Hydraulic Marine Cranes Market Overview and Forecast by 2031
The hydraulic marine crane market size is projected to reach US$ 6,582.49 million by 2031 from US$ 4,139.57 million in 2023. The market is expected to register a CAGR of 6.0% during 2023–2031. The growing number of sea-borne trade activities and growing government focus on developing marine infrastructure are likely to remain a key trend in the market.
Hydraulic Marine Crane Market Analysis
Several government investments in building marine infrastructure have increased the demand for hydraulic marine cranes market. A large number of ship manufacturers would directly lead to the increased demand for hydraulic marine cranes globally. The developed regions like North America and Europe have top marine crane manufacturers such as DMW Marine Group and Fred Wahl Marine Construction, Inc., which offers knuckle boom, telescopic boom, and stiff-boom type marine cranes. These all will increase the growth of the hydraulic marine cranes market.
Hydraulic Marine Crane Market Overview
The growing technological developments allow workers to remain agile. The integration of advanced technology within ships and several offshore projects would drive the growth of the hydraulic marine cranes market globally. Countries such as Saudi Arabia are procuring maritime transport fleets that would enhance the deployment of advanced technologies in several ships, such as cargo ships and naval ships, among others. For implementing and constructing new technological infrastructure, the need for marine cranes would be required, which is steering the demand for hydraulic marine cranes.
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Hydraulic Marine Crane 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 Crane 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 Crane Market Drivers and Opportunities
Growing Sea-borne Trading Activities to Favor Market
Government policies and regulations in favor of international trading activities attract foreign investments. Also, several governments are focused on the development of the marine industry and attracting FDI in this sector, which is increasing the sea-borne trading activities and influencing the hydraulic crane market positively. The growing technological development projects constructed across ports and in ship buildings are positively influencing trading activities. The growing number of sea-bourne trading activities require proper port infrastructure and dock facilities to cater to the large number of commercial ships, which is acting as a major driver for the hydraulic machine crane market globally.
High Presence of Hydraulic Crane Manufacturers
The number of marine crane manufacturers in regions like Europe, Asia Pacific, and North America is high compared to other regions. Italy, China, and The US are among the top countries having the largest marine crane manufacturers. The types of marine cranes available in these regions are knuckle boom, telescopic boom, and stiff boom marine cranes. Thus, with a higher number of marine crane manufacturers present, the market is projected to have positive growth. The US also has a large number of ship manufacturers, which would directly lead to the increased demand for hydraulic marine cranes.
Hydraulic Marine Crane Market Report Segmentation Analysis
Key segments that contributed to the derivation of the hydraulic marine crane market analysis are design, capacity, and boom length.
- Based on the design, the hydraulic marine crane market is divided into knuckle boom, telescopic boom, stiff boom, and foldable boom. The foldable boom segment held a larger market share in 2023.
- By capacity, the market is segmented into below 50 Tm, 50-150 Tm, and above 150 Tm. The 50 – 150 Tm segment held a significant share of the market in 2023.
- By boom-length, the market is segmented into below 10 Meters, 10-20 Meters, and above 20 Meters. The below 10-meter segment held a significant share of the market in 2023.
Hydraulic Marine Crane Market Share Analysis by Geography
The geographic scope of the hydraulic marine crane market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Europe is leading the market. High government investments in developing the marine infrastructure have positively influenced the demand for the hydraulic marine cranes market in the region. The growing technological development projects across ports and in ship manufacturing are increasing the demand for hydraulic marine cranes in the European markets. Europe is an economically advanced region. UK, Spain, Italy, France, Germany, Switzerland, Russia, Sweden, and the Netherlands are countries are some of the major countries in the region. The high presence of shipbuilding and hydraulic crane manufacturers is also having a positive impact on the hydraulic marine crane market in Europe.
Hydraulic Marine Crane Market Report Scope
Hydraulic Marine Crane Market News and Recent Developments
The hydraulic marine crane market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the hydraulic marine crane market are listed below:
- Amco Veba Marine launched 40tm marine cranes. (Source: Amco Veba Marine, Press Release, May 2022)
- Amco Veba Marine’s V820NM and V823NMcrane categories have been certified by DNV to compliance with Standard DNV-ST-0377 for Shipboard Lifting Appliances. (Source: Amco Veba Marine, Press Release, September 2022)
Hydraulic Marine Crane Market Report Coverage and Deliverables
The “Hydraulic Marine Crane Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Hydraulic marine crane market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Hydraulic marine crane market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Hydraulic marine crane market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the hydraulic marine crane market
- Detailed company profiles
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
Europe dominated the hydraulic marine crane market in 2023.
The development of electrically powered marine cranes is the future trend of the hydraulic marine crane market.
Amco Veba Marine, DMW Marine Group, Fassi Gru S.p.A., Fred Wahl Marine Construction, Inc., Heila Cranes S.p.A., Hydrauliska Industri AB, HS.MARINE S.r.L., HYVA, Industrias Guerra, S.A., Kenz Figee, Melcal, Mkg Maschinen-& Kranvertrieb, and Palfinger AB are some of the leading players in the market.
US$ 6,582.49 million estimated value of the hydraulic marine crane market by 2031.
6.0% is the expected CAGR of the hydraulic marine crane market.
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:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
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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