Offshore Crane Market to hit $3 BN by 2027, Says Global Market Insights Inc.

SELBYVILLE, Del., Jan. 18, 2022 /PRNewswire/ -- The offshore crane market is expected to surpass USD 3 billion by 2027, as reported in a research study by Global Market Insights Inc. The ongoing subsea construction and oil exploration activities will propel the industry demand. The COVID-19 pandemic negatively impacted the offshore cranes market ecosystem. OEMs faced numerous challenges related to equipment production due to the shortage of raw materials and components. A decline in market demand led by stringent lockdowns in several countries, postponement in investment activities, and shortage of workers had adversely affected the revenue of market players in the offshore crane industry.

The lattice boom crane segment share is expected to grow steadily owing to its ability to be installed on fixed and movable platforms in offshore applications. These cranes can deliver enhanced cargo handling performance in tough and corrosive offshore environments. Advanced models of lattice boom cranes provide safe access to all parts of the crane through walkways and ladders with ergonomically located emergency exit points that are easy to access. The compact size of a lattice boom crane allows enhanced outreach without occupying a large area on the floating or fixed platform, augmenting its adoption in offshore industries.

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The North America offshore crane market is anticipated to grow by 2027 due to the high demand for electricity across the region. The proliferation of technologically advanced devices and smart homes in the country is creating a robust demand for renewable sources of energy. Increasing government investments in this sustainable source of energy are creating a robust market opportunity for offshore cranes in the construction of wind farms. For instance, in April 2020, the U.S. Department of Energy allocated USD 20 million for the development of the offshore wind energy sector.

Market players are focusing on new product development and adopting several strategies, such as mergers & acquisitions, partnerships & collaborations, to capture a high revenue share. For instance, in September 2019, National Oilwell Varco, Inc. signed a contract with Japan-based, Shimizu Corporation for offshore wind turbine installation vessels. As a part of this contract, the company provided offshore cranes to the project. This move aided the company to increase its market representation in Japan.

Some major findings of the offshore crane market report include:

The growing emphasis on renewable energy owing to increasing urbanization and rising world population will drive the market demand for offshore cranes in renewable energy applications.

Growing domestic exploration activities for natural gas in China have created a demand for the offshore crane market. The exploration is carried out to focus on mid to large discoveries of oil & gas. Advanced technologies are used in the exploration and discovery of oil & gas reserves, which help operators to know the exact location of the underlying natural resources and extract fossils more efficiently.

Telescopic boom cranes offer extended outreach and precise placement & pick-up of heavy objects. These factors contribute to their increasing adoption in the offshore industry. These cranes can be set up in comparatively less time, making them ideal for emergency offshore operations.

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

Market players are emphasizing on product and price differentiation strategies to gain a competitive advantage over rivals. They offer advanced equipment integrated with advanced features to enhance the overall reliability and energy efficiency.

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Partial chapters of report table of contents (TOC):

Chapter 2 Executive Summary

2.1  Offshore crane industry 360° synopsis, 2016 – 2027

2.1.1  Business trends

2.1.2  Type trends

2.1.3  Lifting capacity trends

2.1.4  Application trends

2.1.5  Regional trends

Chapter 3 Offshore Crane Market Insights

3.1  Industry segmentation

3.2  Impact of COVID-19 on offshore crane industry landscape

3.2.1  Global Outlook

3.2.2  Regional Impact

3.2.3  Industry Value Chain

3.2.4  Competitive Landscape

3.3  Industry ecosystem analysis

3.4  Technology & innovation landscape

3.5  Regulatory landscape

3.6  Industry impact forces

3.6.1  Growth drivers

3.6.2  Industry pitfalls & challenges

3.7  Growth potential analysis

3.8  Porter's analysis

3.9  PESTEL analysis

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Global Market Insights Inc.
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SOURCE Global Market Insights Inc.