Marine Deck Machinery Market to Reach $355.4 Billion, Globally, by 2032 at 8.2% CAGR: Allied Market Research
Wilmington, Delaware, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Marine Deck Machinery Market by Type (Winch, Windlass, Capstan and Others), Application (Commercial Ship and Leisure Ship), Operating Mode (Hydraulic, Electric and Manual): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the marine deck machinery market was valued at $18, 066.1 million in 2023, and is estimated to reach $35, 523.6 million by 2032, growing at a CAGR of 8.2% from 2024 to 2032.
Prime determinants of growth
The marine deck machinery market is experiencing significant growth owing to the continuous growth of global maritime trade, advancements in maritime technology, and the expansion of naval fleets. The need for cutting-edge and dependable deck equipment is on the rise as the industry strives to improve operational efficiency and safety measures. Moreover, the implementation of government regulations that prioritize safety, emissions, and environmental protection is pushing for the utilization of cutting-edge deck machinery to enhance vessel safety measures and reduce environmental harm. Deck machinery includes a wide range of equipment, ranging from towering cranes to highly powerful tuggers and winches, massive boat lifts, and more. This equipment is as diverse as the maritime activities it can be used for. Despite its significance, it is often disregarded in comparison to other technical advancements in the marine industry.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $18, 066.1 million |
| Market Size in 2032 | $35, 523.6 million |
| CAGR | 7.3% |
| No. of Pages in Report | 244 |
| Segments Covered | Type, Application, Operating Mode, and Region |
| Drivers | Increase in need for specialized tools Rise in international shipping and freight transportation Rise in investments in offshore oil and gas activities |
| Opportunities | Automation and advancements in materials boost productivity |
| Restraint | Stringent regulatory compliance for maritime safety |
The winches segment held the highest market share in 2023
Based on type, the winches segment held the highest market share in 2023. Surge in demand for fishing is boosting the need for custom winches designed to efficiently handle fishing equipment and operations. This requirement is further followed by the continuous growth of the shipbuilding sector, especially in areas such as Asia-Pacific, where the construction of new vessels requires top-notch winches. Moreover, the rise in investments in maritime infrastructure, including port and terminal expansions, are fueling the demand for advanced winches to streamline cargo handling and mooring operations, all while prioritizing safety and operational efficiency in the maritime industry.
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The commercial ship segment held the highest market share in 2023
Based on application, the commercial ship segment held the highest market share in 2023. Commercial ships make up about 70% of deck machinery usage, highlighting the crucial role of global trade expansion. The rise in containerization trends, driven by the growing demand for efficient cargo handling and transportation, is a clear indicator of this growth. Additionally, the significant development of port infrastructure globally to accommodate larger vessels and improve handling capacities further fuels the need for advanced marine deck machinery.
The Hydraulic segment held the highest market share in 2023
Based on operating mode, the hydraulic segment held the highest market share in 2023. Hydraulic operating mode is highly regarded for their durability and capacity to manage demanding tasks, making them a popular choice in industries that rely on dependable machinery for operations such as anchor handling, towing, and cargo handling. The growing offshore sector, especially in oil and gas exploration and production, is boosting the demand for hydraulic deck machinery owing to their effectiveness in challenging marine conditions. Moreover, hydraulic systems provide accurate control and quick response times, making them well-suited for tasks that require precision and efficiency, such as marine construction and port operations.
The Asia-Pacific region held the highest market share in 2023
Based on region, the Asia-Pacific held the highest market share in 2023. The surge in maritime trade in the Asia-Pacific area is fueling the need for effective deck machinery. Ships need dependable equipment to ensure safe and efficient operations with a larger quantity of goods being shipped by sea. Countries such as China and South Korea have strong shipbuilding sectors. The requirement for deck machinery including winches, windlasses, and capstans also increases as shipyards build new vessels. The region's expanding energy demands result in a higher volume of oil and other petroleum products being transported by sea. Heavy deck machinery is essential for enhancing efficiency and enabling quicker transportation of goods.
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Players: -
- TTS Group
- Kawasaki Heavy Industries
- Coastal Marine Equipment
- Funz San Industry
- MacGregor
- Marine Equipments Pellegrini
- Mitsubishi Heavy Industries
- Wrtsil
- Rapp Marine Group
- Rolls-Royce Holdings PLC
- Thrustmaster of Texas, Inc.
The report provides a detailed analysis of these key players in the global marine deck machinery 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. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." Allied Market Research has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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