Offshore Crane Market is Likely to Witness a Substantial Growth Through 2025
Increasing subsea
construction activities and growing demand for renewable energy are acting as
key growth drivers for global offshore crane market.
According
to TechSci Research report, “Global Offshore
Crane Market By Design Type (Knuckle Boom, Telescopic Boom, Lattice Boom
and Others), By Application (Oil Rig Cranes, Marine Cranes and Others), By
Lifting Capacity (500-3,000mt Lifting Capacity and Above 3,000mt Lifting
Capacity), By Region, Forecast & Opportunities, 2025”, the market is anticipated to witness
a CAGR of around 7% during the forecast period. Increasing subsea construction
activities and growing demand for offshore cranes by various end user
industries are acting as major growth driver for global offshore crane market.
Moreover, rising demand for oil & gas around the world, speedy renewable
energy development and increasing investments by various economies in oil &
gas reserves are also creating profitable growth opportunities for offshore
crane market. In addition to this, the growth of global offshore crane market
can also be attributed to rising offshore exploration activities and
investments by various governments on energy sources. With increasing R&D
activities being conducted by offshore crane manufactures, the market is poised
to grow significantly through 2025.
Furthermore, rapid urbanization and rising
infrastructural development in emerging economies is supporting the growth of
global offshore crane market. Also, ongoing technological advancement is
expected to positively impact the market growth in coming years. Additionally, rapid
industrialization activities coupled with focus of manufactures on innovation
are some other key factors fueling the global offshore crane market growth.
However, high entry barriers for new companies and declining offshore support vessel
demand is likely to hamper the market growth. Moreover, associated environmental
risk are also anticipated to restrain the growth of global offshore crane
market.
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Global
offshore crane market is segmented based on design type, application, lifting
capacity, company, and region. Based on design type, the market has been
categorized into knuckle boom, telescopic boom, lattice boom and others. Among
them, the lattice boom design for offshore crane is expected to dominate the
market during the forecast period on account of growing development of new
projects of offshore wind turbines. However, the knuckle boom segment is poised
to witness fastest growth in coming years as they are widely being used to perform
safe & efficient pipe handling operations by various end use industries.
Based
on application, the global offshore
crane market can be categorized into oil rig cranes, marine cranes, and others.
Among them, the oil ring cranes are expected to dominate the global market
during the forecast period due to increasing investments in offshore drilling
projects by various economies and petroleum companies. Moreover, oil ring
cranes are also being used for pipe maintenance and other repair applications.
Major players operating in the global offshore
crane market are Zoomlion, Huisman, TEREX Corporation, Kenz Figee, Palfinger,
National Oilwell Varco, Manitowoc, Liebherr, Cargotec and Konecranes. Leading
companies are adopting growth strategies such as mergers &acquisitions,
partnerships, joint ventures, strategic partnerships & collaborations, and
new product development to strengthen their position in global offshore crane
market.
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“Increasing
demand for electricity in world’s most populated countries i.e. India and China
are making Asia Pacific most profitable market for offshore crane
manufacturers. The focus of government in these economies is on development of
new renewable energy sources which is expected to result in spiking demand for
offshore cranes in coming years. Apart from that, the development of new
offshore wind farms in Australia is also expected to make Asia Pacific a
dominating market through 2025,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Offshore Crane Market By Design Type (Knuckle
Boom, Telescopic Boom, Lattice Boom and Others), By Application (Oil Rig
Cranes, Marine Cranes and Others), By Lifting Capacity (500-3,000mt Lifting
Capacity and Above 3,000mt Lifting Capacity), By Region, Forecast & Opportunities,
2025” has evaluated the future growth potential of offshore
crane market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in global offshore crane market.
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