Press release
Offshore Crane Market 2020 Top Trends, Revenue Forecast By Industry Players Konecranes, Liebherr Group, National Oilwell Varco, Huisman Equipment, PALFINGER Group
Offshore Crane Market
The growing demand for maintenance & repair of oil & gas extraction systems will drive the offshore crane market growth. The equipment is primarily used in the maintenance & repair of oil extraction pipes. Increasing investments in subsea construction projects are compelling the demand for offshore cranes with high lifting capacity and maximum safety. In November 2019, National Petroleum Construction Company (NPCC) announced an investment of USD 89.8 million to boost subsea construction projects in the UAE.
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The North America offshore crane market is anticipated to grow over the forecast timeline owing to the increasing demand for electricity across the region. The U.S. government is primarily focusing on generating maximum electricity from renewable energy sources including offshore wind. In 2019, Vineyard Wind proposed an 800 MW wind farm project in Massachusetts to provide power to more than 400,000 homes with clean energy. The company is expected to invest approximately USD 2.8 billion for the project development.
Top Industry Players are -
o Konecranes,
o Liebherr Group,
o Cargotec Corporation,
o Heila Cranes,
o Huisman Equipment B.V.,
o Kenz Figee Group,
o National Oilwell Varco,
o Palfinger AG,
o PLM Cranes B.V.,
o Seatrax, Inc.,
o Sormec, ZPMC
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The demand for knuckle boom cranes is expected to rise significantly over the forecast timeline due to their low maintenance requirements and maximum efficiency. These cranes are used in marine applications for loading & unloading operations. Knuckle cranes offer enhanced strength & flexibility, thereby increasingly being used in marine as well as oil & gas industries. Increasing spending on the construction of new port & harbors is further expected to propel the demand for offshore cranes over the forecast timeline.
The demand for heavy-duty offshore cranes with the lifting capacity of above 5,000 mt is expected to rise over the next years due to their ability to perform complex operations in harsh working conditions. The equipment is primarily used in the construction of large oil & gas as well as wind farm projects in offshore environments. Increasing government initiatives to promote renewable energy will drive the equipment demand, majorly in Asia Pacific, Europe, and the MEA regions.
Some major findings of the offshore crane market report include:
o These machines are primarily used due to their high precision in heavy-duty operations such as assembly, repair, and supply of oil & gas extraction systems
o The growing demand for renewable energy due to the rising world population and increasing urbanization will surge the demand for offshore cranes in renewable energy applications
o These machines are increasingly being used for pipe maintenance & repair operations in the offshore oil & gas industry
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Key players operating in the offshore crane market are Palfinger AG, Heila Group, Liebherr, National Oilwell Varco, Kenz Figee, Huisman Equipment, Seatrax, Inc., and MacGregor.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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Email: sales@gminsights.com
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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