Emphasis on Type (Knuckle Boom, Telescopic, Lattice, and Others); Lifting Capacity (0-500mt, 500-3000mt and Above 3000m); Application (Oil Rig Cranes, Marine Cranes, and Others); and Region/Country
demand is growing at a significant rate and is expected to witness influential growth during the forecasted period as well. Factors such as the increase in oil rigs, and the market for rig construction equipment and construction vessels will also increase. Therefore, it will propel the market for cranes on oil rigs. These factors are expected to drive the growth of the offshore crane market. Also, increasing oil discoveries in emerging economies such as Asia and Africa are major drivers for this market.
The rising demand for the installation of windmills to produce renewable energy is growing at a rapid pace. There has been a rise in the setup of offshore windmills, requiring offshore cranes for the maintenance and operations of turbines. The offshore wind research department is being reinforced by various government bodies to generate more amount of renewable power.
The global Offshore crane market is expected to grow at a CAGR of more than 8% during the period 2021-2027. An offshore crane is defined as a pedestal-mounted elevating and rotating lifting device used to transfer materials and personnel to or from marine vessels, barges, and structures. These offshore applications include bottom-supported, floating platform and ship-hulled vessels used in production and drilling operations, shipboard applications, and heavy-lift applications. Offshore crane demand is growing at a significant rate owing to the rising subsea construction & oil survey operations that are supporting the market development globally.
These subsea construction machines are mainly used owing to their great precision in heavy-duty operations like assembly, repair, & supply of oil & gas removal systems. In addition, the increasing demand for renewable energy is supporting offshore crane usage for the construction & manufacture of large wind turbines in an offshore situation is escalating the market size of the offshore crane market.
Insights Presented in the Report
“Based on type, knuckle boom segment accounted for the majority share in the market in 2020”
Based on the type, the offshore crane market is segmented into knuckle boom, telescopic, lattice, and others. The knuckle boom segment caters significant share of the offshore crane market and is expected to witness influential growth in the forecasted period as well. It is mainly owing to their strength & flexibility as these cranes have more stability and are easy to operate which in turn is escalating its demand in industries.
“Amongst application, the oil rigs segment is expected to witness highest CAGR during the forecast period”
Based on the application, the offshore crane market is segmented into oil rig cranes, marine cranes, and others. Oil rigs cater significant share of the offshore crane market. It is mainly owing to worldwide growing offshore E&P activities that will increase the demand for oil rigs. Moreover, With the increase in oil rigs, the market for rig construction equipment and construction vessels will also increase which in turn, will propel the market for cranes on oil rigs
“Asia Pacific to witness significant growth during the forecast period”
The Asia Pacific is expected to hold an extensive share in the offshore crane market and is expected to grow at an influential rate in the forecasted period as well. Factors such as increasing demand for oil & gas and offshore renewable energy, in the region, are expected to gain considerable momentum. In addition, increasing oil discoveries in the region coupled with increasing capital expenditures in the countries such as China, India, Nigeria, Angola, Ghana, and Equatorial Guinea. Kenya, Tanzania, and Mozambique also provide exciting market opportunities for oil operators in the forecasted period.
Moreover, growing government & private sector expenditure on the manufacturing of new offshore wind farms for the generation of renewable energy in huge quantities will make a huge demand for offshore cranes with heavy lifting capacity in the region. For instance: the Australian government is scheduling to grow new offshore wind farms during the next few years, providing profitable opportunities for the global market outlook.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Global Offshore Crane Market Covid-19 Impact
6. Global Offshore Crane Market Revenue 2019-2027f
7. Market Insights By Type
8. Market Insights By Lifting Capacity
9. Market Insights By Application
10. Market Insights By Region
11. Offshore Crane Market Dynamics
12. Offshore Crane Market Opportunities
13. Offshore Crane Market Trends
14. Legal & Regulatory Framework
15. Demand And Supply-side Analysis
16. Value Chain Analysis
17. Competitive Scenario
18. Company Profiled
19. Disclaimer
Research Methodology for the Global Offshore Crane Market Analysis (2021-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global offshore crane market were the three major steps undertaken to create and analyze the adoption of offshore crane in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global offshore crane market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the offshore crane market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the offshore crane market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, lifting capacity, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the offshore crane market. Further, we conducted factor analysis using dependent and independent variables such as increasing oil discoveries in emerging economies. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Offshore crane market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global offshore crane market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global offshore crane market. Data was split into several segments & sub-segments post studying various parameters and trends in the type, lifting capacity, and application in the global offshore crane market.
The main objective of the Global Offshore crane Market Study
The current & future market trends of the global offshore crane market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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