Offshore Crane Market is Projected to Reach USD 21.64 Billion by 2020

Date: 2015-12-21

The rise in the subsea construction vessel industry has given a boost to its related equipment industry such as offshore cranes. In this growing environment, subsea construction vessel is considered as an inevitable part of the subsea infrastructure and performs as the logistics backbone for the offshore oil & gas industry. The offshore crane market is projected to reach a market size of USD 21.64 billion at a CAGR of 8.8% from 2015 to 2020. Rapid technological advancements, increase in the offshore renewable industry, and growing demand for oil & gas are the major driving factors for the market. 

Lattice boom design is expected to have the highest growth rate in offshore cranes market 
Globally, lattice boom design for offshore crane is estimated to grow at the highest rate. In terms of application, marine crane is estimated to lead and is slightly ahead of others cranes market. The growth of lattice boom design is attributed to the development of new projects of offshore wind turbines in regions such as Germany and the U.K.

Americas to lead the global offshore crane market in terms of growth rate               The Americas has taken the lead with the fastest growth rate among all other regions followed by Asia-Pacific. The discovery of new oilfields in the Brazilian basins will propel the demand for offshore support vessels in South America. The increase in the demand for offshore support vessels will further boost the demand for offshore cranes in the respective regions directly.

Companies Profiled:
Cargotec (Finland), Huisman (Netherland), KENZ-FIGEE (Netherland), Konecranes (Finland), Manitowoc (U.S.), Terex Corporation (U.S.), Palfinger (Austria), Zoomlion (China), National Oilwell Varco (U.S.), and Liebherr (Switzerland). 

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