Expansion of Floating Crane Market During 2017-2025 to Gain Robust Traction

Author: Apurva Deshpande

Floating Crane Market: Introduction

Floating cranes are large floating vessels that carry aboard a heavy duty crane for the purpose of lifting heavy goods in offshore applications. These floating cranes are a usual sight near seaports, oil rigs among others. Floating cranes are also known as crane vessels or crane ships in some part of the economy. Primary power generator of the ship for the purpose of forward movement is not usually used as the power source of the cranes and hence separate power generators are housed within the ship to operate such cranes. The market for floating cranes is anticipated to grow on steady albeit on a slower pace owing to its demand directly related to the performance of the end use industry it operates upon.

Floating Crane Market: Dynamics

Being a very capital intensive equipment, the performance of floating crane market lies on the hinges of the demand it generates from the end use industry. Sluggish behaviour in such industries can directly have an impact on the prospects of floating crane market. However, there are some factors that can directly influence a steady performance of the market within the forecast period. One of those drivers is a resurgence in the petroleum industry, wherein more and more oil rigs have been erected for crude oil extraction. Secondly, the floating cranes market have also found an application in the transportation and logistics industry, wherein it can be used as an auxiliary crane for container movement in order to improve efficiency and reduce loading/unloading times. With a renewed interest in generation of electric power through renewable sources, numerous wind mills have been installed in offshore locations, these installations have become possible in the current scenario, thanks to the advantages bought about the floating cranes. This factor can also result in demand for more floating cranes in the upcoming years.

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The restraints associated with the growth of the floating crane market is the immense requirement of capital, engineering among others for its construction as well as the requirement of trained personnel for its operation. The barriers to the market entry are very high and down fall within the end use industry can affect the growth of the market to a greater level.

Floating Crane Market: Segmentation

The Floating Crane market can be segmented by platform, lifting capacity and end use industry,.

By platform, the Floating Crane market can be segmented as:

  • Single Hull Vessel
  • Catamaran
  • Semi-Submersible
  • Others

By lifting capacity, the Floating Crane market can be segmented as:

  • Less than 1,000 tons
  • 1,000 – 10,000 tons
  • More than 10,000 tons

By end use industry, the Floating Crane market can be segmented as:

  • Oil & Gas
  • Shipbuilding
  • Transportation & Logistics
  • Power Generation
  • Others

Floating Crane Market: Regional Outlook

From the regional perspective the market growth for floating crane is anticipated to attain contrasting prospects with high growth likely to be witnessed in economies with a growing marine industry. The North American market is expected to bring brighter prospects to the overall growth owing to steady performance of the logistics and transportation industry. The same also holds true for the European market where a thriving heavy industry calls for a growing demand for floating cranes albeit the growth is anticipated to progress on a slower note. The market in the Asia Pacific region is also expected to grow in the upcoming years especially in the Chinese economy wherein floating cranes have found applications beyond the marine industry such as non-residential infrastructure construction along the coastal belt. The market for floating cranes in other Asia Pacific economy is anticipated for a slow growth owing negative trade-off for absolute requirement to the high amount of capital required for its operation. The growing petroleum industry of the Middle East & Africa region is anticipated to call for more floating cranes for the purpose of constructing temporary off shore oil rigs.

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Floating Crane Market: Key Participants

Examples of some of the participants involved in the manufacture and building of the global Floating Crane are:

  • Konecranes Plc
  • Techcrane International, LLC
  • Cargotec OYJ
  • Huisman Equipment B.V.
  • Kenz Figee Group
  • Palfinger AG
  • Mitsui Group
  • Fincantieri - Cantieri Navali Italiani S.p.A.
  • Hyundai Heavy Industries Co., Ltd.
  • IHI Transport Machinery Co.,Ltd.