North America 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

North America 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 North America is expected to grow from US$ 944.90 million in 20201 to US$ 1,337.17 million by 2028; it is estimated to grow at a CAGR of 5.1% from 2021 to 2028. The marine crane market is growing substantially on the back of the presence of a large number of players operating in the market. The hydraulic marine cranes market players are experiencing significant demand for their products owing to the rise in ship/vessel production across the shipbuilders. The US and Canada dominate the North American hydraulic marine cranes market in terms of both supply and demand. The two countries have a noteworthy number of hydraulic marine crane manufacturers, and shipbuilders, shipowners, and marine ports. A few of the leading hydraulic marine cranes market players in North America are Fred Wahl Marine Construction, Inc.; The Manitowoc Company, Inc.; Allied Systems Company; Hawboldt Industries; and Appleton Marine; Inc.

North America suffered a substantial economic loss in the first two quarters of 2020 owing to the high number of COVID-19 cases, specifically in the US. The slowdown of economic growth affected the seaborne trading activities. Moreover, a limited workforce permitted on work floors due to the imposition of strict social distancing measures has hampered the production activities in the region. The US is the largest importer and second-largest exporter of goods in the world. Owing to restrictions on trade activities, the country experienced a significant decline in the adoption of hydraulic marine cranes in 2020. Moreover, as economies reopened, and trade restrictions were relaxed, the hydraulic marine cranes market began to experience steady growth in North America in late 2021.

Based on design, the North America 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. Marine cranes with foldable boom save space at ports or on vessels. These cranes are majorly used on ships and boats, as well as at ports. They are known to offer constant torque momentum. which allows reduction of the pendulum effect while operating the load. Moreover, foldable boom cranes have significant loading and unloading capabilities that allow the efficient handling of equipment, containers, and delicate and heavy materials. Compact size and significant load-carrying capabilities are the prime reasons for the growing adoption of foldable boom marine cranes.

The North America 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 North America 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 North America hydraulic marine cranes market. Amco Veba Marine; DMW Marine Group, LLC; Fassi Gru S.p.A.; Fred Wahl Marine Construction, Inc; HEILA Cranes S.p.a.; HIAB; HYVA; INDUSTRIAS GUERRA, SA; Kenz Figee; MELCAL S.p.A.; and Palfinger AG are among the major players operating in the North America hydraulic marine cranes market.

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