysis
The marine cranes market has been seeing a major decline since the outbreak of the COVID-19 pandemic. The pandemic has had an adverse effect on various businesses worldwide, particularly in regions like Europe and North America.
The oil and gas, as well as military industries, have been seriously impacted by the pandemic, given the adverse circumstances and economic crash. To prevent the virus from spreading further, companies are shutting down operations and production facilities while the government has restricted many of the manufacturing production activities. This has brought down the demand and the consumption rate of marine cranes across most of the major end-use industries.
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Segmentation of Marine Cranes Market Covered in the Research:
Lifting capacity, type, and application are the key segments that have been considered in the MRFR study.
Depending on lifting capacity, the major segments can be 15,001 Tons–30,000 Tons, 501 Tons–15,000 Tons, 2 Tons–500 Tons, and more.
Different types of marine cranes are Telescopic Boom, Knuckle Boom, Foldable Boom as well as Stick Boom.
Applications of marine cranes are Government & Military, Oil & Gas Platforms, Research & Fishing Vessels and Workboats.
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Regional Analysis
Asia Pacific, led by Japan, China, and India, captured the highest position in 2020, with the share accounting for around 30.6%. The huge market demand in the region can be in response to the rise in marine exploration as well as construction activities in Malaysia, China, Thailand and Australia. Other than this, the surge in oil discoveries in emerging countries like China and India can enhance the demand for marine cranes in the region. The rise in government investments in the development of the national infrastructure, which covers energy and transportation, shall also promote marine cranes market growth in the years to come.
North America, divided into Canada, Mexico and the US, will record substantial growth between 2020 and 2027. The market expansion in the region is the result of the dramatic growth of the oil rig exploration sector. In the United States, there have been close to 430 active drilling rigs, with the oil rig count coming to 340 rigs. Given the mounting number of drilling rigs activities in the country, the majority of the marine crane developers are investing heavily in research & development activities to elevate fuel efficiency and bolster their product portfolio which could help them gain a competitive edge.
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