Global Marine Winches Market Expected to Reach USD 2,306.0 Million by 2027

According to a recent market study published by Growth Market Reports (GMR), titled, “Global Marine Winches Market by Types, Applications, and Regions: Size, Share, Trends, and Opportunity Analysis, 2017-2027”, the market was valued at USD 1,675.7 million in 2019 and is projected to expand at a CAGR of 4.2% between 2020 and 2027. The global marine winches market is anticipated to grow owing to factors such as increasing demand for marine fleet in inland & coastal waterways and growing need for marine winches in retrofits vessels such as fishing vessels, ships, and cargo ships.

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The global marine winches market is fragmented based on type, application, and region. Based on type, the marine winches market is categorized as electric winches, hydraulic winches, manual winches, and others. On the basis of applications, the marine winches market is segregated into marine engineering, hoisting freight, and fishing. In terms of regions, the global marine winches market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America is further bifurcated into countries such as the US and Canada. Latin America is segregated into Brazil, Mexico, and Rest of Latin America. Asia Pacific is fragmented into India, China, South Korea, Australia, Japan, and Rest of Asia Pacific. Europe is categorized as the UK, France, Germany, Italy, Spain, Russia, and Rest of Europe. The MEA region is divided into Saudi Arabia, South Africa, the UAE, and Rest of Middle East & Africa (MEA).

In 2020, the marine winches market is expected to expand at a sluggish pace due to the COVID-19 pandemic. The spread of the COVID-19 globally has unpredictable effects on the world’s society, economy, and sanitary systems. Exponential increase of the coronavirus diseases across the globe has progressively restricted and enforced across maritime activities in several countries. Moreover, the maritime tourism industry is one of the major sectors to be affected by the outbreak of COVID-19 cases among crew members and passengers on cruise ships. This is expected to decrease the demand for marine winches in the near future.

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As per GMR industry analyst Vidya Jadhav, “The global marine winches market is anticipated to expand a substantial pace during forecast period, from 2020 to 2027 driven by the increase in exploration of deep and ultra-deep offshore oil & gas reserves. Moreover, growing adoption of marine winches by the owners of water sports and leisure intended vessels operating in inland waterways are expected to contribute to the market growth during the forecast period. However, high cost of marine winches is anticipated to impede the global marine winches market.

Key Takeaways from the Study:

• Companies such as Ingersoll Rand, TTS, and IHC Hytop B.V. held approximately one-fifth of the market share of global marine winches market in 2019.
• Asia Pacific accounts for a major share of the market, followed by Europe. The market in North America is projected to expand at substantial CAGR during the forecast period.
• Asia Pacific countries such as China and India are key users of marine winches. Rise in marine activities using vessels are expected to fuel the demand for marine winches in Asia Pacific.
• Some of the prominent companies manufacturing marine winches offer hydraulic and electric alternatives. Electric driven winches provide several advantages such as substantial energy saving (up to 30%), no risk of hydraulic oil leaks, no piping, low operation noise, and reduced maintenance cost.

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Report Scope:

Target Audience:

• Supply-side: Marine winches manufacturers, raw material suppliers, primary respondents, and distributors
• Demand Side: Retailers
• Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies
• Associations and Industry Bodies: Association of Marina Industries (AMI), Marine Retailers Association of the Americas (MRAA), Water Sports Industry Association (WSIA), National Marine Distributors Association (NMDA), American Boat & Yacht Council (ABYC), Marine Industry Association of South Florida

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