Seattle, WA -- (SBWire) -- 12/19/2019 --Global Floating Cranes Market – Insights
A floating crane, also known as crane vessel or crane ship is a ship with a crane specialized in lifting heavy loads. The crane finds application in offshore construction. There are different types of floating cranes such as conventional monohulls, catamaran, and semi-submersible.

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Increasing demand for crude oil is a major factor boosting growth of the global floating cranes market. For instance, according to Energy Information Administration (EIA) estimates, the U.S. crude oil production to average 13.2 million b/d in 2020, an increase of 0.9 million b/d from the 2019 level. Floating cranes are also used in the transport and logistics industry. Therefore, significant growth in the transport and logistics industry is also expected to propel growth of the market over the forecast period. For instance, according to India Brand Equity Foundation, the logistics sector in India is expected to reach US$ 215 billion by 2020, witnessing a 10.5% CAGR over 2017.

Moreover, increasing number of floating liquefaction projects is also expected to fuel growth of the global floating cranes market. For instance, in July 2018, Wison Offshore & Marine and Western LNG LLC entered into a technical service agreement in relation to a new floating liquefied natural gas project that Western is developing in British Columbia, Canada. Increasing adoption of renewable energy resources to power floating cranes is expected to offer lucrative growth opportunities for market players in the near future. For instance, in November 2019, Heerema Marine Contractors announced to offer its crane vessels with clean energy by using wind energy.

Key players in the market are focused on product development and launch to expand their product portfolio. For instance, in November 2019, Dredging, Environmental and Marine Engineering NV (DEME)'s installation vessel 'Orion' entered final construction phase with installation of 5,000-tonne crane. 'Orion' is expected to join the fleet in 2020. Key players in the market are also focused on gaining contracts to enhance their market share. For instance, in December 2019, Subsea 7 received a contract from Aker BP for the Ærfugl Phase 2 gas field development, located approximately 210 km west of Sandnessjøen in the Norwegian Sea.

Key Takeaways
- Increasing demand for crude oil is expected to augment growth of the global floating cranes market
- Increasing number of floating liquefaction projects is also expected to boost the market growth
- Key players operating in the global floating cranes market include, Heerema Marine Contractors, Hyundai Heavy Industries, DEME Offshore, Subsea 7, Seaway Heavy Lifting, and China National Offshore Oil Corporation

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