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Offshore Crane Market Trends 2020 By Industry Players Liebherr Group, National Oilwell Varco, Huisman Equipment, Konecranes, PALFINGER Group

04-15-2020 11:35 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Insights, Inc

/ PR Agency: GMI
Offshore Crane Market

Offshore Crane Market

The size of the overall Offshore Crane Market was recorded at USD 2.5 billion in the year 2018 and is now projected to surpass around USD 5 billion by 2026. The ongoing exploration of new offshore oil & gas fields will surge the demand for offshore cranes.

The growing demand for maintenance & repair of oil & gas extraction systems will drive the offshore crane market growth. The equipment is primarily used in the maintenance & repair of oil extraction pipes. Increasing investments in subsea construction projects are compelling the demand for offshore cranes with high lifting capacity and maximum safety. In November 2019, National Petroleum Construction Company (NPCC) announced an investment of USD 89.8 million to boost subsea construction projects in the UAE.

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The North America offshore crane market is anticipated to grow over the forecast timeline owing to the increasing demand for electricity across the region. The U.S. government is primarily focusing on generating maximum electricity from renewable energy sources including offshore wind. In 2019, Vineyard Wind proposed an 800 MW wind farm project in Massachusetts to provide power to more than 400,000 homes with clean energy. The company is expected to invest approximately USD 2.8 billion for the project development.

Top Industry Players are -

o Konecranes,
o Liebherr Group,
o Cargotec Corporation,
o Heila Cranes,
o Huisman Equipment B.V.,
o Kenz Figee Group,
o National Oilwell Varco,
o Palfinger AG,
o PLM Cranes B.V.,
o Seatrax, Inc.,
o Sormec, ZPMC

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The demand for knuckle boom cranes is expected to rise significantly over the forecast timeline due to their low maintenance requirements and maximum efficiency. These cranes are used in marine applications for loading & unloading operations. Knuckle cranes offer enhanced strength & flexibility, thereby increasingly being used in marine as well as oil & gas industries. Increasing spending on the construction of new port & harbors is further expected to propel the demand for offshore cranes over the forecast timeline.

The demand for heavy-duty offshore cranes with the lifting capacity of above 5,000 mt is expected to rise over the next years due to their ability to perform complex operations in harsh working conditions. The equipment is primarily used in the construction of large oil & gas as well as wind farm projects in offshore environments. Increasing government initiatives to promote renewable energy will drive the equipment demand, majorly in Asia Pacific, Europe, and the MEA regions.

Key players operating in the offshore crane market are Palfinger AG, Heila Group, Liebherr, National Oilwell Varco, Kenz Figee, Huisman Equipment, Seatrax, Inc., and MacGregor.

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