Hydraulic Marine Cranes Market is expected to reach US$ 5,850.88 million by 2028

Development of Large Number of Ports to Provide Growth Opportunities for Hydraulic Marine Cranes Market

According to our latest market study on “Hydraulic Marine Cranes Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Design, Capacity, and Boom Length,” the global 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.

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.

The hydraulic marine cranes market is segmented into design, capacity, boom length, and geography. Based on design, the market is further segmented into knuckle boom, telescopic boom, stiff boom, and foldable boom. In 2021, the foldable boom segment accounted for a significant share in the global hydraulic marine cranes market. In terms of capacity, the market is categorized into below 50 Tm, 50–150 Tm, and above 150 Tm. In 2021, the 50–150 Tm segment accounted for a significant share in the global hydraulic marine cranes market. Based on boom length, the market is further segmented into below 10 meters, 10– 20 meters, and above 20 meters. In 2021, the below 10 meters segment accounted for a significant share in the global hydraulic marine cranes market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa, and South America (SAM). In 2021, Europe accounted for a significant share in the global hydraulic marine cranes market.

Impact of COVID-19 Pandemic on Hydraulic Marine Cranes Market

The COVID-19 outbreak has significantly affected the world and is continuing to shatter several countries. Until the outbreak of COVID-19, the marine industry was experiencing substantial growth; however, the outbreak of the virus has been reflecting a notable decline in the adoption of marine equipment including hydraulic marine cranes. Owing to the 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.

Amco Veba Marine; DMW Marine Group, LLC; Fassi Gru S.p.A.; Fred Wahl Marine Construction, Inc.; HEILA Cranes S.p.a.; HIAB; HS.MARINE S.r.l.; INDUSTRIAS GUERRA, SA; Kenz Figee; Puma Cranes; HYVA; TMS; MELCAL S.p.A.; Palfinger AG; and MKG Maschinen & Kranvertrieb GmbH are among the major companies operating in the hydraulic marine cranes market.

Hydraulic Marine Cranes Market — by Geography

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Hydraulic Marine Cranes Market to Grow at a CAGR of 6.4% to reach US$ 5,850.88 million from 2021 to 2028

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Hydraulic Marine Cranes Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Design (Knuckle Boom, Telescopic Boom, Stiff Boom, and Foldable Cranes), Capacity (Below 50 Tm, 50-150 Tm, and Above 150 Tm), and Boom Length (Below 10 Meters, 10-20 Meters, and Above 20 Meters)

The report segments the global hydraulic marine cranes market as follows:

By Design

• Knuckle Boom
• Telescopic Boom
• Stiff Boom
• Foldable Boom

By Capacity

• Below 50 Tm
• 50–150 Tm
• Above 150 Tm

By Boom Length

• Below 10 Meters
• 10–20 Meters
• Above 20 Meters

By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe
• Asia Pacific (APAC)
  • Australia
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC
• Middle East & Africa (MEA)
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA
• South America (SAM)
  • Brazil
  • Argentina
  • Rest of SAM