SAN FRANCISCO, Oct. 21, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Offshore Cranes - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: April 2021
Executive Pool: 462
Companies: 42 - Players covered include Cargotec Corporation; Huisman Equipment B.V.; Kenz Figee Group; Konecranes; Liebherr Group; Manitowoc Co., Inc.; National Oilwell Varco, Inc.; PALFINGER AG; Terex Corporation; Zoomlion Heavy Industry Science & Technology Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Application (Oil rig cranes, Marine cranes, Other Applications); Design Type (Knuckle, Telescopic, Lattice, Other Design Types); Lifting Capacity (0-500mt, 500-3000mt, above 3000mt)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Offshore Cranes Market to Reach $30.1 Billion by 2026
Amid the COVID-19 crisis, the global market for Offshore Cranes estimated at US$19.3 Billion in the year 2020, is projected to reach a revised size of US$30.1 Billion by 2026, growing at a CAGR of 7.5% over the analysis period. Oil rig cranes, one of the segments analyzed in the report, is projected to record a 7.9% CAGR and reach US$10.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Marine cranes segment is readjusted to a revised 6.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $5.6 Billion in 2021, While China is Forecast to Reach $6.5 Billion by 2026
The Offshore Cranes market in the U.S. is estimated at US$5.6 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$6.5 Billion by the year 2026 trailing a CAGR of 11.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 6.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR. More
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