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Offshore Crane Market size is primarily driven by increasing deployment of heavy-duty cranes in the oil & gas industry. These cranes are majorly used for assembling of oil rigs and offshore wind parks situated across the deep water bodies. They come integrated with advanced mechanics and control systems allowing high precision and safety during offshore operations. Ever-expanding subsea construction activities across the globe are likely to augment offshore crane market growth.The increasing electricity demand due to escalating energy needs is leading to proliferation of offshore wind farms. In addition, rapid development and upgradations in the oil & gas extracting systems have been fueling the repair & maintenance activities, thus creating high demand for offshore cranes over the forecast timeframe. Moreover, these jumbo cranes are also utilized for moving heavy materials to and from the marine vessels.
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Several countries have been mandating the incorporation of renewable energy sources to accompany the traditional power generation sources in order to fulfill the ever-increasing electricity demand. Favorable government regulations to encourage renewable energy generation will support the establishment of offshore wind farms, thereby driving the demand for these machines.
The European region ranks top in the list of offshore wind energy generation owing to positive approach from the local governments, creating huge opportunities for deployment of offshore cranes seeking the maintenance and expansion of wind farms in the upcoming years. Numerous countries boasting of huge offshore space are looking to set up offshore wind farms given the wind speeds which largely impact the power generation. For instance, in 2018, India’s Ministry of New and Renewable Energy (MNRE) announced their motive of adding 30 GW offshore wind farm by 2030.
Deploying and setting up a fully operational offshore crane requires excessive investments pertaining to the complexity of the installation process requiring skilled labor and technicians to ensure safety and avoid any structural damages. In addition, these heavy machinery necessitates utmost care and maintenance – these machines are consistently exposed to humidity and salty sea water, thus incurring high maintenance and repair cost.
The restrains of high capital involvement and unavailability of skilled operators are likely to have a negative impact on the offshore crane market, hindering the growth to some extent. However, some crane manufacturers have introduced training courses for crane operators which may help to fuel product adoption among the rental service providers.
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Crane manufacturers have been looking to enhance the efficiency of crane operations. In this regard, the fiber rope technology has been gaining popularity for its weight reducing advantages, which improves the overall crane efficiency. Implementation of fiber rope technology reduces the machine’s onboard weight substantially. Several such technological advancements in crane mechanics and control systems will stimulate offshore crane market trends.
Considering the design type segment in the offshore crane market, knuckle boom designs are experiencing strong demand owing to their advanced internal and external lift functions. These designs prevent the adverse effects of weather by staying stable under rough climates, thus featuring better operability and reduced workloads for the operators and spotters. Owing to high stability benefit, these systems are often implemented on ships to transfer loads at close distances.
Increasing focus on safeguarding the deck and vessel are leading to high adoption of these designs, thus pushing the offshore crane market demand over the study timeframe.
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