Asia Pacific Hydraulic Marine Cranes Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Design (Knuckle Boom, Telescopic Boom, Stiff Boom, and Foldable Cranes), Capacity (Below 50 Tm, 50-50 Tm, and Above 150 Tm), and Boom Length (Below 10

Asia Pacific Hydraulic Marine Cranes Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Design (Knuckle Boom, Telescopic Boom, Stiff Boom, and Foldable Cranes), Capacity (Below 50 Tm, 50-50 Tm, and Above 150 Tm), and Boom Length (Below 10 Meter, 10-20 Meter, and Above 20 Meter) 

The hydraulic marine cranes market in Asia-Pacific is expected to grow from US$ 835.30 million in 2021 to US$ 1,270.54 million by 2028; it is estimated to grow at a CAGR of 6.2% from 2021 to 2028. Trading activities are gaining significant traction in this region owing to the ongoing economic development. Governments across the region are forming alliances and relaxing trade policies to match up to the pace of globalization. Moreover, Asian countries such as China, India, Vietnam, Indonesia, and Thailand are receiving heavy foreign direct investments (FDIs) in the manufacturing sector. Governments of these countries are also aiding market players with various monetary and non-monetary incentives, such as reduced taxes, relaxed regulation and reporting norms, and complete business ownerships. Thus, such initiatives are encouraging various companies to either set up manufacturing facilities or ramp up the manufacturing output. Lowering labor costs and rising disposable income are, in turn, accelerating the seaborne trade, which is escalating the production of ships or vessels, thereby generating greater demand for hydraulic marine cranes.

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.

Based on boom length, the Asia-Pacific hydraulic marine cranes market is segmented into below 10 meter, 10-20 meter, and above 20 meters. The below 10 meters segment held the largest market share in 2020. The marine cranes with below 10 meters boom length are used at vessels, docks, and cargo-handling points. Owing the growing traction toward inland water transport across the region, the deployment of small to medium transport vessels is increasing, which subsequently drives the adoption of hydraulic marine cranes. Furthermore, the growing fishery industry across the region, coupled with the steady adoption advanced fishing vessels in developing countries, is another factor fueling the adoption of hydraulic marine cranes.

The Asia-Pacific 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 Asia-Pacific hydraulic marine cranes market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate data and gain more analytical insights. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants—including valuation experts, research analysts, and key opinion leaders—specializing in the Asia-Pacific hydraulic marine cranes market. 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 a few players operating in the Asia-Pacific hydraulic marine cranes market.

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