Marine Crane Market Opportunity Analysis and Industry Forecast, 2021-2027

A crane is a type of machine, generally equipped with a hoist rope, wire ropes or chains, and sheaves, which can be used both to lift and lower materials and to move them horizontally. It is mainly used for lifting heavy things and transporting them to other places. Marine cranes are specially designed for working on offshore operations. These are mounted on vessels and carried out into waters for operations, i.e., loading and unloading. This leads to the growth of marine crane market in near future.

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Major Market Players:
Cargotec, Konecranes, Liebherr, Manitowoc, Huisman, Kenz Figee, National Oilwell Varco, Palfinger and Zoomlion

The significant factors impacting the growth of the marine crane market are increasing subsea construction and oil exploration operations and rising demand for renewable energy. However, complex installation process and requirement for skilled technicians & labors to prevent damages hamper the growth of the market. On the other hand, rapid developments in off shore exploration and increase in high wind activities are anticipated to fuel the demand in the marine crane market.
Increase in subsea construction and oil exploration operations is supporting the market growth globally. These subsea construction machines are primarily used due to their high precision in heavy-duty operations. Some of them are assembly, repair, and supply of oil & gas extraction systems. This leads to the growth of the marine crane market in near future.

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

COVID-19 SCENARIO ANALYSIS
• The global impacts of the coronavirus disease 2019 (COVID-19) will significantly affect the ship crane market.
• Coronavirus caused demand to fall lower, and remain at lower levels for much longer than in a usual year.
• Massive slowing of the supply chain, stock market volatility and falling business confidence has resulted in growing panic among the population and uncertainty about future.
• COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.
• COVID-19 has brought effects on many aspects, like flight cancellations; travel bans and quarantines; restaurants closed; all indoor events restricted.

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