Floating Crane Market is expected to grow at a CAGR of 4.2% from 2022 to 2028

Floating Crane Market

The global floating crane market size was valued at US$ 874.3 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2021 to 2028. Floating cranes are used in various industries such as ports, oil and gas, and construction, among others. The growth of the global floating crane market is driven by factors such as increasing demand for cargo transportation through waterways and the growing offshore oil and gas industry.

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Market Drivers:

The global floating crane market is driven by several factors, including:

Increasing demand for cargo transportation through waterways:

The demand for cargo transportation through waterways is increasing due to the advantages it offers, such as cost-effectiveness, fuel efficiency, and reduced carbon emissions. Floating cranes are an essential component of cargo transportation through waterways, as they facilitate the loading and unloading of cargo from ships and barges.

Growing offshore oil and gas industry:

The offshore oil and gas industry is growing due to the increasing demand for oil and gas, coupled with the depletion of onshore reserves. Floating cranes are used in the offshore oil and gas industry for various activities, such as platform installation, maintenance, and decommissioning.

Expansion of port infrastructure:

The expansion of port infrastructure is driving the demand for floating cranes. Ports are expanding their capacity to accommodate larger vessels, and floating cranes are required to handle the increased cargo volume.

Market Players- 

• Konecranes Plc
• Techcrane International, LLC
• Cargotec OYJ
• Huisman Equipment B.V.
• Kenz Figee Group
• Palfinger AG
• Mitsui Group
• Fincantieri - Cantieri Navali Italiani S.p.A.
• Hyundai Heavy Industries Co., Ltd.
• IHI Transport Machinery Co.,Ltd.

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Market Restraints:

The global floating crane market is also restrained by several factors, including:

High capital and maintenance costs:

Floating cranes are expensive to purchase and maintain. The high capital and maintenance costs are a significant barrier to entry for small and medium-sized enterprises (SMEs).

Environmental concerns:

The use of floating cranes can have environmental impacts, such as noise pollution, water pollution, and habitat destruction. This has led to increased regulatory scrutiny and may limit the growth of the market.

Market Segmentation:

The global floating crane market can be segmented by type, application, and region.

By Type:

• Sheerleg
• Barge
• Crane Ship

By Application:

• Ports
• Offshore Oil and Gas
• Construction
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

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Regional Analysis:

The Asia Pacific region dominates the global floating crane market, accounting for the largest market share in 2020. The region is expected to continue its dominance during the forecast period due to the increasing demand for cargo transportation through waterways and the growing offshore oil and gas industry. China, Japan, and South Korea are the major markets in the region.

The North American region is expected to grow at a significant rate during the forecast period due to the expansion of port infrastructure and the increasing demand for offshore oil and gas activities.

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