The market size for MEA offshore cranes is likely to increase in the forecast period as numerous investments are made in the region. For example, the National Petroleum Construction Company (NPCC) announced a $ 89.8 million investment in November 2019 to advance subsea construction projects in the UAE. According to multiple reports, NPCC is considering expanding its product to support many deep water projects not only in the Gulf but around the world. In the meantime, high maintenance and operating costs can hurt the growth of the offshore crane market.
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The offshore crane market size is projected to exceed $ 5 billion by 2026.
The market share of offshore cranes in North America is expected to grow strongly as a result of the increased demand for electricity in the USA. According to reports, the US government is making efforts to generate maximum electricity from renewable energy sources such as offshore wind. Recently, the demand for renewable energies has increased against the backdrop of burgeoning urbanization and the rampant population. For example, in 2019, Vineyard in Massachusetts offered an 800 MW wind farm project to provide clean energy to over 400,000 homes. Apparently, the company is considering investing approximately $ 2.8 billion to develop the project.
Lattice boom and telescopic jib cranes will give impetus to the size of the offshore crane market. The dramatic increase in the construction of new ports and harbors will further increase the proportion of the offshore crane industry in the forecast period 2019-2026.
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Sustained demand for maintenance and repair of oil and gas wells is likely to fuel the size of the offshore crane market. There has been a remarkable increase in underwater construction projects, followed by the infusion of investments, demonstrating the relevance of maximum safety and high load-bearing capacity. Offshore cranes are in great demand, especially for the maintenance and repair of pipes.
Government initiatives across India and China to strengthen the renewable energy landscape are expected to continue to act as a catalyst for increasing revenues from the offshore crane market during the evaluation period. Properties such as better ship stability and low weight make offshore cranes very popular with end users.
Leading companies predominantly prioritize strategic business strategies such as pricing and product differentiation strategies. Prominent players looking to expand the offshore crane market are Liebherr, Palfinger AG, National Oilwell Varco, Huisman Equipment, Kenz Figee, MacGregor, Seatrax and the Heila Group. These companies are increasingly investing in research and development activities in order to increase reliability and energy efficiency.
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The stakeholders assume that the demand for kingpin cranes will increase against the background of low maintenance and maximum efficiency requirements. These robust cranes are increasingly being used for loading and unloading. With kingpin cranes offering improved strength and flexibility, they have become popular in the marine, oil and gas industries.
With a lifting capacity of over 5,000m, the popularity of high performance offshore cranes will fuel demand for cranes as they appear to operate efficiently in hostile conditions. It is advisable to mention that these dynamic cranes are increasingly being used in the construction of large oil and gas as well as wind farm projects in the offshore environment.
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Crawler Crane Market: https://www.prnewswire.com/news-releases/crawler-crane-market-to-cross-3-bn-by-2024-terex-corporation-konecranes-palfinger-group-sany-group-komatsu-america- corp-and-26-other-company-profiled-836684313.html