Pune, INDIA., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Hydraulic Marine Cranes Market: Key Insights
According to our new research study on “Hydraulic Marine Cranes Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Design, Capacity, Boom Length, and Geography,” the Hydraulic Marine Cranes Market Size is projected to reach US$ 5850.88 million by 2028 from US$ 3781.55 million in 2021; it is expected to grow at a CAGR of 6.4% during 2021–2028.
Hydraulic Marine Cranes Market: Competitive Landscape and Key Developments
Amco Veba Marine; Dmw Marine Group; Fassi Gru S.p.A.; Fred Wahl Marine Construction, Inc.; Heila Cranes S.p.A.; HIAB; HS.MARINE S.r.L.; HYVA; Industrias Guerra, S.A.; Kenz Figee; Melcal; Mkg Maschinen-& Kranvertrieb; Palfinger AB; and TMS are among the key players in the hydraulic marine cranes market. The leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In 2021, Hiab announced the renewal of its contract agreement with Thor Middle East, which has been recently acquired by Al Shirawi Equipment Co. Under the renewed agreement, the later would continue its operation as a regional distributor of Hiab.
In 2019, HYVA Southern Africa and Lift & Shift (South Africa) merged operations to form HYVA Southern Africa (Pty) Ltd.
The hydraulic marine crane market is experiencing significant growth owing to the rise in trade, especially in the emerging economies of Asia Pacific. Moreover, increasing fishing activities worldwide are boosting the procurement of hydraulic marine cranes. Continuous rise in investments in innovations pertaining to marine cranes is expected to drive the hydraulic marine crane market over the years. However, disruptions in marine industry as well as component supply chains of manufacturing industries owing to the COVID-19 pandemic marginally affected the hydraulic marine crane market in 2020. Further, the market is expected to revive in 2021 as the sea-trade as well as manufacturing facilities of several commodities have resumed from late Q3 of 2020.
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APAC is estimated to register a high CAGR in the global hydraulic marine crane market during the forecast period. The presence of leading exporters such as China, South Korea, and Japan as well as the elevating number of port development projects are among the major factors driving the growth of market. Similarly, the MEA and SAM are also experiencing growth in seaborne trade activities, which is bolstering the deployment of hydraulic marine cranes in these regions.
Hydraulic marine cranes are widely used at marine ports for loading and unloading of cargo. Growing trade activities worldwide are encouraging the deployment of a significant number of ports. For instance, under its ambitious project Sagarmala, the Indian Government has planned six megaports, which are scheduled for completion by 2025. Moreover, in March 2021, Sri Lanka approved New Port Development with Japan and India, under Sri Lankan government plans to develop new terminal at Colombo Port. In December 2020, DP World announced its agreement with the government of Senegal to develop a new deep-water port in Ndayane, Senegal. In January 2020, China and Myanmar announced the development of new deep-sea port in Myanmar new economic partnership. In 2019, Oman announced the development of a port at Duqm. Such surge in the port development projects across the world is projected to create steady growth opportunities for the hydraulic marine crane market players.
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Hydraulic Marine Cranes market: Design Overview
Based on design, the hydraulic marine crane market is segmented into knuckle boom, telescopic boom, stiff boom, and foldable boom. Although the adoption of different types of hydraulic marine cranes is increasing, the demand for foldable boom cranes is particularly higher than other types among end users. Owing to this, the crane vessel or crane ship manufacturers are increasingly procuring the foldable boom cranes. On the other hand, the knuckle boom cranes are gaining attention due to highly effective operations and less maintenance cost throughout the lifespan. Thus, the knuckle boom crane segment is expected to register the highest CAGR in the hydraulic marine crane market during the forecast period.
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