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A crane barge is a portable vessel with a flat base and a crane attached to it that enables lifting of loads offshore. It is also called as floating crane barges, crane vessels, or crane ships. It is crucial in offshore construction. It is also used on docks, tidal power stations, offshore platforms, and offshore wind farms. There are mainly three common types of crane barges including sheer-legs crane, semi-submersible, and derrick.
The market for crane barge is expected to reach rise at a CAGR of 8.9 percent during the forecast period. The growing offshore oil & gas exploration and development activities around the globe is expected to primarily fuel growth of the crane barge market.
Due to the rise in subsea construction as well as oil exploration operations, the crane barge market is anticipated to grow at a rapid pace in upcoming years. In addition to this, there is increasing trend of offshore wind power exploration activities, which is further fuelling the growth of the market. Moreover, the demand for crane barges in the global trade activities via sea ports for loading and unloading of cargo goods and shipping containers boosts growth of the market. Also, the demand for renewable energy is growing rapidly, leading to the adoption of offshore crane for the erection & construction of large wind turbines in offshore environment. For instance, as per the October 2019 study by the International Energy Agency (IEA), the offshore wind industry is anticipated to reach about $1 trillion by 2040, providing ample opportunities for industry growth. Hence, the evolution of offshore wind industry creates lucrative opportunities for the crane barge market.
However, the surge in number of leasing and rental services companies in the global crane barge market is expected to hamper sales of new crane barges by restricting the purchase of new crane barges by the shipping companies. This is one of the major factor hampering growth of the global crane barge market. On the other hand, increase in offshore spending is opportunistic for the market growth.
Throughout the forecast period, sheer-legs crane barge segment will continue to hold a dominant share of the global crane barge market. This is attributed to fact that sheer-leg crane has a lower maintenance cost and capital cost than a fully revolving crane. In addition, sheer-legs crane barges can support and lift loads that weigh up to 3,000 tons. This factor further fuels growth of the segment. However, derrick barge segment is anticipated to experience highest growth rate during the forecast period. This is due to rising adoption of the derrick barge as it allows precise control of positioning. The offshore derrick barges usually can support and lift loads that weigh between 500 and 1,500 tons. However, several advanced derrick barges comes with two derrick cranes that offer a load capacity of up to about 10,000 tons.
On the basis of application, offshore segment is estimated to hold a dominant share of the global crane barge market. This is due to rising offshore production and exploration activities by petroleum companies across the globe. In addition, offshore cranes with the lifting capacity of 2,000 – 5,000 mt are observing huge growth to perform heavy-duty deployments such as the assembly of oil rigs or erection of wind parks. This factor further push the demand for crane barge in offshore applications. Moreover, government-owned gas corporations as well as the petroleum companies across the globe are making significant investments in offshore drilling projects in order to explore new natural gas & oil resources. For instance, in 2019, Pertamina, an Indonesian state-owned oil and natural gas corporation based in Jakarta invested about $30 billion in East Natuna Block (Natuna D-Alpha) Project. Also, in August 2019, BHP Group Plc., a global resources company invested about $283 million for the development of Ruby project in Tobago and Trinidad.
CRANE BARGE MARKET SEGMENTATION:
Asia-Pacific is likely to be the most profitable region throughout forecast period. This is attributed to the increasing oil & gas exploration activities and growing export & import activities in the region. In addition to this, upsurge in population along with the rapid urbanization across China and India has created huge demand for electricity. Therefore, governments in the region are actively focusing on the development of new renewable energy sources, fuelling the demand for crane barge. For instance, in April 2019, the Ministry of New and Renewable Energy of India collaborated with the Ministry of Climate, Energy and Utilities of the Kingdom of Denmark in the field of renewable energy with the main focus on offshore wind energy. Furthermore, the government of Australia is planning to develop new offshore wind farms in next few years; this is opportunistic for the market during the forecast period.
The crane barge market across Middle East & Africa is expected to play a crucial role in the global crane barge market; due to the fact that the Middle East & Africa region is mostly import oriented market and oil & gas activities in this region are growing at a rapid pace. Furthermore, North America is expected to observe lucrative growth rate during the forecast period due to expansion of the oil rig exploration sector in North America. On the other hand, increased awareness as well as usage of renewable energy in Europe fuels growth of the market.
FEW KEY PLAYERS IN CRANE BARGE MARKET:
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