The global hydraulic marine cranes market is expected to grow from US$ 3,781. 55 million in 2021 to US$ 5,850. 88 million by 2028; it is estimated to grow at a CAGR of 6. 4% from 2021 to 2028.
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Hydraulic marine cranes are used for moving cargo at ports and offshore.The hydraulic marine cranes are manufactured with special features such water resistance to prevent corrosion.
Moreover, majority of market players offer customized cranes for various marine operations.The hydraulic marine crane market players are experiencing substantial demand for their products over the years, owing to rise in sea-borne activities.
In addition, the growth in number of marine ports is another parameter responsible for the growth of the hydraulic marine crane market.The demand for marine cranes is expected to rise in the forthcoming years as the end users of such cranes are increasing steadily across the globe.
The higher the end users, the higher would be the demand for marine cranes. This would drive the hydraulic marine crane market during the forecast period.
Impact of COVID-19 Pandemic on Hydraulic Marine Cranes Market
Owing to the COVID-19 containment measures such as lockdowns, business shutdowns, and travel restrictions, the production and supply chain of hydraulic marine cranes were negatively affected, leading to decline in production from the supply side.Moreover, as majority of countries strictly implemented containment measures, the trading activities were severely affected.
This, in turn, negatively affected the adoption hydraulic marine crane from supply side in 2020. However, as the trading activities picked pace from the last quarter of 2020, the market players are experiencing steady growth in demand from end users of hydraulic marine cranes.
The overall hydraulic marine cranes market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the hydraulic marine cranes market with respect to all the segments.It also provides the overview and forecast for the global hydraulic marine cranes market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic.The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the hydraulic marine cranes market.
Major players operating in the global hydraulic marine cranes market include 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.
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