The global marine cranes market is expected to be worth US$ 7945.2 million by 2032, up from US$ 3868.2 million in 2022, with a CAGR of 7.5 percent over the forecast period. Marine cranes are pieces of machinery that have hoist ropes, wire ropes or chains, and sheaves that are used to lift and lower materials as well as move them horizontally.
Marine crane sales are expected to increase because this product is widely used in transporting cargo or personnel for marine vessels, oil drilling platforms, navy ships, and fishing vessels. During the forecast period, this factor is likely to boost demand for marine cranes.
Furthermore, rapidly growing industrialization, particularly in emerging economies, and notable prominence in energy conservation have resulted in some remarkable advancements in the global marine crane market, which are expected to play a key role in fueling the significant growth of the marine crane market size.
The significant factors driving the growth of the marine crane market are increasing subsea construction and oil exploration operations and rising demand for renewable energy.
Moreover, these subsea construction machines are primarily used due to their high precision in heavy-duty operations. Some of them are assembly, repair, and supply of oil & gas extraction systems. This is driving the expansion and demand of the marine crane market.
Furthermore, increasing oil field discoveries are fuelling the need for equipment like marine cranes and increasing merchant vessels for transporting cargo and passengers, bolstering the sales of marine cranes during the forecast period.
In addition to this, there is flexibility, low operational cost, high safety, and low maintenance cost for these marine cranes, which is driving the market size for this product. Also, robust collaboration among the public and private players are driving the marine cranes market.
Furthermore, due to their high reliability and load-bearing capacity, hydraulic marine cranes have gained significant traction in the global marine crane market in recent years, driving the market share for marine cranes.
Furthermore, new offshore wind turbine projects are booming, bolstering the growth of lattice boom marine cranes in European countries. With these key driving factors, the future stance for the global marine crane market is projected to persist positively, and the market is expected to witness high CAGR growth in the upcoming years.
- TECHCRANE INTERNATIONAL, LLC.
- Anupam Industries Limited
- PALFINGER AG
- DMW Marine Group, LLC
- HS MARINE S.R.L.
- Kenz Figee Group
- HEILA Cranes S.p.a.
- Fjell Marine Service AS
- Gulf Crane Services
- NINGENMURA COMPANY
- INDUSTRIAGUERRA, S.A.
- Atlas Polar Company Limited
- Favelle Favco Group