Maritime Cranes Market Exhibit a Remarkable CAGR of 3.8% and is expected to reach $4,590.5 million by 2032

Maritime Cranes Market by Boom Type (Lattice Boom and Telescopic Boom), Capacity (Up to 10 tons, 10 tons to 100 tons, 100 tons to 300 tons, and Above 300 tons), and Application (Oil & Gas Rigs, Construction Vessels, Fishing Vessels, and Other): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global maritime cranes market was valued at $2.7 billion in 2020, and is projected to reach $4.5 billion by 2032, registering a CAGR of 3.8% from 2023 to 2032.

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Prime determinants of growth
A rise in demand for oil & gas, increasing off-shore wind turbine fields, and various advantages of maritime cranes drive the growth of the global maritime cranes market. However, the high operational and maintenance & repair cost restricts the market growth. Moreover, advancements in technologies such as artificial intelligence, IoT, cloud computing, remote operations, and others present new opportunities in the coming years.

Covid-19 Scenario
The outbreak of the Covid-19 pandemic had a negative impact on the global maritime cranes market, owing to a temporary closure of crane manufacturing firms during the lockdown.
Not only the production but also the sale of maritime cranes was hampered due to the closure of end-users of maritime cranes, especially in the initial period of the pandemic.

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The lattice boom segment to maintain its leadership status throughout the forecast period
Based on boom type, the lattice boom segment held the highest market share in 2020, accounting for nearly three-fourths of the global maritime cranes market revenue, and is estimated to maintain its leadership status throughout the forecast period. The lattice structure provides high strength and stability to the boom, allowing maritime cranes to easily handle heavy loads such as heavy equipment, containers, or offshore structures. On the other hand, the telescopic segment is projected to manifest the highest CAGR of 4.0% from 2023 to 2032, owing to its ability to easily extend and retract the boom allowing for greater reach and making it possible to lift loads to higher or farther positions.

The above 300 tons segment to maintain its leadership status throughout the forecast period
Based on capacity, the above 300 tons segment held the highest market share in 2020, accounting for nearly two-fifths of the global maritime cranes market, and is estimated to maintain its leadership status throughout the forecast period. This is because these cranes facilitate the loading and unloading of oversized cargo, including offshore modules, and heavy machinery in the construction of the oil & gas rigs and offshore wind farms. However, the 100 tons to 300 tons segment is projected to manifest the highest CAGR of 4.4% from 2023 to 2032. These cranes often complement extra heavy lift cranes that lift weights of hundreds and thousands of tons. In addition, they are also used for lifting and maneuvering heavy loads such as wellheads, drilling equipment, pipes, and subsea components.

The fishing vessels segment to maintain its lead position during the forecast period
Based on the application, the fishing vessels segment accounted for the largest share in 2022, contributing to more than two-fifths of the global maritime cranes market revenue, and is projected to maintain its lead position during the forecast period. The same segment is expected to portray the largest CAGR of 3.9% from 2023 to 2032. A rapid growth in the global population has increased the demand for various types of foods including seafood across the world, especially in countries such as China, the U.S., Japan, Vietnam, Indonesia, and others; thereby boosting the growth of this segment.

Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2020, accounting for nearly half of the global maritime cranes market revenue, and is likely to dominate the market during the forecast period. The end-user industry of maritime cranes such as builders of offshore wind farms, oil & gas rigs, the fishing sector, and others are also witnessing high growth in the region, which is expected to further drive the maritime cranes market growth. However, the LAMEA region is expected to witness the fastest CAGR of 4.2% from 2023 to 2032. Most countries in Latin America have a large coastline, and the potential for offshore wind project developments is high. In addition, a high concentration of oil & gas in the region is also expected to have a positive impact on the market growth.

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Leading Market Players: -
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.

The report provides a detailed analysis of these key players in the global maritime cranes market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.

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