December 16, 2015 - 8:30 AM EST
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Offshore Crane Market Worth 21.64 Billion USD by 2020

PUNE, India, December 16, 2015 /PRNewswire/ --

The report "Offshore Crane Market by Application (Oil rig cranes, Marine cranes and others), by Design Type (Knuckle, Telescopic, Lattice and Others), by Lifting Capacity (0-500mt, 500-3000mt and above 3000mt) & by Region - Global Forecast to 2020" published by MarketsandMarkets, The market is expected to grow from an estimated USD 14.19 Billion in 2015 to USD 21.64 Billion by 2020 at a projected CAGR of 8.8%.

Browse 64 market data Tables with 46 Figures spread through 178 Pages and in-depth TOC on "Offshore Crane Market"
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The market report defines and segments the offshore cranes market with analysis and forecast of the global capex on offshore cranes application, design type, and lifting capacity. The market is driven by the increase in offshore spending and rising demand of oil & gas, which is met by increasing investments in emerging economies with proven oil & gas reserves.

Other cranes application is growing at the highest pace in offshore cranes market 

The market has been segmented into application, design type, lifting capacity, and region. By application market is sub-segmented into oil rig cranes, marine cranes, and other cranes. This segment is estimated to see high growth rate for other cranes, which are used for wind turbine installation and on FPSOs. The driving factor for others cranes market is the boost in the offshore renewable industry, which motivated companies to invest in offshore wind farms to produce more electricity.

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Increasing preference for knuckle boom design type offshore crane 

On the basis of design type, knuckle boom, telescopic, lattice, and others (fixed and hybrid stiff boom) sub segmentation has been made. Knuckle boom is estimated to lead the market, whereas lattice boom is estimated to have the highest growth. Asia-Pacific and the Americas are expected to drive this sub-segment due to discovery of oil & gas reserves in deep water sedimentary basins and increase in offshore rig count in the U.S., China, Malaysia, Australia, and others.

Asia-Pacific is estimated to be the global leader in Offshore Crane Market by value for the next five years. 

Recent discoveries of oil & gas in the offshore basin in Australia, Gulf of Thailand, and South China Sea and high demand from China and India are expected to drive the offshore drilling market. Asia-Pacific is among the largest consumers of oil & gas following North America. This demand will lead to more exploration and production in the region. However, Africa is predicted to attract more investments due to liberal regulatory policies and will witness the highest growth.

To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the Offshore Crane Market such as Cargotec (Finland), Liebherr (Switzerland), Terex Corporation (France), and Konecranes (France) among others. Dominant players are trying to penetrate in the developing economies and adopting various methods to grab market share.

Scope of the report: This study estimates the global market of offshore cranes, in terms of dollar value, till 2020. It also offers a detailed qualitative and quantitative analysis of this market. This report provides a comprehensive review of major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues of the market. The report also covers various important aspects of the market. These include analysis of value chain, Porter's Five Forces model, competitive landscape, market dynamics, market estimates in terms of value, and future trends in the oilfield services market.

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Source: PR Newswire (December 16, 2015 - 8:30 AM EST)

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