Global Offshore Cranes Market: Introduction
- Offshore cranes are lifting devices, which are used to transfer materials and personnel to or from marine vessels, barges, and structures
- Deep sea oil & gas exploration and production activities have been rising since the last two years. There has also been a rise in offshore wind projects. These require lifting of equipment. Companies are also investing significantly in the development of cranes, which can withstand the harsh offshore environment as well as lift heavy load.
Key Drivers of Global Offshore Cranes Market
- Significant rise in offshore oil & gas discovery in Latin America and North America is estimated to be a key driver of the global offshore crane market. New oil & gas discovery has occurred over the last couple of years, particularly in the regions mentioned above. This is expected to boost the demand for offshore cranes in the near future.
- Increase in investment in offshore wind farm projects is also expected to drive the global offshore cranes market. Rise in demand for green energy and offshore wind farms is anticipated to play a vital role in power generation. These structures need to install heavy equipment on site. Cranes are thus required to lift the heavy equipment. This is estimated to boost the demand for offshore cranes in the near future.
Global Offshore Cranes Market: Segmentation
- The global offshore cranes market can be segmented based on type, structure, capacity, and application
- Based on type, the global offshore cranes market can be divided into knuckle boom crane, lattice boom crane, telescopic boom crane, and others. In terms of demand, the knuckle boom crane segment is expected to expand at a faster pace in the near future, as these cranes have more stability and are easy to operate.
- In terms of structure, the global offshore cranes market can be segregated into bottom supported and floating platform. The bottom supported segment is anticipated to expand at a fast-paced CAGR during the forecast period owing to the rise in demand from end-users.
- Based on capacity, the global offshore cranes market can be divided into up to 1,000 MT, 1,000 MT to 2,000 MT, 2,000 MT to 3,000 MT, and above 3,000 MT. 2,000 MT to 3,000 MT and above 3,000 MT segments are expected to expand at a faster pace in the near future. This can be ascribed to the high demand for these cranes to perform heavy-duty deployments such as erection of wind parks or assembly of oil rigs.
- In terms of application, the global offshore cranes market can be classified into oil & gas, renewable energy, and others. The oil & gas segment dominates the global offshore cranes market. However, the renewable energy segment is anticipated to expand at a fast-paced CAGR during the forecast period owing to the rise in development of offshore wind farms across the world.
Global Offshore Cranes Market: Regional Outlook
- Based on region, the global offshore cranes market can be split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America dominated the global offshore cranes market in 2020. The market in the region is expected to expand at a significant pace during the forecast period. This can be ascribed to the increase in investment in offshore oil & gas industry in the region. Furthermore, the U.S. is a leading producer of oil and gas across the globe.
- Asia Pacific and Latin America are also leading regions in terms of demand for offshore cranes. This can be ascribed to the increase in offshore activities in these regions.
- The market in Europe is projected to expand at a significant CAGR in the near future. This can be ascribed to an increase in investment in offshore wind energy projects in the region. Europe is one of the leading regions in offshore wind energy projects, where offshore cranes are required in the installation of wind turbines.
- Middle East & Africa is also a key region of the global offshore cranes market, led by the presence of offshore oil reservoirs in Africa
- Rapid transmission of coronavirus is significantly impacting the global offshore cranes market. This can be ascribed to the restriction in movement of goods as well as personnel. However, investment in renewable energy increased across the globe in late 2020 owing to supportive governmental policies. Many private players are investing in offshore wind farms projects. Thus, the market is expected to recover in the next few months.
Key Players Operating in Global Offshore Cranes Market
- Cargotec Corporation
- NOV Inc.
- Terex Cranes
- Huisman Equipment B.V.
- Kenz Figee
- PALFINGER AG
- HEILA Cranes S.p.a.
Global Offshore Cranes Market: Research Scope
Global Offshore Cranes Market, by Type
- Knuckle Boom Crane
- Lattice Boom Crane
- Telescopic Boom Crane
Global Offshore Cranes Market, by Structure
- Bottom Supported
- Floating Platform
Global Offshore Cranes Market, by Capacity
- Up To 1,000 MT
- 1,000 MT to 2,000 MT
- 2,000 MT to 3,000 MT
- Above 3,000 MT
Global Offshore Cranes Market, by Application
- Oil & Gas
- Renewable Energy
Global Offshore Cranes Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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