Market Size of Asia-Pacific Offshore Crane Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Offshore Crane Market Analysis
The Asia-Pacific offshore crane market is expected to grow with a CAGR of around 2.5% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Currently. The market has reached pre-pandemic levels.
- Over the short term, the growing offshore exploration and production activities in the region and increasing momentum towards offshore renewable energy production are the factors that can lead to growth in the Asia-Pacific offshore crane market.
- On the other hand, the lack of skilled manpower to operate offshore cranes is expected to hinder the market in the near future.
- Nevertheless, technological advancements like the introduction of electric and remote-controlled cranes create several opportunities for accelerated growth of the market.
- China is expected to witness significant growth due to the consistent developments in the region's offshore oil and gas and offshore renewable energy sectors.
APAC Offshore Crane Industry Segmentation
Offshore cranes are pedestal-mounted elevating and rotating lifting devices used to transfer materials and personnel to or from marine vessels, barges, and structures employed for various industries like oil and gas, marine, and renewable energy. The Asia-Pacific offshore crane market is segmented by type, lifting capacity, application, and geography. By type, the market is segmented into board offshore cranes, knuckle boom cranes, telescopic boom cranes, lattice boom cranes, luffing cranes, and others. By lifting capacity, the market is segmented into 0-500 MT, 500-2000 MT, 2000-5000 MT, and above 5000 MT. By application, the market is segmented into oil and gas, marine, renewable energy, and other applications. The report also covers the size and forecasts for the Asia-Pacific offshore crane market across major countries. For each segment, the market sizing and forecasts have been done based on revenue (in USD billion).
Asia-Pacific Offshore Crane Market Size Summary
The Asia-Pacific offshore crane market is poised for growth, driven by increased offshore exploration and production activities, as well as a shift towards offshore renewable energy sources. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. However, challenges such as a shortage of skilled manpower to operate these cranes could impede progress. Technological advancements, including the development of electric and remote-controlled cranes, present significant opportunities for market expansion. China is expected to be a key player in this growth, fueled by ongoing developments in its offshore oil, gas, and renewable energy sectors.
The offshore crane market is integral to the oil and gas industry, where cranes are essential for various operations on oil rigs, such as lifting drill pipes and maintenance equipment. Despite a decline in crude oil production in recent years, Asian governments and private investors are initiating new offshore projects to meet rising energy demands. Notable developments include British Petroleum's long-term contract in Indonesia and India's international bidding for offshore blocks. China's offshore energy sector, particularly in wind energy, is also expanding rapidly, with significant projects planned to achieve carbon neutrality by 2050. These factors are expected to bolster the offshore crane market in the region, with key players like Liebherr Group, Heila Cranes SpA, and others actively participating in market activities.
Asia-Pacific Offshore Crane Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Board Offshore Cranes
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2.1.2 Knuckle Boom Crane
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2.1.3 Telescopic Boom Crane
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2.1.4 Lattice Boom Crane
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2.1.5 Luffing Crane
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2.1.6 Others
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2.2 Lifting Capacity
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2.2.1 0-500MT
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2.2.2 500-2000MT
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2.2.3 2000-5000MT
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2.2.4 Above 5000MT
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2.3 Application
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2.3.1 Oil & Gas
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2.3.2 Marine
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2.3.3 Renewable Energy
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2.3.4 Other Applications
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2.4 Geography
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2.4.1 China
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2.4.2 India
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2.4.3 Japan
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2.4.4 Indonesia
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2.4.5 Rest of Asia-Pacific
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Asia-Pacific Offshore Crane Market Size FAQs
What is the current Asia-Pacific Offshore Crane Market size?
The Asia-Pacific Offshore Crane Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Offshore Crane Market?
Liebherr Group, Heila Cranes SpA, Huisman Equipment B.V, Sparrows Offshore Group Limited and Konecranes are the major companies operating in the Asia-Pacific Offshore Crane Market.
