Marine Cranes Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM2514 | Last Updated On: Sep 01 2022 | Available Formats

> Global Marine Cranes Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Marine Cranes Market is segmented By Product Type (Yacht Crane, Foldable Crane, Knuckle boom, Telescopic boom, Stiff boom), By Lifting Capacity (2 tons to 500 tons, 2 tons to 500 tons, 501 tons to 15,000 tons, 15001 tons to 30000 tons), By Application (Workboats, Shipping & Ports, Oil & gas platforms, Research & fishing vessels, Government & military) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[150 Pages Report] Global Marine Cranes Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

Marine Cranes Market - Strategic Insights

Metrics

Details

Market CAGR

 15%

Segments Covered

By Product Type, By Lifting Capacity, By Application and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Marine cranes are designed to operate medium to large loads required in offshore operations. The marine cranes are used to load and unload containers, bulk load, and be mounted on vessels in marine. The cranes are designed with specific precautions to handle various marine conditions for loading and unloading oil drilling platforms, navy ships, vessels, and fishing. The cranes help carry out into waters with appropriate protection and other features to handle the various loads. The marine crane has certain features like seal welding for corrosion protection, UV-resistant paint, and watertight grips for various lifting capacities and reaches lengths with appropriate safety certifications. Marine cranes can also be built according to the requirement for handling the various operations. Marine cranes can be designed to properly install, build, customize, and maintain services provided by the major leading players.

Market Dynamics:

The market is driven by the rising demand for a marine crane for lifting fleets, dead weights, and containers on the ports at sea. The major use of marine cranes is to load and unload the containers from the port to vessels and vice versa. According to the UNCTAD, in 2018, the global maritime trade volume was estimated to around 11 billion tons, increasing at an average rate of 3.4% from 2019 to 2024.

There is a rise in the launch of new innovative designs implemented with the next generation; modular offshore technology crane oil and gas industry may create a huge opportunity for the growth of the marine crane market. For instance, in 2019, Thunder Crane Company had launched a next-generation offshore portable, modular crane to support a 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 for the oil and gas industry.

Segment Analysis

The global Marine cranes market is segmented on product type, lifting capacity, application, and region.

In terms of product type, the global marine cranes market is bifurcated into yacht cranes.

Foldable crane, knuckle boom, telescopic boom, and stiff boom. Among these,e the Foldable crane segment has the highest share in 2019dueg to property like good stability, flexible operations, and strong adaptability in any field.

Similarly, yacht, knuckle boom, telescopic boom, and stiff boom segment are also growing faster due to rising oil exploration and production activities and wind energy establishments in the sea to create the renewable energy supply. For instance, from the recent news on 31st March 2020, Europe has planned to establish a huge, floating offshore wind turbine at sea. According to the trade body WindEurope in 2019, the average size of offshore turbines installed was 7.8 MW. International Consortium of Investigative Journalists Organization’s report states that countries like Germany, Spain, Norway, France, and Denmark have aimed to reduce floating offshore wind energy production costs. Thus to build such a huge infrastructure of wind energy turbines and other components, the marine crane plays a vital role in building such a network.

Depending on the lifting capacity, the global marine cranes are segmented into 2 tons to 500 tons, 501 tons to 15,000 tons, 15,001 tons to 30000 tons. Among this 501 tons to 15000 tons segment has the highest market share in 2019. This growth is anticipated due to the rise in oil exploration and production activities from developing regions like China, India, and Middle East Countries. According to the Organization of the Petroleum Exporting Countries, overall, half of the global refinery capacity of oil and natural gases, 9.5 million barrels per day, has been added from the Asia-Pacific and Middle East region. The Middle East region has a total capacity of around 3.7 mb/d for exploration, 20% of the total. Thus for oil exploration, the marine cranes have substantial use to handle various tanks loads of different capacities.

Similarly, 2 tons to 500 tons and 501 tons to 15,000 tons segments are also growing faster due to increasing the import-export-trading and rising containers' total equivalent fleet capacity at various ports. According to United Nations Conference on Trade and Development (UNCTAD) report 2018, An estimated 793.26 million total equivalent units of load were handle. Total world fleet capacity stood at 1.97 billion for the dead-weight tons growing at the rate of 2.61 %. This has boosted the demand for the marine crane to handle loads of containers, vessels on the different ports worldwide.

Further, the market is also classified based on the application as workboats, shipping & ports, oil & gas platforms, research & fishing vessels, and government & military. Among these, the oil & gas platforms segment has the highest market share in 2019 due to the utilization of marine cranes by the various oils and gas companies for exploration due to a surge in the global demand. According to the International Energy Agency (IEA), for global sustainable development, there will be a requirement of around USD 4.6 trillion capital investment for all types of offshore energy by 2040. Thus it will generate a huge opportunity for the marine crane market, which has a vital role in handling the heavy loads while exploring the oil and gases.

The workboats, shipping & ports, research & fishing vessels, and government & military segments are also expected to witness positive market growth due to the rising demand for the marine cranes used for carrying loads at the port and renewable energy companies government entities. For instance, on 3rd June 2020, Oregon’s PacWave has been planned to enter into US Marine Energy Market. PacWave has received around USD 35 million from the U.S. Department of Energy to install power-generating water devices.

Geographical Presentation

By region, the global Marine cranes market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, Asia Pacific is the dominating region for the global Marine cranes market. It is expected to grow at the highest CAGR during the forecasted period due to oil exploration and production countries with surge demand followed by the North American region. Asia Pacific region has been invested in the capital for infrastructure development due to the growing demand for energy and transportation. According to the Asian Development Bank (ADB), from 2010 to 2020, the Asia Pacific region has been invested around USD 8 trillion in overall national infrastructure, including energy and transportation. Furthermore, the marine crane has huge demand at different ports to handle the containers for import-export activities. As per the United Nations Conference on Trade and Development (UNCTAD) in 2018, the container port traffic in the Asian Countries was 64%, whereas Europe and North America were 16% and 8%.

The North American region is expected to have positive market growth due to advanced technology and high petroleum demand for automotive vehicles. According to the API Petroleum Statistical Data in 2020, the U.S. petroleum demand for gasoline vehicles was around 2.0 million barrels per day (mb/d) which propels the oil and gas exploration activities.

Competitive Analysis

The global Marine cranes market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. 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.

Major players are launching new technology advanced marine cranes with high lifting power and compact dimensions for industrial, oil & gas explorations. For instance, on 31st August 2018, Palfinger launched the first crawler crane with 40 cm narrower than a conventional with knuckle boom angled facility. This crane has substantial use in the indoor, urban areas as well as in the industrial sector. 

Companies are entering into collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 4th March 2020, JFLCO Company had been completed the acquisition of a global marine group for around USD 99 million.

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