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Global offshore crane market growth stems from the expansion of the overall O&G industry. Parallel to the burgeoning population, global energy demand has also witnessed a marked rise. Consequently, rise in number of ongoing explorations of new offshore oil & gas fields to meet surging energy needs is likely to drive global offshore crane market outlook.
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Offshore cranes are primarily used due to their unparalleled precision in heavy-duty operations, such as supply of oil & gas extraction systems, in assembly and repair applications.
Widespread utilization of offshore cranes in the maintenance & repair of oil extraction pipes may fuel product demand. Moreover, growing requirement for repair and maintenance of ageing oil & gas extraction systems in major construction companies will supplement offshore crane market share over the coming years. Global offshore crane market is poised to cross the USD 5 billion mark by 2026, projects Global Market Insights, Inc., in an in-depth research study.
How will increasing investments in deep-water construction projects favor offshore crane market size?
To explore the untapped oil and gas resources in deep-waters, major economies are making significant investment in deep-water construction projects. The new investments are aimed at enhancing their future growth prospects.
In 2019, National Petroleum Construction Company announced an investment of USD 89.8 million to expand subsea construction projects in the United Arab Emirates. Over the next few years, NPCC is also planning to undertake several subsea projects across the globe, as well as in the UAE, which is likely to provide opportunities for offshore industry development. Such whopping investments in subsea construction projects is significantly fueling the demand for offshore cranes with high lifting capacities.
How will complex operations in sub-sea construction fuel heavy-duty offshore crane market demand?
Subsea projects demand cutting-edge engineering and advanced machinery to perform complex operations in harsh working conditions. Due to these requirements, heavy-duty offshore cranes having lifting capacity of above 5,000 mt are witnessing massive adoption. This heavy-duty equipment are used in wind farm projects and in the construction of offshore oil & gas projects.
Progressive government initiatives to promote renewable energy will also boost equipment demand, majorly across Europe, Asia Pacific, and the Middle East regions.
How will offshore crane industry benefit from heightened knuckle boom cranes demand?
knuckle boom cranes are primarily used in marine applications for loading and unloading operations. These cranes are increasingly being used in marine industry operations as they offer enhanced flexibility, strength, and safety attributes.
With large-scale construction of new port and harbors, these cranes experiencing high demand. Moreover, low maintenance requirements and maximum efficiency advantages of knuckle boom cranes are likely to fuel industry demand over the coming years.
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How will North America emerge as a profitable revenue terrain for offshore crane market?
Due to increasing demand for electricity, North America is likely to offer lucrative growth scope for offshore crane market over the coming years. The U.S. government is making major efforts to generate maximum electricity from renewable energy sources, including offshore wind. In 2019, Vineyard Wind, the first major offshore wind project in the U.S proposed an 800-megawatt wind farm project in Massachusetts for providing clean energy power to more than 400,000 homes. For the project development, the company is likely to invest approx. USD 2.8 billion.
Table of Contents of the Report (TOC):
Chapter 1 Methodology and Scope
1.1 Definitions & forecast parameters
1.1.2 Methodology and forecast parameters
1.1.3 Impact of COVID-19, by region
1.1.3.1 North America
1.1.3.3 Asia Pacific
1.1.3.4 Latin America
1.2 Data Sources
Chapter 2 Executive Summary
2.1 Offshore crane industry 360° synopsis, 2016 – 2027
2.1.1 Business trends
2.1.2 Type trends
2.1.3 Lifting capacity trends
2.1.4 Application trends
2.1.5 Regional trends
Chapter 3 Offshore Crane Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on offshore crane industry landscape
3.2.1 Global Outlook
3.2.2 Regional Impact
3.2.2.1 North America
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.3 Industry Value Chain
3.2.3.1 Research & Development
3.2.4 Competitive Landscape
3.2.4.1 Component Suppliers
3.2.4.2 Technology Providers
3.2.4.4 End-use landscape
3.2.4.5 Distribution channel analysis
3.2.4.6 Vendor Matrix
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.3 Distribution channel analysis
3.3.4 End-use landscape
3.3.5 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.1.1 North America
3.5.1.3 Asia Pacific
3.5.1.4 Latin America
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Increasing awareness and usage of renewable energy in Europe and the U
3.6.1.2 Expansion of the oil rig exploration sector in North America
3.6.1.3 Presence of huge oil & gas sector in Middle East
3.6.1.4 Development of the offshore exploration & construction activities in China, Norway, and Latin America
3.6.1.5 High wind energy generation activities across the globe
3.6.2 Industry pitfalls & challenges
3.6.2.1 High initial investments involved in purchasing these cranes
3.6.2.2 Unavailability of skilled operators
3.6.2.3 Fluctuating oil prices globally
3.7 Growth potential analysis
3.8 Porter's analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
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