The global marine winch market is evaluated at US$915.254 million for the year 2019 and is projected to grow at a CAGR of 1.17% to reach a market size of US$993.088 million by the year 2026.
Marine winches are mechanical devices with wire rope/chain for lifting or pulling operations. They are widely utilized in lifting and pulling equipment that is used on boats/ships, docks/shores, ports, offshore platforms, etc. for anchoring, mooring, towing, and weightlifting operations. A winch is a power-driven equipment used to wind a rope or a cable. Winches are widely used for lifting and moving all kinds of loads in various applications, such as marine, industrial, renewables, automotive, and civil engineering, among others.
Winches range in design from hand-cranked spools to enormous hydraulic devices used for industrial loading applications. Simple winches consist of a basic structure such as a spool and an attached hand crank, whereas for bigger applications, winches form a major part of the machinery used for moving and lifting loads. The majority of the marine fleet is equipped with marine winches. The number of marine winches utilized in a vessel is mainly dependent on the type of operation and requirement. Marine winches primarily comprise a power system, drum, chain, cable, manual band brake, manual clutch, control system, and gypsy wheel. In addition to drums, many winches have one or two small warping heads. Marine drum winch has one or two drums with or without warping head. Marine winches and equipment are built tough and designed to perform and excel in the harshest of marine conditions. Compared with construction winch, marine winch is coated to make it waterproof and rustproof. High-quality welding material is used in marine winches for safety purposes and to make it last for a long duration. This material makes marine wenches smooth and reliable during day-to-day operations.
A year-on-year increase in demand for the marine fleet in inland and coastal waterways is expected to boost the demand for marine winches in the near future. Growth in the deployment of marine winches is highly dependent on the requirement of marine winches in existing as well as retrofit vessels such as ships, fishing vessels, and cargo ships. An increase in the exploration of deep and ultra-deep offshore oil & gas reserves coupled with new planned projects of FPSO and FSRU is anticipated to benefit the global suppliers and manufacturers of marine winches. Owners of water sports and leisure intended vessels operating in inland waterways; have been utilizing marine winches for safety measures.
As the global load-lifting needs are evolving, there is a growing demand for more advanced systems offering high quality and better efficiency with ease of use. To meet these demands, manufacturers are constantly striving to develop new systems. Hydraulic winches were developed to meet the requirements of modern-day application needs in the winches market. Manual winches are preferred for low lifting weight applications, owing to simplicity and cost-effectiveness. Electric winches are estimated to hold a dominant market share over the forecast period, attributing to the high demand from marine and oil & gas applications.
The advent of COVID-19 had an adverse impact on the global marine winches market since the pandemic brought the activities in various industries to a standstill which restricted major industrial activities wherein the focus of the manufacturing and other industries shifted to keep the processes going even at less than half the actual capacity. The huge dip in the industrial processes owing to the pandemic in several countries slowed the growth of the marine winches market to a significant level in the year 2020. With the industries getting back on track and recovering after suffering losses due to the pandemic, the processes will resume that we're unable to continue due to lockdown protocols earlier. Moreover, the sales of commercial and personal boats dipped during the initial months of the year owing to the lockdown which led to the shutting down of the sellers for a certain period initially. With the industries recovering after the pandemic gradually. The growth of the marine winches market is expected to show a gradual increase initially but is expected to witness rapid growth after the industries resume activities at full capacity during the forecast period owing to the increasing demand of the services across the world.
The segmentation of the global marine winches market has been done into product, application, and geography. By product, the classification of the market has been done into Electric winches, hydraulic winches, manually, others. By application, the classification of the market has been done into Marine engineering, hoisting freight, fishing others. Furthermore, on the basis of geography, the global market has been distributed as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The rise in the number of shipbuilding business and the increasing recreational boating business in recent years at a global level will drive the market during the forecast period
The growth of the marine winches market is expected to be fuelled by the increasing pace of the shipbuilding business owing to its rising demand from consumers. For instance, according to the report by NMMA, the retail unit of sales of powerboats has increased significantly over the years withstanding at 280,000 in the year 2019 which was the second-highest since 2007. Furthermore, the economic impact of recreational boating in the United States in the year 2018 was US$ 170.3 Million which supports about 691,149 jobs and 35,280 businesses. The demand for recreational boating has directly impacted the demand for more such marine vessels. For instance, according to the report by NMMA about 141 Million people go boating each year. The market is further fuelled by the expansion in the business done by marine transportation due to its cost-effectiveness. For instance, according to data published by the International Chamber of Shipping (UK), approximately 90% of the global volume of merchandise trade is carried out via sea, as this channel is cheaper than rail and road transport. The countries in the Asia Pacific are one of the leading providers of manufactured goods due to which the demand for marine containers has increased over the years which has contributed to the increase in the demand for marine winches as well.
The players in the global marine winches market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the market.
|Market size value in 2019||US$915.254 million|
|Market size value in 2026||US$993.088 million|
|Growth Rate||CAGR of 1.17% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Product, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Ingersoll-Rand plc, Ramsey Winch, Warn Industries Inc., Harken Inc., TWG, Paccar Winch, Fukushima Ltd., Brevini U.K. Ltd, Naust Marine ehf., Maxwell Marine International Ltd., Appleton Marine Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the marine winch market?
A1. The global marine winch market is projected to grow at a CAGR of 1.17% over the forecast period.
Q2. What is the size of global marine winch market?
A2. Marine Winch Market was valued at US$915.254 million in 2019.
Q3. How is the marine winch market segmented?
A3. The global marine winch market has been segmented by product, application, and geography.
Q4. What will be the marine winch market size by 2026?
A4. The marine winch market is projected to reach a total market size of US$993.088 million by 2026.
Q5. What factors are anticipated to drive the marine winch market growth?
A5. A year-on-year increase in demand for the marine fleet in inland and coastal waterways is expected to boost the demand for marine winches in the near future.