An offshore crane is a pedestal mounted rotating and elevating lifting device used to transfer materials and personnel to or from marine vessels, barges, and structures. The offshore crane is mainly used in shipboard applications, heavy lift applications, and drilling operations. Offshore cranes are of various types which include fixed crane, marine and port crane, and mobile crane. Rise in demand for energy and infrastructure development led to the increase in requirement of offshore cranes across the world. Deep sea oil & gas exploration and production activities have been rising since the last two years. There has also been a rise in offshore wind projects. These require lifting of equipment. Companies are also investing significantly in the development of cranes. Few challenges like, the installation method of these equipment is highly difficult & requires expert technicians & labors to avoid harms.
COVID-19 Impact Analysis:
- COVID-19 pandemic has shut-down the production of various products in the offshore crane industry attributed to the lockdown in countries worldwide. This has hampered the growth of offshore crane market from the last few months, and is likely to continue during 2021.
- COVID-19 has already affected the sales of offshore crane in the first quarter of 2021 and is anticipated to cause a negative impact on the market growth throughout the year.
- The major demand for offshore crane was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, UK, and China, which are badly affected by the spread of the coronavirus, thereby halting/decreasing the demand for offshore crane.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. offshore crane companies can afford a full lockdown only for a few months, after which the players have to modify their investment plans.
- Offshore crane manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Growth in demand for oil & gas industry
The expansion in petroleum firms and government-owned gas corporations around the world, as well as increased investment in offshore drilling projects, are two main drivers driving the growth of the segment. This is likely to strengthen the oil and gas sector's position in the market. Furthermore, the offshore cranes market is likely to be driven by rising need for offshore oil and gas in China and India. North America is projected to grow at a rapid pace, followed by Asia-Pacific. Potential oilfield discoveries throughout the world present an opportunity for players in the offshore cranes market.
Growth in subsea construction vessel and offshore crane industry.
The rise in subsea construction vessel and offshore crane industries, as well as an increase in offshore expenditures around the world drive the growth of the offshore cranes market throughout the forecast period. The need for offshore cranes has increased throughout Asia-Pacific as a result of substantial oil and gas deposits in the offshore basins of Australia, the Gulf of Thailand, and the South China Sea.
Key benefits of the report:
- This study presents the analytical depiction of the global Offshore Cranes industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Offshore Cranes market share.
- The current market is quantitatively analyzed to highlight the global Offshore Cranes market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global Offshore Cranes market analysis based on competitive intensity and how the competition will take shape in coming years.
Offshore Crane Market Report Highlights
Key Market Players
Manitowoc, Huisman equipment B.V., National Oilwell Varco, Cargotec, Ken, Zoomlion, Konecranes, Figee3Palfinger, Liebherr, TEREX Corporation