|
Forecast Period
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2024-2028
|
|
Market Size (2022)
|
USD 8.51 Billion
|
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CAGR (2023-2028)
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3.85%
|
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Fastest Growing Segment
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Oil and Gas
|
|
Largest Market
|
Asia Pacific
|
Market Overview
Global Onshore Crane market has valued at USD 8.51 Billion in 2022 and
is anticipated to project robust growth in the forecast period with a CAGR of 3.85%
through 2028. Onshore Cranes are commonly used in the oil and gas sector for
various tasks such as lifting and moving heavy equipment, maintenance of
offshore rigs, and subsea operations. Therefore, the performance of the Onshore
Crane market is closely tied to the health of the oil and gas industry.
Key Market Drivers
Rising Offshore Wind Energy will help with Onshore Crane Market growth.
The global Onshore Crane market is experiencing a significant surge in
demand, primarily driven by the booming offshore wind energy sector. Offshore
wind energy has emerged as a leading source of renewable power generation, and Onshore
Cranes are playing a pivotal role in the installation, maintenance, and
operation of wind turbines at sea. One of the primary drivers behind the growth
of offshore wind energy is the global shift towards cleaner and more
sustainable sources of electricity. Offshore wind farms harness the powerful
and consistent winds over open waters, providing a substantial and reliable
source of renewable energy. As governments and industries worldwide commit to
reducing carbon emissions and combatting climate change, offshore wind energy
projects are proliferating.
Onshore Cranes are essential in the construction phase of offshore wind
farms. They are responsible for lifting and positioning massive wind turbine
components, such as towers, nacelles, and rotor blades, onto fixed or floating
foundations. These components are often extremely heavy and require precision
placement in challenging offshore conditions. As wind farms move into deeper
waters and employ larger turbines, the demand for specialized and high-capacity
Onshore Cranes continues to rise. Maintenance and servicing of offshore wind
turbines are ongoing activities to ensure optimal energy production. Onshore
Cranes are indispensable for accessing and maintaining these turbines,
especially in harsh marine environments. Regular inspections, repairs, and
component replacements are essential to maximize the operational lifespan of
wind turbines. Consequently, Onshore Crane providers are experiencing sustained
demand for their equipment and services in the wind energy sector.
Furthermore, technological advancements in Onshore Crane design,
including improved automation, remote operation capabilities, and enhanced
safety features, are further fueling their adoption in the offshore wind
industry. These innovations enhance the efficiency and safety of wind farm
operations while reducing downtime and operational risks. In conclusion, the
rising offshore wind energy sector is a powerful driver of the global Onshore
Crane market. As the world increasingly embraces renewable energy sources, Onshore
Cranes will continue to play a pivotal role in supporting the construction and
maintenance of offshore wind farms. This trend is expected to persist as
countries strive to meet their clean energy goals and reduce their reliance on
fossil fuels, ensuring a bright future for the Onshore Crane industry.
Oil and Gas Exploration and Production Have Played a Crucial Role in The
Growth of The Onshore Crane Market
Oil and gas exploration and production have historically been
significant drivers of the global Onshore Crane market, and they continue to
play a pivotal role in shaping the industry. Onshore Cranes are indispensable
tools in the extraction and processing of hydrocarbons from beneath the ocean
floor. Here, we delve into how and why this sector remains a driving force for Onshore
Crane demand. Firstly, Onshore Cranes are fundamental to the installation,
maintenance, and operation of oil and gas platforms and rigs situated in remote
and challenging offshore environments. These cranes are responsible for
hoisting heavy equipment, supplies, and personnel, facilitating the seamless
functioning of these critical facilities. As global energy demand persists, oil
and gas companies seek to tap into deeper, more complex offshore reserves,
necessitating advanced crane solutions capable of withstanding extreme
conditions.
Furthermore, as the industry navigates the transition towards more
sustainable practices, Onshore Cranes are instrumental in the decommissioning
of older oil and gas infrastructure. These cranes are used to safely remove and
transport heavy equipment and structures from the seabed, minimizing
environmental impact. The responsible dismantling of offshore installations is
becoming increasingly important, driven by stricter environmental regulations
and a growing focus on corporate social responsibility. Moreover, emerging
markets and regions with untapped offshore oil and gas potential are driving
the demand for Onshore Cranes. Countries in Africa, Latin America, and
Southeast Asia, for instance, are ramping up exploration and production
activities. This expansion opens up new opportunities for crane manufacturers
and service providers.
Technological advancements in Onshore Crane design and automation are
also enhancing the efficiency and safety of oil and gas operations. These
innovations cater to the industry's growing need for precision and productivity
in challenging offshore environments. In conclusion, oil and gas exploration
and production are enduring drivers of the global Onshore Crane market. As
energy demand persists, operations move to deeper waters, and environmental
considerations become paramount, the demand for advanced Onshore Cranes will
remain robust. Crane manufacturers and service providers must continue to
innovate to meet the evolving needs of the oil and gas industry and ensure the
safe and efficient extraction of hydrocarbons from offshore reserves.
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Key Market Challenges
Economic Uncertainty
Economic uncertainty is a formidable challenge that can indeed hamper
the global Onshore Crane market. This uncertainty can manifest in various ways
and impact the market's stability and growth potential. Firstly, the Onshore
Crane market is highly capital-intensive. Investments in offshore projects,
which are the primary drivers of crane demand, often involve significant
financial commitments. In times of economic uncertainty, investors and
companies may become more cautious about allocating capital to such projects.
This can lead to delays or cancellations of offshore operations, directly
affecting the demand for Onshore Cranes.
Additionally, economic instability can influence oil and gas prices,
which, as mentioned earlier, are closely linked to the Onshore Crane market.
Lower oil prices due to economic downturns can result in reduced exploration
and production activities, leading to decreased demand for Onshore Cranes. Moreover,
financing for large offshore projects may become more challenging to secure
during periods of economic uncertainty. Banks and financial institutions may be
hesitant to provide loans or funding for offshore ventures, further hindering
project development and crane procurement. Supply chain disruptions can also
arise during economic crises. Manufacturers of Onshore Cranes rely on a global
network of suppliers for components and materials. Any disruptions in the
supply chain, whether due to economic factors or external shocks, can lead to
delays in crane production and project execution.
Furthermore, economic uncertainty can affect the overall business
confidence of companies involved in the offshore industry. This can lead to a
conservative approach to operations, reduced risk-taking, and a reluctance to
embark on new offshore ventures. In conclusion, economic uncertainty can indeed
pose significant challenges to the global Onshore Crane market. To mitigate
these challenges, companies in this sector need to diversify their offerings,
target emerging markets, and maintain financial flexibility to adapt to
changing economic conditions. Additionally, governments' economic policies and
industry incentives can play a critical role in stabilizing and supporting the Onshore
Crane market during periods of economic uncertainty.
Oil Price Volatility
Oil price volatility has a significant impact on the global Onshore
Crane market. The Onshore Crane industry is closely intertwined with the oil
and gas sector, and fluctuations in oil prices can have both direct and indirect
effects on the demand for Onshore Cranes. When oil prices are high and stable,
oil and gas companies tend to increase their exploration and production
activities, especially in offshore fields. This drives the demand for Onshore
Cranes for tasks like lifting heavy equipment, loading and unloading cargo, and
maintaining offshore platforms. Companies are more willing to invest in
expensive offshore projects when they can anticipate strong returns.
Conversely, when oil prices experience sharp declines or extreme
volatility, oil and gas companies often cut back on their capital expenditures.
They may delay or cancel offshore projects, leading to reduced demand for Onshore
Cranes. In times of economic uncertainty, companies tend to prioritize cost-saving
measures over expansion. Moreover, oil price volatility can affect the
financial stability of companies operating in the oil and gas sector. This can
lead to delays in project timelines, payment disputes, and financial
difficulties for crane suppliers, potentially disrupting the supply chain.
However, it's important to note that the Onshore Crane market is not
solely dependent on the oil and gas industry. The growth of renewable energy,
particularly offshore wind farms, presents a counterbalance to the market's
sensitivity to oil price fluctuations. As the world shifts towards cleaner
energy sources, the demand for Onshore Cranes in the renewable energy sector
can help mitigate the impact of oil price volatility. In conclusion, while oil
price volatility does pose a significant challenge to the global Onshore Crane
market, the industry's diversification into renewable energy and continued
innovation can help it navigate these challenges and maintain long-term growth.
Companies in the sector need to remain adaptable and agile in response to
changing market conditions.
Key Market Trends
Technological Advancements
The increased adoption of Digital Twin Technology is poised to be a
major driver of the Global Onshore Crane market. Digital twin technology
involves creating virtual replicas of physical assets, systems, or processes,
and it has been gaining traction across various industries, including oil and
gas. In this context, digital twins are revolutionizing the way reservoirs are
understood and managed, and their synergy with digital rock analysis is a
game-changer.
Digital twins for reservoirs involve creating highly detailed digital
replicas of subsurface reservoirs. These digital twins are not static; they are
dynamic, data-rich models that evolve in real-time as new data becomes
available. They incorporate a multitude of data sources, including digital rock
analysis data, geophysical data, production data, and more. Here's how the
increased adoption of digital twin technology is driving the Digital Rock
Analysis market in the oil and gas sector:
Real-Time Monitoring: Digital twins allow oil and gas companies to
monitor reservoirs in real-time, facilitating early detection of changes in
reservoir conditions and the immediate implementation of mitigation measures, Data
Integration: These digital replicas seamlessly integrate digital rock analysis
data, providing a holistic view of the reservoir's properties, pore structures,
and fluid dynamics. This integration enhances reservoir characterization and
decision-making.
As the oil and gas industry seeks to optimize its operations, reduce
costs, and improve sustainability, the adoption of digital twin technology, in
conjunction with digital rock analysis, is poised to drive innovation and
transformation in reservoir management and exploration. This trend is likely to
have a substantial impact on the Global Onshore Crane market in the coming
years.
Heavy Lift Capabilities
Heavy lift capabilities are poised to be a driving force in the global Onshore
Crane market. This trend is fundamentally reshaping the industry as it
addresses the increasing demands of offshore projects, particularly in the
realms of offshore wind energy and deepwater oil and gas exploration. In the
offshore wind energy sector, heavy lift capabilities are critical for the
installation of larger and more powerful wind turbines. These turbines,
designed to harness strong offshore winds, require the transportation and
placement of substantial components such as towering structures, massive nacelles,
and lengthy rotor blades. Onshore Cranes with the capacity to handle these
colossal loads efficiently are indispensable. Their ability to perform these
heavy lifts enhances the feasibility and cost-effectiveness of offshore wind
farm projects, thereby driving the market.
Similarly, in the realm of deepwater oil and gas exploration, the demand
for heavy lift Onshore Cranes is soaring. As exploration and production
ventures extend into deeper waters, the complexity of operations intensifies.
Heavy subsea structures, equipment, and modules must be transported,
positioned, and maintained. Onshore Cranes with robust lifting capabilities are
vital for these tasks, ensuring safety, efficiency, and timely project
execution. The significance of heavy lift capabilities extends beyond sheer
lifting power. It encompasses versatility, safety, and cost-efficiency, making
these cranes indispensable tools for offshore industries. Consequently,
competition among crane manufacturers in delivering innovative heavy lift
solutions is intensifying, further propelling the market's growth.
In conclusion, heavy lift capabilities are a compelling force driving
the global Onshore Crane market. With their ability to meet the growing demands
of offshore projects, particularly in offshore wind energy and deepwater oil
and gas exploration, cranes equipped with heavy lift capabilities are poised
for sustained relevance and market expansion.
Segmental Insights
Application Insights
The market's largest
contribution will be the Oil and Gas Segment. The oil and gas industry deploys Onshore
Cranes to assemble, repair, and supply oil and gas extraction systems. The
performance capacity, size, and way the Onshore Cranes are constructed vary
according to the individual requirements. The Onshore Crane is an integral part
of an oil rig. The crane is used for daily operations like lifting drill pipes
and casing, lifting maintenance equipment from the ships, and many more
day-to-day operations. In November 2021, Sparrows Group has secured an additional
contract with India’s Oil and Natural Gas Corporation (ONGC) to refurbish eight
offshore pedestal cranes. Work on the project is expected to complete by the
end of 2022.
Thus, the oil and
gas segment is expected to dominate the Onshore Crane market during the
forecast period.
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Regional Insights
Asia Pacific has established itself as the leader in the Global Onshore
Crane Market with a significant revenue share in 2022.
The Asia-Pacific
region is expected to witness the fastest growth rate in the Onshore Crane
market, with China being the largest market. The rising demand for oil &
gas and offshore renewable energy, especially Asia-Pacific region, is expected
to gain considerable momentum. Countries such as China and India are some of
the significant markets for offshore renewable energy developments in the
region, along with substantial installations from offshore wind energy.
In April 2021, Red
Rock Marine AS signed a contract to deliver a 30T compact telescopic Onshore
Crane for the OHT offshore wind foundation installation vessel, Alfa Lift. The
ship is currently being built at China's China Merchant Heavy Industry
shipyard. Hence, owing to the above points, Asia-Pacific is expected to be the
fastest-growing market for Onshore Crane market during the forecast period.
Recent Developments
- In November 2021,
KenzFigee signed a contract with Iv-Offshore and Energy to develop an electric
hydraulic ram luffing Onshore Crane. The crane will be installed on an HVDC
(High Voltage Direct Current) offshore converter platform on a Sofia offshore
wind farm situated on Dogger Bank in the North Sea.
- In February 2022,
Sparrows Group announced a three-year contract award from Serica Energy for
crane operations and maintenance services on the North Sea platform, Bruce,
United States. The company will provide resident focal points, onshore
engineering, operation, and maintenance services, including on-site engineering
and technical support, refurbishment and repairs, and lifting equipment
inspection.
Key Market Players
- Liebherr
Group
- Kenz
Figee Group
- Heila
Cranes SpA
- Huisman
Equipment B.V.
- Cargotec
Corporation
- Sparrows
Offshore Group Limited
- Konecranes
- NOV Inc.
- The
Manitowoc Company, Inc.
- Seatrax,
Inc.
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By Type
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By Lifting Capacity
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By Application
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By Region
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- Board Onshore Cranes
- Knuckle Boom Crane
- Telescopic Boom Crane
- Lattice Boom Crane
- Luffing Crane
- Others
|
- 0 - 500 MT
- 500 - 2,000 MT
- 2,000 - 5,000 MT
- Above 5,000 MT
|
- Oil and Gas
- Renewable Energy
- Other
|
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
|
Report Scope:
In this report, the Global Onshore Crane Market has been segmented into the
following categories, in addition to the industry trends which have also been
detailed below:
- Onshore Crane Market, By Type:
o Board Onshore Cranes
o Knuckle Boom Crane
o Telescopic Boom Crane
o Lattice Boom Crane
o Luffing Crane
o Others
- Onshore Crane Market, By Lifting Capacity:
o 0 - 500 MT
o 500 - 2,000 MT
o 2,000 - 5,000 MT
o Above 5,000 MT
- Onshore Crane Market, By Application:
o Oil and Gas
o Renewable Energy
o Other
- Onshore Crane Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Asia-Pacific
§ China
§ India
§ Japan
§ South Korea
§ Indonesia
o Europe
§ Germany
§ United Kingdom
§ France
§ Russia
§ Spain
o South America
§ Brazil
§ Argentina
o Middle East & Africa
§ Saudi Arabia
§ South Africa
§ Egypt
§ UAE
§ Israel
Competitive Landscape
Company Profiles: Detailed
analysis of the major companies present in the Global Onshore Crane Market.
Available Customizations:
Global Onshore Crane Market report with the given market data, Tech Sci
Research offers customizations according to a company's specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of
additional market players (up to five).
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