A marine crane is a type of machine, usually fitted with a lifting cord, wire or chains, and bundles, which can be used to lower and lift objects to displace them horizontally. It is used to lift heavy objects and to relocate them. The device uses one or more simple machines to make a profit from the machine and thus transfers loads beyond the normal human capacity. Cranes are commonly employed in the freight forwarding industry, and in the industries that manufacture other products for the congregation of heavy paraphernalia.
Market Scope and Structure Analysis
Marine cranes are widely used in seaports for loading and unloading cargo. Increasing trade and commerce activities around the world encourage the export of dozens of cargo. For example, the Government of India has announced its flagship project - Sagar Mala, a master plan of six major ports under this project to complete them by 2025. In addition, the Sri Lankan government plans to build a new port in Colombo Port, Sri Lanka, in March 2021, the country also approved the construction of new ports with Japan and India. DP World a company owned by the government of Dubai in the United Arab Emirates announced its agreement with the Senegalese government in December 2020, to build a new deep-water port in Ndayane, Senegal. In January 2020, China and Myanmar announced the construction of a new seaport under Myanmar's new economic cooperation. Oman announced the construction of a port in Duqm in 2019. The surge in the growth of the development of ports around the world is expected to create opportunities for sustainable growth for marine crane market players.
COVID-19 Impact Analysis
- COVID-19 pandemic has shut down the production of various products in the marine cranes' industry attributed to the lockdown. This has hampered the growth of the marine crane market in the last few months and is likely to continue during 2021.
- COVID-19 has already affected the sales of marine cranes in the first quarter of 2021 and is anticipated to harm the market growth throughout the year.
- By 2020, COVID-19 damaged the marine crane market, leading to a decline in the shipping of cranes as well as revenue received from them. As a result, the decline in market growth slowed in the first half of 2020.
- The COVID-19 epidemic has a devastating effect on marine crane market prices. The countries like U.S., China, India, and Japan, have been hit hard by the epidemic. They are key players in the production of the marine crane that is being promoted worldwide. The automotive, rail and defense industries see little demand, which is expected to continue for a short period due to land recession.
- This trend is expected to discontinue in the latter half of the year as the demand is expected to increase due to the growing demand from construction, shipping and material handling industry.
Top Impacting Factors
The increase in private-public partnerships (PPPs) to promote infrastructural development is one of the important driving factors for the hydraulic marine crane market. PPP has been applied in different countries such as India, South Korea, and others. The boom in PPPs and investments through channels that are private can help in growing the infrastructure, construction machinery, mining industry, petrochemical industry, aerospace, transportation, marine industry, therefore, driving the need and boost of hydraulic marine crane market. Moreover, the high mobility feature of hydraulic marine cranes also boosts their demand in the utilities and construction sector over the traditionally used static cranes. Hydraulic marine cranes are highly mobile and require less time for installation on different construction or manufacturing sites. This features high versatility to the equipment; thus, surging the demand for the hydraulic marine crane. However, lack of skilled labor for the efficient operation of hydraulic cranes is the restraining factor hindering the growth of the market. Contrarily, technological developments in hydraulic filters products such as the adoption of remote operation, use of the Internet of Things (IoT), Artificial Intelligence (AI), and boost the efficiency of the equipment. This can create lucrative opportunities for the growth of the hydraulic marine crane market during the forecast period.
Market Trends
- Allied marine crane manufacture launched forestry crane in October 2020.
- Ek marine Ltd, Ireland Company delivered mooring winches for Scottish work boat in January 2021. It is a package containing four hydraulic mooring winches shipped to Parkol Marine for installation inside Havara, a new 260-ton boat to deliver salmon feeds to Scottish West Coast farms.
- Palfinger, an Austrian manufacturer of hydraulic lifting, loading and handling systems developed E-smart plus P 240AXE E articulated unit, in July 2021. New features for this specific system includes multifunctional electric controls, proportional hydraulic manifold for multifunction operation, improved platform entry, home and anti-collision functions automatic monitoring and working envelope selection.
Key Benefits of the Report
- This study presents the analytical depiction of the hydraulic marine cranes market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the hydraulic marine cranes market.
- The current market is quantitatively analyzed to highlight the hydraulic marine cranes market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed hydraulic marine cranes market based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Report
- Who are the leading global players in the "hydraulic marine cranes" market?
- What are the current trends and predicted trends?
- What is "hydraulic marine cranes"?
- What is "hydraulic marine cranes" market prediction in the future?
- What are the challenges faced in the "hydraulic marine cranes" market?
- What are the driving factors and opportunities in the market?
- What are the key benefits of the "hydraulic marine cranes" market report?
Hydraulic Marine Cranes Market Report Highlights
| Aspects | Details |
 By Boom Length |
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 By Capacity |
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 By Design |
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 By Region |
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 Key Market Players | PALFINGER, James Fisher and Sons, DMW Marine, Heila Cranes, EK Marine, HS. MARINE, Liebherr, Huisman Equipment, North Pacific Crane Company, Allied Marine Crane |
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