The global offshore crane market size has grown exponentially over the past few decades due to the increasing demand for maintenance and repair of oil and gas production systems. Due to their high precision, the machines are often used in the maintenance, repair and assembly of oil delivery lines.
It is estimated that the global offshore crane market will exceed $ 5 billion by the end of 2026. The National Petroleum Construction Company (NPCC) announced a $ 89.8 million investment to upgrade subsea construction projects in the United Arab Emirates. NPCC aims to conduct many deep sea projects across the region as well as around the world to open up opportunities for the development of the offshore industry.
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Key industry players active in the offshore crane market include Heila Group, National Oilwell Varco, Huisman Equipment, Palfinger, Seatrax Inc., MacGregor and Liebherr, among others. The following are some of the key factors that are likely to influence offshore crane market trends over the next few years:
- Increasing demand for marine applications
Knuckle boom cranes have enjoyed widespread demand over the years due to their outstanding efficiency and low maintenance requirements. The cranes are used in marine applications for loading and unloading functions. Knuckle cranes offer improved flexibility and strength, which means that they are increasingly used in the shipping and oil and gas sectors.
Increasing spending on the development of new ports and ports will support market demand over the planned study period. The increasing investment in underwater construction projects is driving the demand for offshore cranes with high safety and superior lifting capacity. Consistent use in important marine applications will improve the prospects for the offshore crane market.
- Increasing development of offshore wind
Investments in the construction of large wind turbines have risen sharply over the years. The need for heavy offshore cranes with a lifting capacity of more than 500 mt is likely to increase in the next few years as they can perform complex operations in difficult working conditions. The devices are mainly used in the construction of large oil, gas and wind farm projects in offshore areas.
Government agencies are taking far-reaching initiatives to promote the use of renewable energies, particularly in regions such as Europe, Asia-Pacific and the Middle East. In order to keep up the increasing competition in the market, the main players in the industry aim to develop product and price differentiation strategies in order to survive in the market.
- Greater acceptance of renewable energies in the USA
At the regional level, North America could dominate the offshore crane market size due to increasing demand for power from various sectors across the region. The US government aims to generate as much electricity as possible from renewable energy sources such as offshore wind. In addition, many well-known companies also support the use of renewable energy sources.
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Vineyard Wind LLC had proposed an 800 MW wind farm project in Massachusetts to provide clean energy to over 400,000 homes. The company is expected to invest approximately $ 2.8 billion in project development. Many offshore crane suppliers are improving their product portfolio to improve energy efficiency and reliability.
Table of contents (ToC) of the report:
Chapter 1. Methodology and scope
1.1. Definitions & forecast parameters
1.1.2. Methodology and forecast parameters
1.2. Data sources
Chapter 2. Market overview for offshore cranes
2.1. 360 ° overview of the offshore crane industry, 2015-2026
2.1.1. Business trends
2.1.2. Type trends
2.1.3. Load capacity trends
2.1.4. Application trends
2.1.5. Regional trends
Chapter 3. Offshore Crane Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015-2026
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.3. Sales channel analysis
3.3.4. End-use landscape
3.3.5. Supplier matrix
3.4. Technology & innovation landscape
3.5. Regulatory landscape
184.108.40.206. North America
220.127.116.11. Asia Pacific
18.104.22.168. Latin America
3.6. Influences in the industry
3.6.1. Growth accelerator
22.214.171.124. Raising awareness and the use of renewable energies in Europe and the USA
126.96.36.199. Expansion of the exploration sector of drilling rigs in North America
188.8.131.52. Presence of a huge oil and gas sector in the Middle East
184.108.40.206. Development of offshore exploration and construction activities in China, Norway and Latin America
220.127.116.11. Worldwide high activity in wind energy generation
3.6.2. Pitfalls and challenges in the industry
18.104.22.168. High initial investment when purchasing these cranes
22.214.171.124. Unavailability of qualified operators
126.96.36.199. Fluctuating oil prices around the world
3.7. Growth potential analysis
3.8. Porter’s analysis
3.8.1. Supplier performance
3.8.2. Buyer power
3.8.3. Threat from new entrants
3.8.4. Threat of replacement
3.8.5. Internal rivalry
3.9. Competitive landscape, 2018
3.9.1. Market share analysis of the company
3.9.2. Strategy dashboard (new product development, M&A, R&D, investment landscape)
3.10. PESTEL analysis
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