50 - 150 Tm Segment to Dominate South America Hydraulic Marine Cranes Market during 2018–2028
According to The Insight Partners market research study on “South 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$ 134.10 million by 2028 from US$ 107.76 million in 2021. The market is estimated to grow at a CAGR of 3.2% from 2021 to 2028. Increasing sea-borne trade activities is the major factor driving the growth of the South America hydraulic marine cranes market. However, regulatory pressure on fishing industry may hinder the growth of South America hydraulic marine cranes market. The report provides trends prevailing in the South America hydraulic marine cranes market along with the drivers and restraints pertaining to the market growth.
During the COVID-19 pandemic, a significant decline in production volumes was observed in major economic sectors in SAM countries. The region experienced a decline in seaborne trading activities due to the containment measures enacted by governments, which ultimately affected the adoption of hydraulic marine cranes. Moreover, the disruption in the supply of hydraulic marine cranes also affected the regional market from the supply side. However, as trading activities picked pace in the last quarter of 2020, the hydraulic marine crane market players are experiencing steady growth in demand their products.
The South America hydraulic marine cranes market is segmented on the bases of design, capacity, boom length, and country. Based on design, the South 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 South 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 South 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 Brazil, Argentina, and rest of South America. Brazil contributed a substantial share in 2020.
Amco Veba Marine; Gru S.p.A.; HEILA Cranes S.p.a.; HIAB; HYVA; INDUSTRIAS GUERRA, SA; Kenz Figee; and Palfinger AG are among the leading companies in the South 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 2020, PALFINGER AG has launched PK 48.002 TEC 7 and PK 45.002 TEC 5 in a 25-60 meter-ton category. The new models are ideal for container handling, conducting building maintenance, and performing assembly work.
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