New York, May 23, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Deck Machinery Market” published by Consegic Business Intelligence, the market was worth USD 2,471.42 Million in 2022 and is anticipated to reach over USD 3,707.03 Million by the year 2030, growing at a CAGR of 5.5%.
Deck machinery comprises of the heavy machines utilized to maintain the safety and security of ships, oil tankers, ferries, and cruise. Deck machinery such as winches, windlass, mooring system, and capstans are essential for diverse ship operations including cargo handling, vessel securing and for lifesaving purposes.
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The rising global seaborne trade owing to the increasing demand for oil and petroleum resources in industrial and commercial sectors for energy consumption is driving the growth of deck machinery market. Ships and cargoes deployed for transportation of goods and commodities are fitted with heavy machinery that is required to withstand harsh climatic conditions. Moreover, deck machinery is essential for vessel security and ensures safe and efficient sailing of ships. For instance, in March 2022, Woods Hole Oceanographic Institution launched adjustable, compact marine winch offering flexibility and improved vessel operations. Thus, the growing adoption of marine route for trade purposes is driving the growth of deck machinery market.
The deployment of 3D printing technology in marine engineering and shipbuilding is expected to provide significant growth opportunities for the deck machinery market. 3D printing technology is used to manufacture deck machinery as well as spare parts of ships, thereby reducing waste, costs, and emissions. However, higher maintenance costs associated with deck machinery are restraining the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 3,707.03 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 5.5% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | AMGC, Coastal Marine Equipment, Funz San Industry, Kawasaki Heavy Industries, MacGregor, Marine Equipment Pellegrini, PALFINGER AG, PaR Systems, Rapp Marine, Towimor, TTS Group ASA, Wartsila |
| By System | Electrical, Steam, and Hydraulic |
| By Product Type | Winch, Anchoring System, Capstan, Windlass, Lifting and Handling Equipment |
| By Application | Cargo Vessels, Oil Tankers, and Ferry |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Deck machinery Market Growth Drivers:
- The rising global seaborne trade for transportation of goods and commodities is driving the growth of deck machinery market.
- The increasing adoption of advanced technologies such as real-time load and speed sensing technology allowing ships to respond towards adverse climatic conditions is driving the growth of the market.
- The increasing demand for ships related to leisure activities coupled with the growing tourism industry is driving the growth of the market.
Restraints
- The high maintenance cost associated with deck machinery is restraining the growth of the market.
- Hydraulic oils oxidize over time resulting in metal corrosion, thus impeding the growth of the market.
Opportunities
- The deployment of 3D printing technology in marine engineering and shipbuilding is expected to provide significant growth opportunities for the deck machinery market.
Global Deck machinery Market Segmentation Details:
Based on System, the hydraulic system segment contributed the largest shares to the market growth in 2022. Hydraulic motors provide the ability to accelerate or decelerate ships more conveniently according based on operational requirements such as cargo handling, vessel securing and for lifesaving purposes. Moreover, the ability of hydraulic motors to provide safety to ships in harsh environmental conditions is driving the growth of the market.
Based on Product Type, the winches segment accounted for the maximum revenue share in the year 2022. The ability of marine winches to provide enhanced performance, safety, and efficiency is driving the market growth. Moreover, the brake system on a winch helps to prevent the rope from slippage, thereby providing enhanced safety and security for the ships.
Based on the application, the cargo vessels segment accounted for the maximum revenue share in the year 2022. Cargo vessels require a range of deck machinery including cranes, winches, and cargo handling systems for loading and unloading of cargo. Therefore, the increasing demand for deck machinery for movement of goods and increasing global trade is accelerating the growth of the market.
Based on region, The Asia-Pacific region accounted for the largest revenue share in the year 2022. The rising energy demand in Asia-Pacific region is increasing the demand for oil and other petroleum products, thereby contributing to the growth of seaborne trade operations. Moreover, the growing seaborne trade operations is increasing the demand for heavy deck machineries owing to improved efficiency and faster transportation of goods.
Key Market Highlights
- The global deck machinery market size is estimated to reach USD 3,707.03 Million by 2030 and grow at a CAGR of 5.5% during the forecast period (2023-2030).
- Globally, deck machinery market is divided based on the system into electrical, steam, and hydraulic.
- In the context of product type, the market is separated into winch, anchoring system, capstan, windlass, lifting and handling equipment.
- Based on application, the market is separated into cargo vessels, oil tankers, and ferry.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- Asia Pacific and North America are estimated to support market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in deck machinery market.
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Recent Developments
- In March 2023, Mercury Marine introduced fully electric boat motor for efficient sailing in harsh environments.
- In March 2023, Mitsubishi Heavy Industries, Ltd. held a launch ceremony in Shimonoseki for demonstration test ship for liquefied CO2 transportation.
List of Major Global Deck Machinery Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Funz San Industry
• Kawasaki Heavy Industries
• MacGregor
• Marine Equipment Pellegrini
• PALFINGER AG
• PaR Systems
• Rapp Marine
• Towimor
• TTS Group ASA
• Wartsila
Global Deck machinery Market Segmentation:
- By System
- Hydraulic
- Electric
- Steam
- By Product Type
- Winch
- Anchoring System
- Capstan
- Windlass
- Lifting and Handling Equipment
- By Application
- Cargo Vessels
- Oil Tankers
- Ferry
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Key Questions Covered in the Deck machinery Market Report
- What are deck machinery?
- Deck machinery are the mechanical machines that are present on the deck of the ships, cruise, and ferries for efficient loading and unloading of cargo. The machinery is used to ensure the safety and efficiency of ships for maritime trade operations.
- What are some of the most important applications of deck machinery and how do they impact the industry's growth potential?
- Deck machineries such as winches, windlass, mooring system, and capstans are essential for diverse ship operations including cargo handling, vessel securing and for lifesaving purposes.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the wind turbine pitch system market's growth in the coming years?
- Asia-Pacific accounted for the largest revenue share in the year 2022. The increasing demand for oil and petroleum resources for energy consumption in Asia-Pacific region is driving the growth of the market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- North America is anticipated to register fastest CAGR growth during the forecast period. The growing tourism industry is increasing the demand for highly-efficient deck machineries that are essential for efficient sailing of ships.
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