Marine Cranes Market Size was valued at USD 2.45 billion in 2021. The Marine Cranes market industry is projected to grow from USD 2.83 Billion in 2022 to USD 7.81 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.60% during the forecast period (2022 - 2030). Increasing need for a marine crane for port-at-sea fleets, containers, and dead weight are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Marine cranes are mostly used to load and unload containers from ports onto ships and vice versa. The UNCTAD estimates that global maritime trade was approximately 11 billion tons in 2018, which will rise at an annual pace of 3.4% from 2019 to 2024.
There is an increase in the introduction of fresh, creative designs with the following generation; the oil and gas industry's use of modular offshore technology cranes may present a sizable possibility for expanding the marine crane market. For instance, in 2019, Thunder Crane Company introduced an offshore portable, modular crane of the next generation to support a combined turret for reducing rig up and rig down times. For the oil and gas business, this crane was built with specially developed Appleton hoists that are lightweight, allow for enhanced line speed, and have higher rope capacity.
During the forecast period, the market is anticipated to be driven by increased offshore exploration and production operations. Economic growth and technological advancements in the manufacturing sector have improved manufacturers' productivity across industries. The industrial sector is using digitalization to produce goods for consumers that are both affordable and of high quality. Governments worldwide are trying to enhance the computerization and digitalization of several industry verticals, including oil and gas, pharmaceuticals, automotive and transportation, electrical and hardware, and medications. Oil and gas production is one of the most capital-intensive industries since it calls for expensive tools, equipment, procedures, and highly skilled labor. Through the projected period, these factors are anticipated to drive the market. Additionally, the market will be supported during the projected period by a boom in the subsea construction and vessel industries and increased government initiatives. Therefore, such factors have enhanced the Marine Cranes market CAGR globally in recent years.
However, the increase in government backing for building projects and the explosive growth of the global oil & gas business implants is another factor driving the Marine Cranes market revenue growth.
Based on Lifting Capacity, the Marine Cranes Market segmentation includes 2 Tons–500 Tons, 501 Tons–15000 Tons, 15001 Tons–30000 Tons, and Others. The 501 Tons–15000 Tons segment held the majority share in 2021, contributing to around ~45% concerning the Marine Cranes Market revenue. The increase in oil exploration and production from growing nations like China, India, and the Middle East is expected to contribute to this expansion. According to the Organization of the Petroleum Exporting Countries, the Asia-Pacific and Middle East area has built half of the world's total capacity for oil and natural gas refineries or 9.5 million barrels per day. Around 3.7 mb/d, or 20% of the total, can be used to explore the Middle East.
Based on type, the Marine Cranes Market segmentation includes knuckle boom, telescopic boom, and stick boom. The Knuckle Boom segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This s due to increased oil exploration and production activities and the installation of offshore wind farms to produce renewable energy. For instance, according to current reports, Europe has plans to build a sizable, floating offshore wind turbine at sea on March 31, 2020. In 2019, the average size of offshore turbines installed was 7.8 MW, according to the trade group WindEurope. According to research by the International Consortium of Investigative Journalists Organization, Germany, Spain, Norway, France, and Denmark have all worked to lower the cost of producing floating offshore wind energy. Hence, rising applications of implants for Marine Cranes positively impact the market growth.
Figure 2: Marine Cranes Market, by Type, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Based on Application, the global Marine Cranes industry has been segmented into oil & gas platforms, government & military, Workboats Research & Fishing Vessels, and research & fishing vessels. Oil & gas platforms held the largest segment share in 2021 due to the numerous oil and gas firms' use of maritime cranes for exploration due to increased global demand. The International Energy Agency (IEA) estimates that by 2040, all forms of offshore energy will need around USD 4.6 trillion in capital investments to support global sustainable development. As a result, the marine crane market, essential for moving heavy loads during oil and gas exploration, will see a significant increase in opportunity.
The fastest-growing segment in the Marine Cranes industry is government & military. Due to the increased need for maritime cranes employed by government organizations, renewable energy firms, and ports to transport goods.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The Asia-Pacific Marine Cranes market accounted for USD 1.075 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. Due to countries with increased demand caused by oil exploration and production. Due to the region's expanding need for transportation and electricity, investments have been made in infrastructure development. The Asia Pacific region received around USD 8 trillion in investments in total national infrastructure, including energy and transportation, between 2010 and 2020, according to the Asian Development Bank (ADB). Moreover, China Marine Cranes market held the largest market share, and the India Marine Cranes market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: MARINE CRANES MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Marine Cranes market accounts for the second-largest market share. The rise in wind energy production drives the European offshore cranes market. Wind turbine installation requires the use of large tower cranes. The global offshore cranes market will expand with the capacity for offshore wind power generation. Further, the Germany Marine Cranes market held the largest market share, and the UK Marine Cranes market was the fastest growing market in the European region
North America, Marine Cranes Market is expected to grow at the fastest CAGR from 2022 to 2030. This is because of the increased petroleum demand for automotive vehicles and innovative technology. The API Petroleum Statistical Data estimated the U.S. petroleum demand for gasoline automobiles in 2020 to be around 2.0 million barrels per day (mb/d), which fuels oil and gas exploration efforts. Moreover, the US Marine Cranes market held the largest market share, and the Canada Marine Cranes market was the fastest-growing market in the North American region.
Major market players are investing significant money in R&D to expand their product portfolios, which will fuel further market growth for marine cranes. Participants in the market are also undertaking a variety of key developments to expand their global footprint, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. To grow and remain in a market that is becoming more competitive and growing, competitors in the Marine Cranes industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics used by manufacturers in the worldwide Marine Cranes industry to benefit customers and increase the market sector. The marine crane industry has recently offered some of the most notable advantages. The Marine Cranes market major player, such as PacWave, SANY Group, and others are working on expanding the market demand by investing in research and development activities.
Also, SANY Group is a top high-end equipment manufacturer with more than 20 R&D facilities and manufacturing facilities worldwide. In June 2021, the Arab Potash Company in Jordan was using a SANY crawler crane SCC1000A to stop saltwater from the Dead Sea that is high in potassium from leaking into the major dikes.
PacWave is a grid-connected, full-scale testing facility for wave energy conversion technology that the Energy Department finances. In October 2020, PacWave of Oregon planned to enter the US Marine Energy Market. The US Department of Energy has given PacWave over $35 million to install water-based power generators.
March 2020: Global Marine Group ("GMG" or the "Company"), with its headquarters in Chelmsford, UK, has been acquired by an investment affiliate of J.F. Lehman & Company ("JFLCO"), a prominent middle-market private equity firm that focuses exclusively on the aerospace, defense, maritime, government, and environmental sectors.
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 2.45 billion |
| Market Size 2022 | USD 2.83 billion |
| Market Size 2030 | USD 7.81 billion |
| Compound Annual Growth Rate (CAGR) | 15.60% (2022-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Lifting Capacity, Type, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Palfinger AG,Effer SpA, Heila Cranes S.p.A, Hawboldt Industries HS. Marine S.R.L, KenzFigee Group B.V.,Techcrane International LLC, DMW Marine Group LLC, Industriaguerra S.A, Cargotec Corporation |
| Key Market Opportunities | Emergence of offshore activities |
| Key Market Dynamics | Growing load and unload containers |
Marine Cranes Market Highlights:
Frequently Asked Questions (FAQ) :
The Marine Cranes Market size was valued at USD 2.45 Billion in 2021.
The global market is projected to grow at a CAGR of 4.7% during the forecast period, 2022-2030.
Asia Pacific had the largest share in the global market
The key players in the market are Palfinger AG,Effer SpA, Heila Cranes S.p.A, Hawboldt Industries HS. Marine S.R.L, KenzFigee Group B.V.,Techcrane International LLC,.
The 501 Tons–15000 Tons category dominated the market in 2021.
The oil and gas had the largest share in the global market.
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