Asia Pacific Hydraulic Marine Cranes Market is expected to reach US$ 1,270.54 million by 2028

Below 10 Meters Segment to Dominate Asia-Pacific Hydraulic Marine Cranes Market during 2018–2028

According to a new market research study on “Asia-Pacific Hydraulic Marine Cranes Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Design, Capacity, and Boom Length” is expected to reach US$ 1,270.54 million by 2028 from US$ 835.30 million in 2021. The market is estimated to grow at a CAGR of 6.2% from 2021 to 2028. Development of large number of ports is the major factor driving the growth of the Asia-Pacific hydraulic marine cranes market. However, regulatory pressure on fishing industry may hinder the growth of Asia-Pacific hydraulic marine cranes market. The report provides trends prevailing in the Asia-Pacific hydraulic marine cranes market along with the drivers and restraints pertaining to the market growth.

Asia-Pacific has experienced a significant decline in economic activities as the government imposed strict lockdowns, travel bans, and business shutdown to control the spread of SARS-CoV-2 in 2020. These actions led to delays in the delivery of vessels from the shipbuilding industry. China, Hong Kong, South Korea, and Japan are top Asian export countries that experienced disturbances in their cargo shipments. Thus, lower trade volumes coupled with the disrupted supply chain of the shipbuilding industry hindered the hydraulic marine cranes market performance in 2020. However, as trading activities picked pace from the last quarter of 2020, market players are experiencing steady growth in demand for hydraulic marine cranes.

The Asia-Pacific hydraulic marine cranes market is segmented on the bases of design, capacity, boom length, and country. Based on design, the Asia-Pacific hydraulic marine cranes market is segmented into knuckle boom, telescopic boom, stiff boom, and foldable boom. The foldable boom segment held the largest share in 2020. Based on capacity, the Asia-Pacific hydraulic marine cranes market is segmented into below 50 Tm, 50–150 Tm, and above 150 Tm. The 50 - 150 Tm segment held the largest market share in 2020. Based on boom length, the Asia-Pacific hydraulic marine cranes market is segmented into below 10 meters, 10-20 meters, and above 20 meters. The below 10 meters segment held the largest share in 2020. Similarly, based on country, the market is segmented into Australia, China, India, Japan, South Korea, and rest of Asia-Pacific. China contributed a substantial share in 2020. 

Amco Veba Marine; Gru S.p.A.; HEILA Cranes S.p.a.; HIAB; HYVA; INDUSTRIAS GUERRA, SA; Kenz Figee; MELCAL S.p.A.; and Palfinger AG are among the leading companies in the Asia-Pacific Hydraulic Marine Cranes Market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, PALFINGER AG has launched PK 48.002 TEC 7 and PK 45.002 TEC 5 in a 25-60 meter-ton category. The new models are ideal for container handling, conducting building maintenance, and performing assembly work.

Asia-Pacific Hydraulic Marine Cranes Market, By Country, 2020 and 2028 (%) 


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