The market for heavy lifting and material handling equipment for the offshore industry can be segmented based on the products available in this industry.The market for heavy lifting and material handling equipment for the offshore industry is anticipated to grow at a substantial rate in future owing to increasing requirements from offshore operators.
Albany, NY -- (SBWIRE) -- 05/15/2018 -- The increasing offshore installations have to be supported by reliable lifting and material handling services to manage operations in an efficient manner. The lifting requirements of offshore installations vary depending on the vessel type. The companies providing heavy lifting and material handling equipments to the offshore industry also build standardized blocks to cater the lifting requirements in offshore facilities. However, the offshore vessels may be designed to handle various materials and thus their lifting and material handling requirements vary in some cases. In several regions the offshore safety authorities regulate the designing of equipments which are to be utilized in the offshore facilities. The machinery regulations govern the manufacture and sale of lifting appliances which are to be used in offshore basins. The equipment providing companies have to develop safe solutions for subsea load handling in stringent weather conditions. The market for heavy lifting and material handling equipment for the offshore industry is anticipated to grow at a substantial rate in future owing to increasing requirements from offshore operators.
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The requirement for advanced lifting systems and increasing safety parameters of the offshore industry are the major drivers attracting investment in for heavy lifting and material handling equipment market. The offshore facilities are located in stringent weather conditions and there are several heavy lifting tasks to be performed in such facilities. The equipment providers need to design their devices keeping in mind the specific requirements of the offshore vessel and the precise task it is meant to perform. Nations such as the U.K and Norway have laid down strict design parameters for heavy lifting and material handling equipments. The manufacturing companies are investing additional amounts to design innovative solutions which would also meet the safety parameters of the operating region. However, designing effective solutions for offshore installations which have space constraints is a major factor impacting the growth of the market.
The market for heavy lifting and material handling equipment for the offshore industry can be segmented based on the products available in this industry. The lifting and material handling equipments are designed to perform specific tasks, thus the solutions are designed according to the requirement of the vessel. The major product categories available in this market are offshore cranes, subsea winches, A- frames, pull-in systems, skidding and trolley systems, module handling towers and compensators. Apart from the above mentioned product categories several other equipments are designed to cater the need of the offshore industry.
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The increasing offshore production activities in the Latin American region will provide the major market heavy lifting and material handling equipment in the coming future. Planned expansion projects and the large offshore reserves of West Africa is one of the prospective regions for the growth of heavy lifting and material handling equipment market. The strict guidelines issued by government agencies in European nations will further attract investment in this market. The exploration companies in Asia Pacific are also increasing investment in FPSO and FLNG systems which would provide growth opportunities to heavy lifting and material handling equipment market.
Some of the major companies providing services in the heavy lifting and material handling equipment business are Hyundai Heavy Industries, TTS Group ASA, AXTech AS and Konecranes.