With the emergence and long-term Impact of COVID-19, the Global Marine Cranes Market is to reach USD XX Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Marine Cranes Market is poised to raise up to USD XX Billion by 2030. Marine cranes, also known as ship cranes or offshore cranes are specialized lifting equipment designed for use in marine environments, such as on ships, offshore platforms, or harbor facilities. The significant factors influencing the growth of the marine crane market include increased subsea construction and oil exploration operations, as well as rising demand for renewable energy. Moreover, the rising offshore exploration projects have a significant impact on the growth of the Marine crane market. As the global demand for energy continues to rise, there is a need to explore new offshore oil and gas fields. This drives the demand for marine cranes, as they are essential equipment for various offshore operations, including lifting and moving heavy equipment, supplies, and materials. For instance, in Jan. 2021, Egypt has announced plans to drill for oil and natural gas at nine new locations in the Mediterranean and the Red Sea, with a total investment of USD 1.4 billion in the country’s offshore industry. The announcement was made by the state’s Ministry of Petroleum and Mineral Resources, which aims to drill a total of 23 additional wells across both oceans. The ministry also stated that it had reached an agreement on a total of 12 agreements, with only three still in process, supported by a partnership between Egypt’s state-owned oil company Tharwa and a number of global energy companies such as Shell and Total. Additionally, rising subsea construction is anticipated to create a lucrative opportunity for the market during the forecast period. However, the complex installation process and requirement for skilled technicians & labors to prevent damages stifles market growth throughout the forecast period of 2023-2030.
Geographically, the global Marine Cranes Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 with the largest market share owing to the growing offshore oil and gas exploration, expanding shipping and logistics industry, infrastructure development, and growth in the renewable energy sector. Whereas, the Asia Pacific region is expected to grow at the fastest growth rate during the forecast period, owing to factors such as the rapidly expanding ports and shipping industry, infrastructure development and investments, offshore oil and gas exploration, and the growing renewable energy sector.
The global Marine Cranes Market is highly competitive owing to the presence of several key manufacturers such as Huisman Equipment BV, Kenz Figee Group B.V., The Manitowoc Company, Liebherr, Konecranes, Zoomlion, TEREX Corporation, and others.
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Key findings of the study suggest:
- Global Marine Cranes Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030.
- In the Application segment, government & military emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the expansion of the shipping and logistics industry.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Type:
- Knuckle boom
- Telescopic boom
- Foldable boom
- Stiff boom
By Lifting Capacity:
- 2 tons–500 tons
- 501 tons–15,000 tons
- 15,001 tons–30,000 tons
By Application:
- Oil & gas platforms
- Workboats, research
- Fishing vessels
- Government & military
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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