Augmented Expansion to be Registered by Lattice Cranes Market by 2028
Increasing Oil Exploration Activities to Contribute to Demand Escalation of Lattice Cranes
The offshore oil and gas sector is a key application segment for lattice cranes. The increasing oil explorations are creating increasing demand for lattice cranes. Companies such as Equinor and others are expected to drill appraisal and exploration wells in the year 2018. With such projects, the demand for heavy lifting equipment is expected to grow predominantly, thereby providing major scope for lattice cranes manufacturers.
Global Shift towards Renewable Sources of Energy to Become Major Drivers
There is a shift witnessed from non-renewable energy sources to renewable offshore sources such as wind power. This has further risen the number of wind turbines being build, thereby increasing the demand for heavy lifting equipment such as lattice cranes. For instance, Liebherr has delivered lattice cranes for the wind farm foundation installation vessel built by China Merchants Heavy Industry. The lattice cranes by Liebherr would also be used for the installation of monopiles, mono buckets, and jackets for wind turbines.
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Leading Regions across the Globe Project Elevating Demand for Lattice Cranes
The market for lattice cranes is spread across seven major regions in the world, where the demand for lattice cranes is analyzed on from a global perspective. The increasing demand for lattice cranes is observed in leading and developed regions that are involved in oil production and the ones that are focusing on investing in offshore renewable energy sources.
Crane rental companies are increasingly placing orders for state-of-the-art lattice cranes provided by key manufacturers to enable business expansions in the local market. For example, a crane rental company in Russia, TOPKRAN, placed an order for the mobile and crawler cranes provided by Liebherr which included a lattice cranes, and telescopic cranes with 220 to 1350 tonnes of lifting capacity. The order was worth 42 million euros, and was a part of TOPKRAN’s aim to expand its fleet with the increasing demand from the Russian market.
Moreover, major projects in Europe, such as Grand Paris, in France illustrate the demand growth projected by the European country. The major growth drivers in France also include the upcoming civil projects and the massive 2024 Olympics. Player such as Sarens focus on harnessing these opportunities as it plans to increase the local fleet by 20 percent in the next five years and focus on the emphasize on services in France.
Companies Providing Lattice Cranes to Accelerate Business with Increasing Product Demand
The key providers of lattice cranes are harnessing the increasing demand for lattice cranes market from the end user segments. With the increasing demand, there is a scope of development for the manufacturers of lattice cranes. The major players contributing their product offerings to the lattice cranes market include Link-Belt Cranes, Terex Corporation, PLM Cranes B.V., Prangl Gesellschaft GmbH, Kobe Steel, Ltd., Sarens N.V./ S.A., Patrick Fabricating and Welding, The Liebherr Group, Techcrane International, LLC., Manitowoc Crane Group, Gulf Crane Services & Manufacturing, and TTS Group ASA.
Link-Belt Cranes, provider of lattice cranes market introduced its new lattice crawler crane. The new 348 Series 2 lattice cranes are equipped with a dynamic control. The lattice cranes have various attributes and features that would make it an ultimate choice for marine and oil rig end use segments.
The Ramagundam Fertilizer Plant chose Sarens for supplying lifting heavy equipment for assisting the construction of the plant. The company has imported a Demag lattice boom crawler crane for the project that involves the construction of a new urea and ammonia plant.
Terex Corporation received an order for its lattice cranes for renovating the motorway bridge on the A1 at Eppelborn, Germany. Terex Corporatino was considered by for this purpose by the crane operating company, Steil Kranarbeiten, as the company offers effective lattice cranes.
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Lattice Cranes Market Division Showcasing Prominent Segments in the Market
The lattice cranes market is classified according to key metrics including capacity and application.
- Based on capacity, the lattice cranes market is segmented into three key segments up to 500mt, between 500-3000mt, and above 3000mt
- According to the application, the lattice cranes market is segmented into oil rig cranes, marine Cranes, and others