Marine Cranes Market Size, Share and COVID Impact Analysis, By Type (Knuckle Boom, Telescopic Boom, Foldable Boom, and Stiff Boom), By Lifting Capacity (2 tons-500 tons, 501 tons-15,000 tons, and 15,001 tons- 30,000 tons), By Application (Government & Defense, Research, Workboats, Oil & gas platforms, and Fishing vessels), By Service Providers (Public and Private) and Regional Forecast, 2024-2032

The high demand for marine cranes market is primarily from the established economies such as USA and Europe due to the established infrastructure facilities and marine transportation. A crane is a type of machine, generally equipped with a hoist rope, wire ropes or chains, and sheaves, which can be used both to lift and lower materials and to move them horizontally. It is mainly used for lifting heavy things and transporting them to other places. Marine cranes are specially designed for working on offshore operations. These are mounted on vessels and carried out into waters for operations such as loading and unloading. This leads to the growth of marine crane market in coming years.

The significant factors impacting the growth of the marine crane market are increasing subsea construction and oil exploration operations and rising demand for renewable energy.

• Increase in subsea construction and oil exploration operations is supporting the market growth globally. These subsea construction machines are primarily used due to high precision in heavy-duty operations. Some of them are assembly, repair, and supply of oil & gas extraction systems.


• For offshore infrastructure constructions of renewable wind turbines for large energy generation, has demand for reliable cranes.


• The complex installation process and requirement for skilled technicians & labors to prevent damages hamper the growth of the market. On the other hand, rapid developments in off shore exploration and increase in high wind activities are anticipated to fuel the demand in the marine crane market.


• Companies are entering into the collaborations, acquisitions, mergers, and licensing for increasing their market penetration.

Impact of COVID-19 on the Marine Cranes Market

• Although many countries have started opening up their borders for foreign traders including sea routes, the recovery is expected in couple of years.


• Massive slowing of the supply chain, stock market volatility and falling business confidence has resulted in growing panic among the population and uncertainty about future.


• COVID-19 affected the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and economies.

Key Insights

The report will cover the following key insights:

• The analytical depiction of the market along with the current trends to determine the imminent investment.


• Key market drivers and restraints with respect to current scenario and recent analytics based study.


• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.


• Analysis based on competitive intensity and how the competition will take shape in coming years.


• Impact of COVID-19 on Marine Crane Market

Analysis by Marine Cranes Market

Major players are receiving launching new technology advanced marine cranes with the high lifting power and compact dimensions for industrial, oil & gas explorations. Increased government investments in the marine cranes manufacturing and collaborations among the firms has been new strategy to enhance the productivity and innovation in the field.

Regional Analysis

Asia Pacific is the dominating region for the global marine cranes market. It is expected to grow at the significant CAGR during the forecasted period due to oil exploration and production countries with surge demand followed by the North American. Asia Pacific region has been invested in the capital for infrastructure development due to the growing demand for energy and transportation.

The North American region is expected to have positive market growth due to advanced technology and high petroleum demand for automotive vehicles.

Key Players Covered

The report will include the profiles of key players such PALFINGER AG, Kenz Figee Group, Konecranes, Liebherr Group, National Oilwell Varco, PLM Cranes B.V., Seatrax, Inc., Sormec, Cargotec Corporation, Heila Cranes, Huisman Equipment B.V. and ZPMC are the leading market players with significant market share.

Segmentation

Key Industry Developments

• October 2022, Barge Master, had a contract USD 7.34 million from the Energy Transition Fund Rotterdam and existing shareholders. With contract the company will able to cater to the offshore industry demands.

November 2020, Thunder Crane Company had launched offshore portable modular crane with the support of combined turret for minimizing the rig up and rig down. This crane has been designed with customized hoists made by Appleton which is light in weight and allows enhanced line speed with more rope capacity used for oil and gas industry.