The Offshore Crane Market size is poised to be worth around US$ 5.21 billion by 2026 with rising a CAGR of around 8.7% during the forecast period 2019 to 2026
LOS ANGELES, Jan. 31, 2020 (GLOBE NEWSWIRE) -- Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled “Offshore Crane Market (By Design Type: Knuckle Boom Crane, Telescopic Boom Crane, Lattice Boom Crane; By Lifting Capacity: 0-500mt, 500-3000mt, Above 3000mt; By Application: Oil & Gas, Marine, Renewable Energy, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
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Asia-Pacific dominated the global offshore crane market in the year 2018. The region has experienced the potential growth owing to the presence of offshore crane companies such as Zoomlion, Manitowoc, B Huisman, KenzFigee, and National Oilwell Varco among others. The growing offshore exploration projects and rising foreign direct investment in oil and gas sector is additionally accelerating the regional market growth. Moreover, technological advancement and increase in the number of applications, growing offshore drilling, increase in offshore crane production in China, India, and Japan and growing end user industries such as oil & gas, marine, and renewable energy are expected to enhance the market size. Furthermore, a recent discovery of oil & gas in offshore basin in Australia is leading to increased development, which, in turn, is driving the growth of the global offshore crane market. The emerging countries of the APAC region offer tremendous opportunities in the offshore crane market due to the growing subsea construction vessel and offshore crane industry in the region. The North America region is expected to exhibit a second-largest share in the offshore crane market. The increasing number of offshore exploration and production activities in the region rise the demand for offshore crane is expected to contribute to market growth. Additionally, growing demand for offshore crane in various end user applications, increase demand for production and consumption of offshore crane in this region further expected to further propel the growth of the market. The US has large research and development hub which increases the innovation and development in offshore crane and growing manufacturing base of offshore crane propels the market growth. This further grows the demand for offshore crane in the region over the forecast period.
Europe is expected to register highest CAGR during the forecast period. The growing construction industry, high research and development from offshore crane manufacturers, growth in production of offshore crane further expected to boosts the demand for offshore crane in the region during the forecast period.
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The oil & gas segment expected to grow at the fastest rate of 7.4% CAGR during the forecast period. Based on application, the global offshore crane market has been segmented into oil & gas, marine, renewable energy, and others. The growing government investment in oil and gas sector and increase in number of offshore projects. These factors are further expected to raise segment over the forecast period.
Knuckle boom crane segment dominated the offshore crane market on the basis of design type in the year 2018. The knuckle boom crane segment accounts of the largest share in the market and held for more than 35% of the total market in 2018. The major factors that are driving the growth of this segment are the rising demand safety in offshore project and growing construction industry, high efficiency, effective, low cost, and sturdy structure. This expected to enhance the dominance of the knuckle boom crane segment in the global market over the forecast period. The manufacturers Liebherr Group, Terex Corporation, Zoomlion, and Manitowoc are the mainly investing in the development of knuckle boom crane which expected the lead the market in the coming years.
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Some of the leading competitors are KenzFigee, National Oilwell Varco, Palfinger AG, Seatrax, Inc., PLM Cranes B.V., Cargotec, Konecranes, Liebherr Group, Terex Corporation, and Zoomlion, Manitowoc, B Huisman.
Some of the key observations regarding offshore crane industry include:
- In August 2019, Liebherr Group developed ram luffing knuckle boom crane series.This new knuckle boom cranes are equipped with path control and machine assistant system for better optimization of crane movement.
- In September 2019, Liebherr Group announces delivery of three offshore cranes to ENM KOREA & PRO DGS Shipyard. The three offshore cranes, consisting of two ram luffing cranes, type RL 1500 and a board offshore crane, type BOS 14000 are delivered to ENM Korea & Pro DGS in Turkey.
- In July 2019, Navtech Marine Services signed contract agreement with Liebherr Group. The agreement focuses on delivery of 75 tonne capacity Liebherr crane delivered to Navtech Marine Services.
- In November 2019, Thunder Cranes launched new offshore portable modular crane. This new crane has enhanced boom section connectors, combined turret and sub-base.
- In January 2017, Columbus McKinnon acquired STAHL Crane Systems, a leading manufacturer of hoist and crane parts and component. This acquisition helped the company to enhance its customer base in Europe and North America.
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