Offshore Cranes Market size worth over $5bn by 2026
Published Date: December 10, 2019 Authors: Ankita Bhutani, Prasenjit Saha
Offshore Cranes Market size is set to surpass USD 5 billion by 2026; according to a new research report by Global Market Insights, Inc.
The increasing demand for renewable energy across the globe to install large wind turbines reliably and efficiently is contributing to the offshore cranes market growth. Additionally, offshore cranes are increasingly being used for turbine maintenance & repair activities, driving the industry demand. Several governments including the U.S., China, and Australia are making large investments for the expansion of offshore energy resources. As per the data revealed by the American Wind Energy Association, in June 2019, the U.S. government is expected to install a total of 22,000 megawatts (MW) of offshore wind projects by the end of 2030 and 86,000 MW by 2050, providing lucrative opportunities to the market players.
The market challenges include the changing oil prices, unavailability of skilled & trained operators in several countries, which is limiting the utilization of cranes. Crane accidents cause injuries to operators, workers on the job site, and even people nearby. Most crane accidents are a result of human errors that lead to safety risks and downtime. They can be minimized or avoided through appropriate training and efficient machine usage. Market players such as McGregor and Liebherr, have developed dedicated offshore crane training programs for operators, maintenance personnel, and service technicians, aiding to reduce the chances of accidents.
Increasing demand for telescopic offshore cranes in the marine sector
Based on the market research, telescopic crane segment is witnessing growth, particularly in the marine applications. The equipment is majorly used for general cargo handling and bulk moving operations on offshore vessels. Additionally, these offshore crane systems are versatile and are designed for working in harsh environmental conditions, making them ideal in wind farm installation and servicing offshore vessels as well as derricks. Telescopic cranes are comparatively lighter in weight and less complex in design, thus reducing the overall equipment operation as well as maintenance cost. Players operating in the offshore cranes market are offering telescopic cranes in several customer-specific ranges to gain market share. The increasing spending on the construction of new port facilities across North America and Asia Pacific is expected to drive the industry growth 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:
Increasing spending on offshore renewable infrastructure development
Based on applications, the offshore cranes industry is segmented into oil & gas, marine, and renewable energy. The renewable energy segment will witness high growth over the forecast timeline due to increasing construction of new offshore wind farms. Governments across the globe are making large investments for the development of efficient offshore energy infrastructure to cater to the growing demand for electricity. For instance, the New York government is planning to develop around 9,000 MW of offshore wind energy by the end of 2035, which will provide power to approximately 6 million homes. Offshore crane machines are utilized in the renewable energy industry to deploy large wind turbines in seawater. Offshore cranes offer enhanced precision and maximum safety while constructing large wind farms, supporting the market demand. The development of offshore cranes with anti-corrosion technology will further support the equipment adoption in renewable energy applications, attributing to the offshore crane industry expansion.
Increasing European government support to enhance the offshore wind energy production
Based on market insights, UK is one of the leading countries for offshore wind energy production with 1.3 GW of operational capacity across 15 wind farms in 2019. The UK government is planning to increase the offshore wind production to 18 GW by 2020 and 40 GW by 2030. The government is providing USD 38.5 million of direct government innovation support for offshore wind cost reduction and USD 36 million for offshore wind applications under the Environmental Transformation Fund (ETF). Moreover, in 2017, the Scottish government announced the target to deliver 100% renewable electricity by 2020. Similarly, in November 2018, the Northern Ireland executive introduced the target to deliver 40% renewable energy by 2020. Such factors are propelling the renewable energy industry update across Europe, thereby supporting the market growth.
The companies operating in the offshore cranes market share are focusing on offering new products and services to improve the overall efficiency and reliability of the equipment, providing positive outlook to the market. Players are introducing new offshore cranes with advanced technologies to gain maximum market opportunities. Moreover, market leaders are adopting several business expansion strategies, such as collaborations & partnerships, to expand their geographical reach and market share. For instance, in November 2019, Heila Cranes announced a strategic partnership with Albwardy Damen to expand its geographical presence in the Middle East region. Some of the key market players are Heila Group, Palfinger AG, Liebherr, Huisman Equipment, Kenz Figee, Seatrax, Inc., National Oilwell Varco, and MacGregor.
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