Offshore Crane Market to Reach USD 21.64Bn by 2020
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, a report said, naming rapid technological advancements and increase in the offshore renewables industry as some of the major driving factors for the 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, according to the report titled Offshore Crane Market by Application, by Design Type, by Lifting Capacity & by Region – Global Forecast to 2020.
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 UK.
Americas has taken the lead with the fastest growth rate among all other regions, followed by Asia-Pacific, the report shows. 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.