Rockville, MD -- (SBWIRE) -- 02/18/2019 -- Global Crane Barge Market: Introduction
A crane barge is a portable vessel with a flat base and is attached to a crane. Crane barges are used in a wide range of offshore actives across the globe. Due to the growing offshore oil & gas exploration and development activities, the crane barge market is expected to grow at a healthy pace in future. Moreover, offshore wind power exploration activities are expected to increase across the globe and thus, the crane barge market is expected to witness healthy growth in the future. Growing global trade activities via sea ports also require crane barges for loading and unloading of shipping containers and cargo goods.
Furthermore, commission as well as decommission activities have also created healthy demand for crane barge, especially in the European crane barge market, and thus, the region will play an important role in future. Additionally, most of the key providers of crane barges enjoy remarkable domestic presence. This can mainly be attributed to the fact that crane barges are also leased by many leasing companies and a lot of subcontracting activity forms a part of this market.
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Global Crane Barge Market: Dynamics
The global market for crane barges is anticipated to witness significant growth in future owing to healthy demand from all regions of the globe. This can be attributed to the increasing oil & gas exploration activities in Middle East & Africa, Asia Pacific and European region. Further, increasing offshore wind power exploration activities in Europe, North America & Asia Pacific regions are expected to add to the demand for crane barges in future.
Additionally, growing global trade will also have a positive impact on the global crane barge market as any increase in export and import activities via sea ports will create healthy demand for sea barges in the future. Hence, the overall crane barge market is expected to grow at a positive note across all the geographies during the forecast period.
However, the growing number of rental services & leasing companies in the global market will have a negative impact on the sales of new crane barges in the global market as these companies are providing crane barges on demand basis and thus, are restricting the purchase of new crane barges by the shipping companies.
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Global Crane Barge Market: Regional Outlook
Asia Pacific is expected to be the most prominent market in the global crane barge market. This can be attributed to the growing import & export activities and increasing oil & gas exploration activities in the region. Middle East & Africa is also expected to play a crucial role in the global crane barge market as the market in Middle East & Africa is mostly import oriented and oil & gas activities in the region are growing at a healthy pace. This will make the market of crane barges in this region grow at a healthy CAGR in the coming years.
Moreover, North America & European regions are also expected to hold noteworthy share in the global crane barge market owing to growing commission as well as decommission actives across the region, which will require new crane barges in future.
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