The Global Deck Machinery Market is valued to reach USD 14.5 Billion by 2025, growing at a CAGR of 1.5% during the forecast period 2020-2026. Urbanization, industrialization, construction of new infrastructures and rising adoption of advanced technologies are the factors expected to drive the growth of Deck Machinery Market.
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As the marine operations for deep water installation is expected to grow at a considerably high pace, it is expected to create substantial growth opportunities for further market developments. For instance, rise in demand from offshore construction and installation vessels enhances sea operations and helps in maintaining subsea hardware. The products for subsea sector are developed from efficiency point of view with enhanced features and high operability. Overall, the industrial growth for deck machinery is highly optimal in the forecast span.
Deck Machinery Market Trends, Drivers and Opportunities:
The deck machinery market is significantly driven by a steady growth in economic infrastructure in the shipbuilding industry across the globe. Mainly backed by the shipping activities in the deck equipment industry is a primary growth driver. Growth in development of technologies owing to increase in demand for infrastructure arising out of industrialization and urbanization is adding to the market growth in the forecast period. In addition, the key players are now emphasizing novel technologies in the manufacture of marine equipment that acts as a supplement to the market growth.
Product segmentation for deck machinery market comprises winch, capstan, cranes, life boats, life rafts and others. Cranes accounted for a large market share in the global market owing to massive orders for tankers and bulk carriers. Additionally, the segment witnessed a steady growth in economic infrastructure, rise in seaport activities and significance of drilling activities.