Offshore Cranes Market to hit USD 5 Bn revenue by 2026: Global Market Insights, Inc.
The demand for knuckle boom offshore cranes market is expected to rise significantly over 2019-2026 due to their low maintenance requirements and maximum efficiency. These cranes offer enhanced strength & flexibility, thereby increasingly being used in marine as well as oil & gas industries
December 12, 2019 03:00 ET | Source: Global Market Insights, Inc
Selbyville, Delaware, Dec. 12, 2019 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on offshore crane market which estimates the global market valuation for offshore cranes will cross US$ 5 billion by 2026. The ongoing exploration of new offshore oil & gas fields will surge the demand for offshore cranes. The growing demand for maintenance & repair of oil & gas extraction systems will drive the offshore crane market growth. The equipment is primarily used in the maintenance & repair of oil extraction pipes.
Increasing investments in subsea construction projects are compelling the demand for offshore cranes with high lifting capacity and maximum safety. In November 2019, National Petroleum Construction Company (NPCC) announced an investment of USD 89.8 million to boost subsea construction projects in the UAE. NPCC is planning to undertake several deep-water projects in the region as well as across the globe over the next few years, providing opportunities for offshore industry development. However, high installation as well as maintenance & operational cost of these machines is hampering market growth.
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Some major findings of the offshore crane market report include:
These machines are primarily used due to their high precision in heavy-duty operations such as assembly, repair, and supply of oil & gas extraction systems.
The growing demand for renewable energy due to the rising world population and increasing urbanization will surge the demand for offshore cranes in renewable energy applications.
These machines are increasingly being used for pipe maintenance & repair operations in the offshore oil & gas industry.
Key players operating in the offshore crane market are Palfinger AG, Heila Group, Liebherr, National Oilwell Varco, Kenz Figee, Huisman Equipment, Seatrax, Inc., and MacGregor.
Players are focusing on price and product differentiation strategies to sustain in the competitive market. They are offering products to help improve energy efficiency and reliability.
The demand for knuckle boom cranes is expected to rise significantly over the forecast timeline due to their low maintenance requirements and maximum efficiency. These cranes are used in marine applications for loading & unloading operations. Knuckle cranes offer enhanced strength & flexibility, thereby increasingly being used in marine as well as oil & gas industries. Increasing spending on the construction of new port & harbors is further expected to propel the demand for offshore cranes over the forecast timeline.
Browse key industry insights spread across 140 pages with 157 market data tables and 19 figures & charts from the report, "Offshore Crane Market Size By Type (Knuckle Boom Crane, Lattice Boom Crane, Telescopic Boom Crane), By Lifting Capacity (0 - 500 mt, 500 - 2,000 mt, 2,000 - 5,000 mt, Above 5,000 mt), By Application (Oil & Gas, Marine, Renewable Energy), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 - 2026" in detail along with the table of contents:
The demand for heavy-duty offshore cranes with the lifting capacity of above 5,000 mt is expected to rise over the next years due to their ability to perform complex operations in harsh working conditions. The equipment is primarily used in the construction of large oil & gas as well as wind farm projects in offshore environments. Increasing government initiatives to promote renewable energy will drive the equipment demand, majorly in Asia Pacific, Europe, and the MEA regions.
The North America offshore crane market is anticipated to grow over the forecast timeline owing to the increasing demand for electricity across the region. The U.S. government is primarily focusing on generating maximum electricity from renewable energy sources including offshore wind. In 2019, Vineyard Wind proposed an 800 MW wind farm project in Massachusetts to provide power to more than 400,000 homes with clean energy. The company is expected to invest approximately USD 2.8 billion for the project development.