PUBLISHER: Allied Market Research | PRODUCT CODE: 1344497
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344497
According to a new report published by Allied Market Research, titled, "Maritime Cranes Market," The maritime cranes market was valued at $2.8 billion in 2020, and is estimated to reach $4.6 billion by 2032, growing at a CAGR of 3.8% from 2023 to 2032.Maritime cranes are commonly found on ships, offshore platforms, barges, and offshore platforms, and are widely used for loading and unloading cargo and transferring supplies and equipment between two vessels or offshore platforms. There are various types of cranes primarily having two types of booms including lattice boom, and telescopic boom.
The maritime cranes market is witnessing an increased demand owing to a rise in offshore construction activities, such as the construction of various offshore wind farms across the world. For example, the government of the UK is significantly investing in offshore oil & gas projects. For instance, Murlach oil field project located in the Central North Sea around 203 km east of the Aberdeenshire coastline, Scotland, is being developed and is expected to become operational by the second quarter of 2025. This project will make significant use of maritime cranes. Moreover, increasing demand for oil and gas for producing petrol, diesel, jet fuel, and others is expected to drive growth in offshore oil and gas rigs, thereby positively affecting the maritime cranes market.
However, the high cost of maritime cranes and expensive maintenance is anticipated to limit the market growth. Contrarily, advancements in technology such as the incorporation of robotics, remote controls, and other technologies in maritime cranes are expected to provide lucrative growth opportunities to the market players.
Furthermore, due to rising inflation mainly driven by Ukraine -Russia war, the price of oil & gas, as well as the price of raw materials are experiencing increased volatility across the world. This has led to slow-paced growth of the maritime cranes market and its related industries.
The maritime cranes market is segmented on the basis of boom type, capacity, application, and region. By boom type, the market is bifurcated into lattice boom, and telescopic boom. Depending upon the capacity, the market is categorized into up to 10 tons, 10 tons to 100 tons, 100 tons to 300 tons, and above 300 tons. On the basis of application, it is divided into oil & gas rigs, construction vessels, fishing vessels, other. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competitive analysis and profiles of the major players in the maritime cranes market are provided in the report. Major companies in the report include, Cargotec Corporation (MacGregor), Heila Cranes Ltd., Huisman Equipment B.V., Kenz Figee, Liebherr-International AG, NOV INC., PALFINGER AG, PLM Cranes B.V., Seatrax Inc., Sormec s.r.l.