Global Offshore Crane Market was valued US$ XX Mn in 2019 and the total revenue is expected to grow at 8.92% through 2020 to 2027, reaching US$ xx Mn.
Offshore Crane Market
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Global Offshore Crane Market Overview:
Growing subsea construction & oil survey operations are supporting the market development globally. These subsea construction machines are mainly used owing to their great precision in heavy-duty operations like assembly, repair, & supply of oil & gas removal systems. The increasing demand for renewable energy is supporting offshore crane usage for the construction & manufacture of large wind turbines in offshore situation.
The offshore wind industry is to reach about USD 1 trillion by 2040, providing sufficient opportunities for industry development. The key companies are making large investments in Research & Development activities to present innovative & fuel-efficient offshore crane products to support their product portfolio. The modern trend in the industry is fiber ropes for offshore cranes. These ropes are achieving market demand owing to their small weight & supreme lifting capacity.
Constant fluctuations in the oil prices worldwide have high influence on the offshore crane market demand. The important companies experienced a heavy drop in product sales in the current years owing to decrease in the oil prices. High set up & installation are a few main factors hindering the market growth. The installation method of these equipment is highly difficult & requires expert technicians & labors to avoid harms. The offshore crane machines are mainly installed in offshore environment, producing in metal harms due to high salt content & humidity in seawater, leading to high repair & maintenance value, creating industry tests. Market key players are concentrating on developing durable offshore crane products over anti-corrosion tools to avoid substantial metal damages, supporting the market demand.
Knuckle boom offshore cranes are seeing high development in the industry to do safe & efficient pipe handling processes. These systems are involved to internal or external pipe grabbers, providing effective lifting capabilities in composite operations. Knuckle cranes are gradually being used in harsh environmental conditions owing to their extra firmness & better operability. Moreover, the machine also offers improved maneuverability, reaching unreachable points on the vessel. The increasing personnel safety worries on the vessel or deck are leading to the high acceptance of the equipment in the marine industry, providing market opportunities. Knuckle boom cranes are also installed in marine applications to handover heavy loads at close distances, leading to the high market share.
Offshore cranes with the lifting capacity of 2,000 – 5,000 mt are seeing high development to perform heavy-duty deployments like building wind parks or the assembly of oil rigs. The systems are mainly used in the oil & gas industry owing to their maximum safety & precise handling capabilities. Moreover, the equipment is also used in heavy-lift buildings, withdrawing, & maintenance applications, pouring the offshore crane market.
The growing government & private sector expenditure on the manufacturing of new offshore wind farms for the generation of renewable energy in huge quantities will make a huge demand for offshore cranes with heavy lifting capacity during the forecast time period. Key players operating in the market are mixing advanced control systems to improve the operability of these products.
Rising population coupled with rapid urbanization through India & China is generating a huge demand for electricity. Governments through the regions are concentrating on the development of new renewable energy bases to provide to the offshore crane market demand. In April 2019, the Ministry of New and Renewable Energy of India said a strategic cooperation with the Ministry of Climate, Energy & Utilities of the Kingdom of Denmark in the field of renewable energy with the main attention on offshore wind energy. The government is scheduling to build 30,000 MW of offshore wind capacity by 2030.
In January 2019, the Chinese government accepted 24 new offshore wind plans, having an over-all capacity of around 6.7 GW with a entire investment of around USD 18 Bn. Furthermore, the Australian government is also scheduling to grow new offshore wind farms during the next few years, providing profitable opportunities for the global market outlook.
Global Offshore Crane Market Competitive Landscape:
Offshore Crane Market1
The objective of the report is to present a comprehensive analysis of the Global Offshore Crane Market including all the stakeholders of the industry. The past and current status of the industry with forecasted Market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes Market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the Market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Offshore Crane Market dynamics, structure by analyzing the Market segments and project the Global Offshore Crane Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Raw material portfolio, growth strategies, and regional presence in the Global Offshore Crane Market make the report investor’s guide.
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Global Offshore Crane Market, by Type
• Knuckle Boom Crane
• Lattice Boom Crane
• Telescopic Boom crane
Global Offshore Crane Market, by Lifting Capacity
• 0-500 mt
• 500 -2,000 mt
• 2,000 – 5,000 mt
• Above 5,000 mt
Global Offshore Crane Market, by Application
• Oil and Gas
• Renewable energy
Global Offshore Crane Market, by Region
• North America
• MEA & Africa
• Latin America
Global Offshore Crane Market Key Players
• Konecranes (Finland)
• Huisman Equipment B.V ( The Netherlands)
• Liebherr (Switzerland)
• National Oilwell Varco (U.S)
• Cargotec (Finland)
• Zoomlion (China)
• Manitowoc (U.S)
• KenzFigee (The Netherlands)
• Palfinger (Austria)
• TEREX Corporation (U.S)
• Seatrax,Inc (U.S)
• XCMG Group (China)
• American Crane and Equipment corporation (U.S)
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