Foldable Boom Segment to Dominate North America Hydraulic Marine Cranes Market during 2018–2028
According to The Insight Partners market research study on “North America Hydraulic Marine Cranes Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Design, Capacity, and Boom Length” is expected to reach US$ 1,337.17 million by 2028 from US$ 944.90 million in 2021. The market is estimated to grow at a CAGR of 5.1% from 2021 to 2028. Increasing sea-borne trade activities is the major factor driving the growth of the North America hydraulic marine cranes market. However, regulatory pressure on fishing industry may hinder the growth of North America hydraulic marine cranes market. The report provides trends prevailing in the North America hydraulic marine cranes market along with the drivers and restraints pertaining to the market growth.
North America suffered a substantial economic loss in the first two quarters of 2020 owing to the high number of COVID-19 cases, specifically in the US. The slowdown of economic growth affected the seaborne trading activities. Moreover, a limited workforce permitted on work floors due to the imposition of strict social distancing measures has hampered the production activities in the region. The US is the largest importer and second-largest exporter of goods in the world. Owing to restrictions on trade activities, the country experienced a significant decline in the adoption of hydraulic marine cranes in 2020. Moreover, as economies reopened, and trade restrictions were relaxed, the hydraulic marine cranes market began to experience steady growth in North America in late 2021.
The North America hydraulic marine cranes market is segmented on the bases of design, capacity, boom length, and country. Based on design, the North America hydraulic marine cranes market is segmented into knuckle boom, telescopic boom, stiff boom, and foldable boom. The foldable boom segment held the largest share in 2020. Based on capacity, the North America hydraulic marine cranes market is segmented into below 50 Tm, 50–150 Tm, and above 150 Tm. The 50 - 150 Tm segment held the largest market share in 2020. Based on boom length, the North America hydraulic marine cranes market is segmented into below 10 meters, 10-20 meters, and above 20 meters. The below 10 meters segment held the largest share in 2020. Similarly, based on country, the market is segmented into US, Canada, and Mexico. The US contributed a substantial share in 2020.
Amco Veba Marine; DMW Marine Group, LLC; Fassi Gru S.p.A.; Fred Wahl Marine Construction, Inc; HEILA Cranes S.p.a.; HIAB; HYVA; INDUSTRIAS GUERRA, SA; Kenz Figee; MELCAL S.p.A.; and Palfinger AG are among the leading companies in the North America Hydraulic Marine Cranes Market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2018, Amco Veba Marine launched V24, foldable telescopic along with slewing bearing rotation system under 24 tm lifting class.
North America Hydraulic Marine Cranes Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Design (Knuckle Boom, Telescopic Boom, Stiff Boom, and Foldable Cranes), Capacity (Below 50 Tm, 50–50 Tm, and Above 150 Tm), and Boom Length (Below 10 Meter, 10–20 Meter, and Above 20 Meter)
North America Hydraulic Marine Cranes Market, By Country, 2020 and 2028 (%)
North America Hydraulic Marine Cranes Market to Grow at a CAGR of 5.1% to reach US$ 1,337.17 million from 2021 to 2028
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