The hydraulic marine cranes market is expected to grow from US$ 3,781.55 million in 2021 to US$ 5,850.88 million by 2028; it is estimated to grow at a CAGR of 6.4% from 2021 to 2028.
Trading activities are gaining significant traction, owing to the ongoing economic development over the last decade. Governments across the world are forming alliances and relaxing trade policies, owing to the growing importance of globalization. Moreover, economies in Asia such as China, India, Vietnam, Indonesia, and Thailand are receiving heavy foreign direct investments (FDIs) in the manufacturing sector. Further, regional governments are also aiding market players with various monetary and non-monetary incentives such as reduced taxes, relaxed regulation and reporting norms, and complete ownership of business. Such initiatives are attracting various companies to either setup manufacturing facilities or uplift the manufacturing output. Lowering labor costs and rising disposable income worldwide are, in turn, accelerating the seaborne trade. This is projected to subsequently drive the adoption of hydraulic marine cranes in the region.
Impact of COVID-19 Pandemic on Hydraulic Marine Cranes Market
Owing to the COVID-19 containment measures such as lockdowns, business shutdowns, and travel restrictions, the production and supply chain of hydraulic marine cranes were negatively affected, leading to decline in production from the supply side. Moreover, as majority of countries strictly implemented containment measures, the trading activities were severely affected. This, in turn, negatively affected the adoption hydraulic marine crane from supply side in 2020. However, as the trading activities picked pace from the last quarter of 2020, the market players are experiencing steady growth in demand from end users of hydraulic marine cranes market
Lucrative Regional Markets for Hydraulic Marine Cranes Providers
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Hydraulic Marine Cranes Market Insights
Development of Large Number of Ports
Hydraulic marine cranes are widely used at marine ports for loading and unloading of cargo. The growing trade and commerce activities worldwide are encouraging the deployment of a significant number of ports. For instance, the Indian Government has announced its ambitious project – Sagarmala. The government has planned six mega ports under this project with an aim to complete those by 2025. Moreover, in March 2021, under the Sri Lankan government’s plans to develop a new terminal at Colombo Port, Sri Lanka approved new port development with Japan and India. In December 2020, DP World announced its agreement with the government of Senegal to develop a new deep-water port in Ndayane, Senegal. In January 2020, China and Myanmar announced the development of new deep-sea port under Myanmar new economic partnership. In 2019, Oman announced the development of a port at Duqm. Such surge in development of ports across the world is projected to create steady growth opportunities for the hydraulic marine crane market players.
Design-Based Market Insights
Based on the design, the hydraulic marine crane market is segmented into knuckle boom, telescopic boom, stiff boom, and foldable crane. The foldable boom segment dominated the hydraulic marine crane market. The foldable boom marine cranes are cranes whose boom can be folded in order to save space at ports or vessel. These cranes are majorly used on ships and boats; however, they are also used at ports. These cranes are known to offer constant torque momentum, which allows to reduce the pendulum effect while operating the load. Moreover, the foldable boom crane also has significant loading and unloading capabilities when it comes to handling equipment, containers, as well delicate and heavy material. The compact size and significant load carrying capabilities is the prime reason for the growing adoption of foldable boom marine cranes.
Hydraulic Marine Cranes Market, by Capacity – 2020 and 2028
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Hydraulic Marine Cranes Market: Strategic Insights
Market Size Value in US$ 3,781.55 Million in 2021 Market Size Value by US$ 5,850.88 Million by 2028 Growth rate CAGR of 6.4% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Hydraulic Marine Cranes Market: Strategic Insights
Market Size Value in | US$ 3,781.55 Million in 2021 |
Market Size Value by | US$ 5,850.88 Million by 2028 |
Growth rate | CAGR of 6.4% from 2021-2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
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Speak to AnalystThe players operating in the hydraulic marine cranes market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- In 2021, Hiab announced that it has renewed contract agreement with Thor Middle East, which was recently acquired by Al Shirawi Equipment Co. Under the renewed agreement, Thor Middle East will continue its operation as a regional distributor of Hiab.
- In 2019, KenzFigee announced that it had expanded its reach in the Middle East by establishing new offices in Abu Dhabi, Saudi Arabia.
The global hydraulic marine cranes market has been segmented as follows:
Global Hydraulic Marine Cranes Market – by Design
- Knuckle Boom
- Telescopic Boom
- Stiff Boom
- Foldable Cranes
Global Hydraulic Marine Cranes Market – by Capacity
- Below 50 Tm
- 50–150 Tm
- Above 150 Tm
Global Hydraulic Marine Cranes Market – by Boom Length
- Below 10 Meters
- 10–20 Meters
- Above 20 Meters
Global Hydraulic Marine Cranes Market – by Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- Russia
- UK
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- Japan
- Australia
- South Korea
- Rest of APAC
Middle East & Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SCAM
Company Profiles
- Amco Veba Marine
- Dmw Marine Group
- Fassi Gru S.p.A.
- Fred Wahl Marine Construction, Inc.
- Heila Cranes S.p.A.
- HIAB
- HS.MARINE S.r.L.
- HYVA
- Industrias Guerra, S.A.
- Kenz Figee
- Melcal
- Mkg Maschinen-& Kranvertrieb
- Palfinger AB
- TMS
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Design , Capacity , and Boom Length
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Based on the design, the hydraulic marine crane market is segmented into knuckle boom, telescopic boom, stiff boom, and foldable boom. The adoption of different types of hydraulic marine cranes is surging in the current scenario, however, the demand for foldable boom cranes is maximum among the end users. Owing to this, the crane vessel or crane ship manufacturers are increasingly procuring the foldable boom cranes, which has led the segment to dominate the market. On the other hand, the knuckle boom cranes are gaining attraction among end users, as these cranes are highly effective in operation and incurs less maintenance cost throughout the lifespan. Thus, the knuckle boom crane segment is foreseen to be the fastest growing segment during the forecast period.
The hydraulic marine cranes market is anticipated to witness an impressive growth rate during 2021–2028. increase in sea-borne trade activities and presence of large number of market players are the primary factors contributing to the market growth. However, regulatory pressure on fishing industry might hinder the market growth in the coming years. Despite the restraining factor, development of large number of ports are expected to fuel the future growth of the hydraulic marine cranes market.
The global Hydraulic Marine Cranes market is fragmented into major regions—North America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA, and South America (SAM). In 2021, the Europe segment accounted for a significant share in the global hydraulic marine cranes market.
The List of Companies - Hydraulic Marine Cranes Market
- Amco Veba Marine
- DMW Marine Group
- Fassi Gru SPA
- Fred Wahl Marine Construction, Inc.
- Heila Cranes SPA
- HIAB
- HS Marine SRL
- HYVA
- Industrias Guerra SA
- Kenz Figee
- Melcal
- Puma Crane
- MKG Maschinen & Kranvertrieb GmbH
- Palfinger AB
- TMS
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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