Offshore Cranes Market Insights, Growth Analysis, Forecast to 2027
Offshore Cranes Market -Overview
The escalation in offshore activities for oil & Gas and fishing is estimated to promote the expansion of the offshore cranes market 2020. The energy & power industry reports are produced by Market Research Future, which highlights market options for expansion. An income of USD 26.21 Billion is likely to be gained with a 9.01% CAGR by 2025.
The upswing in production & drilling operations is estimated to create a favorable momentum for the offshore cranes market. The mounting subsea construction vessel & offshore crane industry is projected to transform the offshore cranes market in the impending period.
The segmental assessment of the offshore cranes market is conducted based on the duty cycle, design type, type, end-use, lifting capacity, and region. Based on the type, the offshore cranes market is segmented into fixed crane, mobile crane, and marine & port crane. Based on the design types, the offshore cranes market has been segmented into telescopic, knuckle boom, lattice, and others. On the basis of the lifting capacity, the offshore cranes market has been segmented into 500 – 3,000 mt, up to 500 metric ton (mt), and above 3,000 mt. On the basis of the duty cycle, the offshore cranes market is segmented into intermediate duty, production duty, and drilling duty. On the basis of regions, the offshore cranes market has been segmented into South America, Europe, North America, Asia-Pacific, the Middle East, and Africa.
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Detailed Regional Analysis
The regional scrutiny of the offshore cranes market has been segmented South America, Europe, North America, Asia-Pacific, the Middle East, and Africa. The Asia-Pacific regional market is anticipated to control the chief market share all through the forecast period. Due to the boost in offshore exploration and production of oil and gas operations within nations such as Australia, Malaysia, China, and Thailand, which is anticipated to encourage the development of the offshore cranes market in these countries throughout the forecast period.
The fortification of the human resource is estimated to be the critical point being addressed in these times of uncertainty. The rebooting of manufacturing activities is another strategic aspect that is being emphasized to ensure that the supply of the end product can be reasonably ensured to the users in the market. The support of the administration in countries around the world is estimated to have a significant impact on the development of the market in the upcoming period. The market is in a state of flux due to the rapid and severe changes in the global economy. The market players are taking the steps that are necessary to ensure that the market survives the turbulent period and emerge recovered in the future. The revamping of distribution channels is also expected in the coming years with a particular focus on using robots for the logistic function on a larger scale than before.
The significant market contenders are Huisman Equipment B.V. (The Netherlands), Cargotec (Finland), Liebherr (Switzerland), XCMG Group (China), National Oilwell Varco (US), Zoomlion (China), Konecranes (Finland), Manitowoc (US), Kenz Figee (the Netherlands), Palfinger (Austria), Seatrax, Inc (US), and American Crane, TEREX Corporation (US), and Equipment Corporation (US).
Mar 2020 Zamil Shipyards, which is a part of Zamil Offshore Services Company, and KenzFigee have signed a Memorandum of Understanding (MoU) for cooperation in the Kingdom of Saudi Arabia for the supply of offshore crane services and restricted construction of KenzFigee offshore cranes & equipment.
Feb 2020 Sparrows Group will provide three cranes for Qatargas offshore North Field expansion project under a sub-contract to McDermott International; the corporation will distribute an EC1000 crane for a riser platform and two of its EC750 cranes for installation on wellhead platforms.
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