Marine Deck Machinery Market By Type (Winch, Windlass, Capstan, Others) , By Application (Commercial Ship, Leisure Ship) By Operating Mode (Hydraulic, Electric, Manual) : Global Opportunity Analysis and Industry Forecast, 2024-2032
Marine Deck Machinery Market
The marine deck machinery market was valued at $180.7 billion in 2023 and is projected to reach $355.4 billion by 2032, growing at a CAGR of 8.2% from 2024 to 2032.
Marine deck machinery comprises of all the equipment installed on the vessel of ships or boats for smooth operations. The equipment perform multiple tasks during voyages such as lifting, towing, and winching. A few of the important deck machinery includes capstans, winches, davits, and cranes. The machinery forms a critical part of ships or boats due to its efficiency, adaptability, reliability, and safety features.
Expansion of trading activities across the globe and expansion of shipping fleets are the major drivers of the marine deck machinery market. In addition, integration of technological innovations into the machinery such as automation is augmenting the development of the market. Furthermore, surge in offshore activities such as oil & gas exploration and installation of wind farms boosts the demand for specialized marine deck machinery that caters to the specific requirements of these activities. With rising concerns over sustainability and environmental impact, the use of eco-friendly solutions for the designing & manufacturing of deck machinery is trending in the market. Furthermore, the use of electric drive systems for the operation of machinery is acquiring traction due to their low environmental emissions.
However, the costs associated with the procurement, operation, and maintenance of advanced marine deck machinery act as a major challenge for small-scale shipping companies. This limits the expansion of the market. Moreover, economic downturns greatly impact the shipping industry, hampering the development of the marine deck machinery market. On the contrary, to ensure smooth shipping operations, the assimilation of AI in the functioning of deck machinery is gaining notable prominence in the market. This assimilation is presenting lucrative opportunities for the market development by the elimination of unscheduled expenses and prevention of untimely shutdown of machinery through predictive maintenance. Companies such as Rolls-Royce Holdings PLC and Wärtsilä are at the forefront of integrating AI into their real-time monitoring and maintenance procedures.
Segment ReviewThe marine deck machinery market is segmented into type, application, operating mode, and region. On the basis of type, the market is divided into winch, windlass, capstan, and others. According to application, it is bifurcated into commercial ship and leisure ship. Depending on operating mode, it is classified into hydraulic, electric, and manual. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of type, the winch segment acquired a high stake in the market in 2023.
According to application, the commercial ship segment dominated the market in 2023.
Depending on operating mode, the hydraulic segment held a high market share in 2023.
Region wise, Asia-Pacific was the highest revenue generator in 2023.
Competition AnalysisThe leading players of the global marine deck machinery market include TTS Group, Kawasaki Heavy Industries, Coastal Marine Equipment, Funz San Industry, MacGregor, Marine Equipments Pellegrini, Mitsubishi Heavy Industries, Wärtsilä, Rapp Marine Group, Rolls-Royce Holdings PLC, and Thrustmaster of Texas, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy TypeWinch
Windlass
Capstan
Others
By ApplicationCommercial Ship
Leisure Ship
By Operating ModeHydraulic
Electric
Manual
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market PlayersTTS 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.