ID: MRFR/E&P/6973-HCR | February 2021 | Region: Global | 138 pages
Offshore Cranes Market size is projected to reach USD 26.21 Billion by 2025, with 9.01% CAGR between 2019 and 2025
The report for the global offshore Cranes market of Market Research Future research covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
Increasing offshore exploration and production activities, growing subsea construction vessel and offshore crane industry and increase in offshore spending across the globe are the major factors contributing to the growth of the global offshore cranes market during the forecast period. There has been a rise in the demand of offshore cranes in Asia-Pacific owing to significant oil and gas discoveries in the offshore basin in Australia, Gulf of Thailand, South China Sea. Moreover, high demand for offshore oil & gas from China and India is also expected to drive the offshore Cranes market. North America is expected to expand at a considerable pace followed by Asia-Pacific. Potential oilfield discovery across the globe act as an opportunity for the offshore cranes market players.
The Global Offshore Cranes Market is expected to grow at ~9.01% CAGR during the forecast period.
The Prominent players operating in the Global Offshore Cranes Market are Konecranes (Finland), Huisman Equipment B.V. (The Netherlands), Liebherr (Switzerland), National Oilwell Varco (US), Cargotec (Finland), Zoomlion (China), Manitowoc (US), Kenz Figee (the Netherlands), Palfinger (Austria), TEREX Corporation (US), Seatrax, Inc (US), XCMG Group (China), and American Crane and Equipment Corporation (US).
Segmentation: Global Offshore Cranes Market
The global offshore Cranes market is segmented based on design type, lifting capacity, duty cycle, type, end-use, and region. On the basis of design type, the global offshore cranes market has been segmented by knuckle boom, telescopic, lattice, and others. The knuckle boom segment is expected to hold the largest market share due to its designing features including internal and external lifts functions which help in adverse weather conditions owing to its stability, better operability, and reduction in the workload on operators. On the basis of lifting capacity, the global offshore cranes market has been segmented into up to 500 metric ton (mt), 500 – 3,000 mt, and above 3,000 mt. The 500-3000mt segment is expected to hold the largest market share during the forecast period due to increasing ports, shipyards, and offshore construction activities for lifting equipment up to 3000mt vessels.
Based on the duty cycle, the global offshore Cranes market is segmented as production duty, intermediate duty, and drilling duty. The drilling duty segment is expected to hold the largest market share in the offshore Cranes market owing to increasing offshore E&P activities which will eventually increase the demand for oil rigs. With increase in oil rigs, the market for rig construction equipment and construction vessels will also increase with an annual operating time of 5,000 hours, typically on mobile offshore drilling units (MODU) and floating structures, thereby boosting the demand for offshore cranes. On the basis of type, the global offshore cranes market is segmented as mobile crane, fixed crane, and marine & port crane. The marine & port crane segment is expected to hold the largest market share in the global offshore cranes market due to increasing subsea construction activities. On the basis of end-use, the global offshore Cranes market is segmented as oil & gas, mining, and others. The oil & gas segment is expected to hold the largest market share in the global offshore Cranes market due to the large number of production and exploration activities and significant discoveries of oil & gas in the offshore segment.
Geographically, the global offshore cranes market has been segmented into five major regions, namely North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-Pacific is estimated to holds the major market share during the forecast period, owing to increase in offshore exploration and production of oil and gas activities within countries such as China, Australia, Malaysia, and Thailand, which propels the growth of the offshore Cranes market in these countries during the forecast period.
Offshore cranes are elevating and rotating lifting devices that are used to transfer materials and personnel to or from marine vessels, structures, and barges. Suitable standards are used to design and manufacture offshore cranes. The major types of cranes include offshore pedestal cranes, marine cranes, subsea cranes, and marine pedestal crane. The offshore crane is used in offshore applications which include bottom-supported, floating platform, and ship-hulled vessels. It is also used in production & drilling operations, shipboard applications, and heavy-lift applications. Offshore cranes are also deployed along with other auxiliary components including offshore crane hooks, offshore crane parts, and pedestal mounted devices.
The Global Offshore Cranes Market size is projected to reach USD 26.21 Billion by 2025, with 9.01% CAGR between 2019 and 2025.
|Market Size||2025 : USD 26.21 Billion|
|CAGR||9.01% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Design Type, Lifting Capacity, Duty Cycle, Type, End-Use Industry|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Konecranes (Finland), Huisman Equipment B.V. (The Netherlands), Liebherr (Switzerland), National Oilwell Varco (US), Cargotec (Finland), Zoomlion (China), Manitowoc (US), Kenz Figee (the Netherlands), Palfinger (Austria), TEREX Corporation (US), Seatrax, Inc (US), XCMG Group (China), and American Crane and Equipment Corporation (US)|
|Key Market Opportunities||Rise in the demand of offshore cranes|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The expansion of subsea construction vessels is likely to direct the market’s success in the future.
An income of USD 26.21 Billion by 2025 is foreseen for the market in the impending period.
Together with a 9.01% CAGR is predicted to promote the market on a global scale.
Cargotec (Finland), Zoomlion (China), National Oilwell Varco (U.S.) and Manitowoc (U.S.) are the eminent contenders in the market.
The APAC region is estimated to establish dominance in the market through the forecast period.