Marine Winches Market Outlook 2031:
The global marine winches market size was valued at USD 1.89 Billion in 2022 and is projected to reach USD 2.74 Billion by 2031, expanding at a CAGR of 4.2% during the forecast period 2023 - 2031. Marine winches are mechanical devices that assists in pulling and lifting equipment used on docks/shores, boats/ships, ports, and offshore platforms.
These winches have wire rope/chain for pulling or lifting operations. The number of marine winches used in a vessel depends on the type of requirement and operation. Marine winches, mainly consists of drum, chain, cable, power system, manual band brake, control system, manual clutch, and gypsy wheel. High quality welding material is used in marine winches for a long life and safety purposes.
Marine Winches Market Dynamics
The evolution in the marine industry has led to the high acceptance of equipment such as marine winches, which are used in boats and ships for handling halyards, sheets, and anchor or mooring lines. Various types of marine winches include electric, hydraulic, and manual. Moreover, growing demand for marine fleet in coastal and inland waterways fuel the demand for marine winches.
Additionally, increasing demand for transport and supply-side factors such as newer, smarter, and more efficient equipment, technologies, and training are playing a significant role the market.
Increase in the demand for marine equipment is fueling the demand for marine winches. Moreover, availability of other types of alternatives is expected to limit the demand for marine winches. Hence, this is anticipated to drive the demand for marine winches. Moreover, spreading network of e-commerce websites at international locations is expected to boost the global marine winches market.
Manufacturers of are coming up with advanced variations of marine winches. Moreover, advancements in processes of mining, oil & gas transportation, marine operations, and others are increasing the demand for marine winches worldwide. This, in turn, is expected to fuel the marine winches market. Furthermore, rapid growth in urbanization and industrialization result in the development of advanced supply chain, which increases the demand for marine winches.
Though marine winches are used for effective work performance; however, their adoption is limited in many areas, mainly due to the lack of technology and developments in under-developed countries. Lack of advancements in industries hampers their adoption of latest technologies. Serious injury and property damage is a concern for not using marine winches. These injuries can happen due to improper handling, untrained, or inexperienced operator and improper lubrication.
Marine Winches Market Segmental Insights
On the basis of types, the marine winches market is segmented as electric winches, hydraulic winches, manual winches, and others. The electric winches segment is projected to expand at a substantial CAGR during the forecast period.
Rising popularity of electric winches over other types of winches due to the increasing ease usage of these winches and less human effort requirements is estimated to boost the segment growth. Moreover, electric winches are relatively convenient and cost-effective compared to the hydraulic ones, and hence they are highly preferred across the globe.
Based on applications, the marine winches market is divided into marine engineering, hoisting freight, and fishing. The marine engineering segment is expected to grow considerably during the forecast period.
Rise in marine operations in multiple areas is expected to be one of the key factors fueling the market. Increasing marine operations by industries such as transportation, oil & gas, material processing, defense, and other areas such as personal use boats are boosting the demand for marine winches across considered applications.
Regional Outlook
In terms of regions, the market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Europe is expected to expand at a considerable growth during the forecast period.
The region is the second largest market, in terms of revenue generation, from the marine winches. The region dominates the global market due to the dense presence of top marine winches manufacturers across Europe.
Key Benefits for Industry Participants & Stakeholders
- In-depth analysis of the global marine winches market
- Historical, current and projected market size in terms of value and volume (Thousand Units)
- Potential & niche segments and regions exhibiting promising growth covered
- Industry drivers, restraints and opportunities covered in the study
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Neutral perspective on global marine winches market performance
Segments
By Type
- Electric Winches
- Hydraulic Winches
- Manual Winches
- Others
By Application
- Marine Engineering
- Hoisting Freight
- Fishing
By Region
- North America
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Russia
- Rest of the Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- UAE
- Rest of MEA
Key Market Players Profiled in the Report
Competitive Landscape
- Key players in the market include MacGregor, Rolls-Royce, Ingersoll Rand, Fukushima Ltd, and TTS. These companies are considered as key manufacturers of marine winches based on their revenue, regional presence, research & development (R&D) activities, and supply chain management system.
- The players are adopting key strategies such as acquisition, merger, and geographical expansion to strengthen their market position. For instance, in July 2019, MacGregor announced that it acquired the offshore and marine businesses of TTS Group ASA. The acquired businesses is expected to be integrated within MacGregor's operating structure.
- In April 2019, Ingersoll Rand announced that it would spin off its industrial business and merge it with compressors & industrial pump producer Gardner Denver Holdings Inc. This strategy is expected to allow Ingersoll to focus on its high-margin business that possesses Trane and Thermo King Brand of heating, air conditioning, and transport refrigeration systems.
- In July 2018, Rolls-Royce signed an agreement to sell its commercial marine business to KONGSBERG. KONGSBERG delivers high technology solutions and systems to the oil & gas, defense, aerospace, and merchant marine industries.
- In February 2018, MacGregor announced that it acquired Rapp Marine Group (RMG) to strengthen its product portfolio for the research vessel and fishery segment. RMG consists of around 120 people with main locations in the US, Norway, and the UK. This acquisition is completed for an enterprise value of approximately EUR 16 million.
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