Global Offshore Crane Market: Overview
An offshore crane is a pedestal mounted elevation and rotary lifting device to transport the material and personnel to barges, marine vessels, and structures.
The global offshore crane market has a benchmark presence in many sectors. Crane manufacturers utilize their full capabilities to step into every needed field and become a leading segment in the market.
Global Offshore Crane Market: Growth Factors
An increase in subsea construction and growing oil survey operations are supporting the global offshore crane market growth. The subsea construction includes many heavy types of equipment like a crane for several activities such as assemble, repair, oil supply, and gas removal.
The growing demand for renewable energy drives market growth as it uses offshore cranes for the construction of large turbines and many other tasks. Further, the increase in investment for research and development activities in offshore crane technology will also boost market growth. Advancements in offshore cranes improve personnel safety concerns on vessels and machines and thus drives the offshore crane market growth.
Global Offshore Crane Market: Segmentation
The global offshore crane market can be segmented into type, lifting capacity, application, and region.
By type, the market can be segmented into knuckle boom crane, telescopic boom crane, lattice boom crane. The Knuckle boom crane segment is dominating the market and is expected to grow with a significant CAGR. Due to the advancements in technology, more safe and efficient handling of processes is introduced which provides confidence and security to the people at work.
Development encourages better operability and extra firmness to the capabilities of knuckle cranes in harsh environments conditions. Due to increased personal safety, the knuckle boom cranes are also installed in the marine application and thus open up new opportunities and increase the market share.
By lifting capacity, the market can be segmented into 0-500ml, 500-2000ml, and 2000-5000ml. Lifting capacity of 2000-5000ml holds the largest market share and it is witnessing growth in performing high load deployments such as assembling oil rigs and wind power erection.
These primarily indulge in the gas and oil industries for the safety measures and accurate handling capabilities.
The increasing government and private sector interest and their spending on offshore construction with heavy lifting capacity cranes boost the growth of the segment.
By application, the market can be segmented into oil, gas, marine, renewable energy, and others. Oil gas applications are expected to dominate the market over the forecasted years. Government gas corporations and petroleum companies are investing a lot in drilling projects for oil and gas resources. This induces the segment to grow significantly.
Global Offshore Crane Market: Regional analysis
Asia Pacific dominates the global offshore crane market and is expected to grow significantly during the forecast period. The growth is attributed to the research for offshore construction activities in countries like Malaysia, China, Australia, and Thailand.
The growing demands of renewable energy in the region boost the market's growth.
Rapid urbanization in developing countries like India and China also contributes to market growth.
The Australian government has plans to set up offshore wind farms across the country pertaining to an increase in regional growth.
The US is growing significantly in the global offshore crane market. America dominates the region and holds the largest market share. The growth can be attributed to the surge in the demand for offshore vessels in the regions like the Gulf of Mexico, the US, and Brazil.
Europe market is also witnessing growth due to the surge in wind power generation.
There are deepwater discoveries of oil sources in Africa, especially in Ghana, Congo, Angola, and Mozambique.
Global Offshore Crane Market: Competitive Players
The key companies are undergoing activities like mergers, acquisitions, and collaborations to gain the market edge and a large share in the market.
Some of the leading players in the global offshore crane market include Liebherr, Zoomlion, Konecranes, Terex Corporation, Cargotec, Huisman Equipment B.V, American Crane and Equipment Corporation, TEREX Corporation, National Oilwell Varco, Manitowoc, and KenzFigee.
Global Offshore Crane Market: Regional Segment Analysis
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