Offshore Crane Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, Russia, Poland, China, India, Japan, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025
Report ID: GMI4103
Offshore Crane Market size is driven mainly by its increasing applications in the oil & gas industry for heavy-duty operations such as the erection of wind parks, assembly of oil rigs, etc. The demand for these machines is rising due to the high precision and safety features integrated into new models. The increasing demand for energy due to the high usage of electrical appliances and vehicles is leading to the implementation of wind farms and is promoting the development of offshore crane market. Rapid development in the oil & gas extracting systems has led to an increasing need for repair & maintenance activities, creating a high machine demand. These machines are utilized to transfer heavy materials and personnel to or from the marine vessels, barges, and structures. The increasing subsea construction activities across the globe are supporting the market growth.
High implementation and setup costs are some of the factors hindering the offshore crane market size. The installation process of these machines is complex and requires skilled labor & technicians to avoid damages. These machines are deployed in seas often resulting in metal damages due to humidity and salt content in the water, leading to a high maintenance & repair cost. Another factor impacting the industry is the requirement of highly skilled operators for operating the machines. Lack of awareness about these systems has led to a shortage of operators. These issues in the market can be overcome by the provision of training & operating courses by manufacturers and regional rental companies, which will result in enhanced operator safety.
In the offshore crane market, fiber rope technology is gaining popularity due to the weight reduction benefits offered by the machine. Fiber rope supports in reducing the machine’s onboard weight substantially. Another upcoming trend in the offshore crane market size is the development of offshore renewable industry due to the increasing need for renewable energy resources. The increasing government regulations and norms to promote renewable & environment-friendly energy are supporting the demand for these machines. For instance, in June 2018, the Ministry of New and Renewable Energy (MNRE) India announced its long-term target of adding 30 GW of offshore wind energy project by 2030. Several industry players are working on anti-corrosion technology to prevent metal damaging from humidity and seawater corrosion. For instance, Heila has developed a corrosion resistance treatment HD4+, which provides durable compressive coating by avoiding micro-cracks and is suitable for harsh environments.
In the offshore crane market, knuckle boom design type models are gaining high traction owing to their internal and external lifts functions. These machines are used in adverse weather conditions due to their stability feature. Such features provide better operability and reduce the workload on operators further leading to the growth of the market. Additionally, these machines provide increased maneuverability, reaching inaccessible points on the vessel. These systems are designed to transfer loads at close distances and are implemented on ships and the motions create complex load handling issues. The increasing personnel safety concerns on the deck or vessel are leading to the high adoption of these machines, thus expanding the market.
In the offshore crane market share, oil & gas application is growing due to the rising demand for petroleum products from the automobile industry. The increasing demand for petroleum has led to the adoption of these machines in drilling rig, production platform, etc., further driving the industry expansion. The adverse weather operability feature has led to the high adoption of these machines in oil rig applications. Several players in the industry have developed a special technique for anti-corrosion, which increases the efficiency and lifetime of the systems, further developing the offshore crane market. The high demand for petroleum products from various industries is leading to increased investment by the governments for the implementation of oil fields, further supporting e industry growth.
The Asia Pacific offshore crane market is witnessing a high growth due to recent discoveries of oil & gas in offshore basins in Australia. Moreover, China and India are posing high demand due to the increased energy need in these countries. The North American region is expected to grow owing to the high adoption for offshore wind farms constructions. For instance, the American Wind Energy Association (AWEA) has implemented offshore windfarms producing 2,000 GW of energy. The systems are utilized in the installation and maintenance of these structures, further supporting the market.
The key players operating in the offshore crane market share are Terex Corporation, Liebherr Group, Konecranes PLC, Palfinger AG, National Oilwell Varco, Zoomlion, Huisman, Cargotec, and Kenz Figee. These players are focusing on strategic activities, such as merger & acquisition activities and partnerships, to gain a high revenue and an extended reach across the globe. The offshore crane market players are highly investing in R&D to develop innovative and fuel-efficient products to strengthen the product portfolio and gain a competitive advantage. For instance, in January 2019, Liebherr announced the launch of its new knuckle boom crane series, which is characterized by a very compact design. In April 2019, Cargotec announced the construction of FiberTrac, the first fiber-rope offshore crane. This FiberTrac crane has 150 ton safe working load capacity and an advanced rope monitoring & management systems, which will maximize the rope’s lifespan.
The offshore crane market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2015 to 2025 for the following segments:
Offshore Crane Market, By Design Type
- Knuckle Boom
Offshore Crane Market, By Load Type
- 0-500 mt
- 500-3,000 mt
- Above 3,000 mt
Offshore Crane Market, By End User
- Oil & Gas
- Renewable Energy
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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