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Offshore Crane Market | Application and Future Forecast by 2026

Author : Rahul Varpe | Published Date : 2020-09-16 

Global offshore crane market size has been experiencing exponential growth over the last couple of decades owing to increasing demand for maintenance and repair of oil and gas extraction systems. The machines are widely used in the maintenance, repair, and assembly of oil extraction pipes due to their high precision rate.

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It has been estimated that global offshore crane market size will cross USD 5 billion by the end of 2026. The National Petroleum Construction Company (NPCC) announced an investment of USD 89.8 million to enhance subsea construction projects across the UAE. NPCC is aiming at undertaking many deep-water projects across the region as well as across the globe, rendering opportunities for offshore industry development.

Key industry players operating in offshore crane industry include Heila Group, National Oilwell Varco, Huisman Equipment, Palfinger, Seatrax Inc., MacGregor and Liebherr, among various others. Described below are some of the integral factors predicted to influence offshore crane market trends over the next few years:

  1. Escalating demand for marine applications

Knuckle boom cranes are witnessing widespread demand over the years owing to their superior rate of efficiency and low maintenance requirements. The cranes are used in the marine applications for loading and unloading functions. Knuckle crane renders improved flexibility and strength, due to which they are increasingly used in marine and oil and gas sectors.

Rising expenditure on the development of new ports and harbors will support the market demand over the projected period of study. Surging investments made in subsea construction projects are driving the demand for offshore cranes with high security and superior lifting ability. Consistent deployment across important marine applications is poised to fuel offshore crane market outlook.

  1. Increasing development of offshore wind

Investments in building large wind turbines have surged over the years. The requirement for heavy-duty offshore cranes having lifting capacity of more than 500 mt is likely to rise over the next few years due to their capability to execute complex operations in difficult work conditions. The equipment is largely used in the construction of large oil and gas as well as wind farm projects in offshore areas.

Proliferating initiatives are being undertaken by the government authorities to encourage the use of renewable energy especially in regions such as Europe, Asia Pacific, and the Middle East. In a bid to sustain the rising competition in the market, key industry players are aiming at establishing product and price differentiation strategies to survive in the market.

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  1. Higher adoption of renewable energy in U.S.

Regionally, North America could dominate offshore crane market industry size due to the surging demand for electricity from various sectors across the region. The U.S. government is aiming at generating maximum amount of electricity from renewable sources of energy such as offshore wind. Moreover, many prominent companies are also supporting the adoption of renewable sources of energy.

Vineyard Wind LLC had introduced a proposal for an 800 MW wind farm project in Massachusetts to facilitate clean energy to over 400,000 houses . The firm is anticipated to invest close to USD 2.8 billion towards project development. Many offshore crane providers are improving their product portfolio in order to help enhance energy efficiency and reliability.

 

 

 

 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. [email protected] | https://twitter.com/varperahul

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