Deck Machinery Market Forecast 2023 - 2030

By System :

Based on the system, the market is trifurcated into electrical, steam, and hydraulic. The hydraulic deck machinery accounted for the largest revenue share in the year 2022. Hydraulic motors have less internal leak than a gear motor. As a result, hydraulic motors are well-suited for applications that require lower speeds. Moreover, the regulation of speed and positioning of hydraulic motors are adjustable, thus providing ease to operator. Moreover, hydraulic motors provide the ability to accelerate or decelerate the ships more conveniently according to the requirements. Consequently, hydraulic motors have the tendency to withstand harsh environmental conditions, resulting in the growth of deck machinery market.

The electric deck machinery segment is expected to witness fastest CAGR growth during the forecast period due to the zero-emission, lesser noise, and lower response time. Electric winches provide superior performance and a greater degree of reliability in comparison to other systems that deploy hydraulic and other sources of energy. Additionally, electric motors produce low noise and vibration in comparison to gasoline-powered engines. For instance, in November 2021, Saietta Group launched new electric marine motors called Propel S1 to deliver advanced next-generation electric marine propulsion solutions. Consequently, the low-noise and environmental friendliness of electric motors is driving the growth of deck machinery market.

By Product Type:

Based on the product type, the market is separated into winch, anchoring system, capstan, windlass, lifting and handling equipment. The winches segment accounted for the largest revenue share in the year 2022. Marine winches play a crucial role in providing enhanced performance, safety, and efficiency. Marine winches are built to withstand the harsh conditions of salt water and sunlight that are well-suited for a wide range of operations such as docking, mooring, anchoring and haulage. Marine winches are deployed to move heavy loads or provide tension for anchor lines and moorings. Moreover, the brake system on a winch prevents the rope from slippage, thereby providing enhanced safety and security for the ships. For instance, in July 2020, Okeanus launched two integrated, skid-mounted winches and recovery systems for deployment in deeper waters. Thus, the ability of marine winches to provide safety in underwater operations is driving the growth of the deck machinery market.

The anchoring system is expected to register the fastest CAGR growth during the forecast period. An anchor chain helps to ensure that vessels stay in one place, thereby providing enhanced protection to the ships. The anchoring system plays a crucial role in providing protection for efficient sailing of ships as the anchor chains are designed to withstand adverse climatic conditions such as changes in salinity, temperature, and extreme pressure changes. Furthermore, the deployment of shackles, swivels, and studs in anchor chains is accelerating the growth of the market.

By Application :

Based on the application, the market is trifurcated into cargo vessels, oil tankers, and ferry. The cargo vessels accounted for the largest revenue share of 46.11% in the year 2022. The demand for deck machinery for cargo vessels is growing due to increasing global trade, growth in containerized cargo, and the need for safe and efficient cargo handling. Cargo vessels require a range of deck machinery including cranes, winches, and cargo handling systems for loading and unloading of cargo. Conventional cargo ships are installed with steel folding or rolling steel hatch covers to reduce maintenance as well as speed up the process of cargo handling.

Oil tankers are expected to register the fastest CAGR growth during the forecast period. The demand for deck machinery in oil tankers is rising due to growth in global energy consumption and the growing need for safe and efficient oil transportation. Oil tankers require mooring systems, cargo pumps, and hose-handling cranes for carrying oil and other petroleum products. For instance, in September 2022, Jumbo Maritime installed torpedo pile mooring system, including mooring for flexible risers in the ship vessel. Thus, the increasing oil transportation for energy consumption is accelerating the growth of the market.

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By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Asia-Pacific region accounted for the largest revenue share in the year 2022 valued at USD 790.36 million and is projected to grow at a CAGR of 5.6% during the forecast period. In addition, in the region, China accounted for the maximum revenue share of 26.1% during 2022. The rising marine trade in Asia-Pacific region is driving the growth of deck machinery market. According to the Review of Maritime Transport 2022, Asia emerged as the world's leader in maritime cargo handling center in 2021, accounting for 42% of exports and 64% of imports. Moreover, the growth of domestic ship building in China is driving the growth of the regional market.

North America is anticipated to witness the fastest CAGR of 5.8% during the forecast period. The shipbuilding industry is growing in North America due to the rise in maritime transportation in the region. The demand for deck machinery such as winches, windlasses, and mooring systems is rising as a result of increasing construction of passenger, cargo, and naval vessels. Furthermore, the increasing demand for commercial and leisure ships as a result of the growing tourism industry is propelling the growth of the deck machinery market in the region.