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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

COVID-19 Impact

  • 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
  • Konecranes
  • Liebherr
  • NOV Inc.
  • Terex Cranes
  • Huisman Equipment B.V.
  • Kenz Figee
  • PALFINGER AG
  • MELCAL
  • 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
  • Others

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
  • Others

Global Offshore Cranes Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Norway
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Nigeria
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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