Offshore Crane Market Size (2024 - 2029)

The offshore crane market is anticipated to experience growth driven by increasing exploration and production activities, alongside a rising focus on the offshore renewable energy sector. Despite challenges such as high investment costs and a shortage of skilled labor, the market is poised for expansion, particularly within the oil and gas segment. Technological advancements, including electric and remote-controlled cranes, are expected to offer new opportunities. The Asia-Pacific region is projected to be the fastest-growing area, with significant demand originating from China and Southeast Asia.

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Market Size of Offshore Crane Industry

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Offshore Crane Market Size
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 4.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

Offshore Crane Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Offshore Crane Market Analysis

The offshore crane market is expected to grow at a CAGR of more than 4% during the forecast period of 2022 - 2027. The COVID-19 outbreak in Q1 of 2020 had led to the decline of offshore crane operations and delayed project executions worldwide. Factors such as the increasing exploration and production activities, and the growing emphasis on the offshore renewable energy sector, are likely to drive the offshore crane market during the forecast period. However, a vast investment cost and lack of skilled manpower are expected to hinder the growth of the offshore crane market.

  • The oil and gas segment is expected to dominate the market during the forecast period due to increasing oil and gas exploration and production worldwide.
  • Technological advancements such as electric and remote-controlled cranes in offshore crane manufacturing. This is likely to create several opportunities for the offshore crane market in the forecast period.
  • Asia-Pacific is expected to be the fastest-growing market during the forecast period, with the majority of the demand coming from China and Southeast Asia.

Offshore Crane Industry Segmentation

The offshore crane market includes:

Type
Board offshore cranes
Knuckle Boom Crane
Telescopic Boom Crane
Lattice Boom Crane
Luffing Crane
Others
Lifting Capacity
0 - 500 MT
500 - 2,000 MT
2,000 - 5,000 MT
Above 5,000 MT
Application
Oil and Gas
Marine
Renewable Energy
Other Applications
Geography
North America
Europe
Asia-Pacific
South America
Middle-East and Africa
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Offshore Crane Market Size Summary

The offshore crane market is poised for growth, driven by increasing exploration and production activities in the oil and gas sector and a heightened focus on offshore renewable energy. Despite challenges such as high investment costs and a shortage of skilled labor, the market is expected to expand, with technological advancements like electric and remote-controlled cranes offering new opportunities. The oil and gas segment is anticipated to maintain its dominance, supported by the need for cranes in assembling, repairing, and supplying extraction systems. Offshore cranes, essential for daily operations on oil rigs, are designed to withstand harsh environmental conditions and are manufactured to meet international standards and specific client requirements.

The Asia-Pacific region is projected to experience the fastest growth in the offshore crane market, with China leading the demand. The region's burgeoning oil and gas sector, along with significant developments in offshore renewable energy, particularly wind energy, is expected to drive market expansion. Notable contracts and projects, such as those involving Red Rock Marine AS and Huisman, underscore the region's growing importance. The market is moderately fragmented, with key players like Liebherr Group, Kenz Figee Group, and Cargotec Corporation actively participating in the market. These companies are involved in various projects and contracts, further contributing to the market's development during the forecast period.

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Offshore Crane Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Board offshore cranes

      2. 2.1.2 Knuckle Boom Crane

      3. 2.1.3 Telescopic Boom Crane

      4. 2.1.4 Lattice Boom Crane

      5. 2.1.5 Luffing Crane

      6. 2.1.6 Others

    2. 2.2 Lifting Capacity

      1. 2.2.1 0 - 500 MT

      2. 2.2.2 500 - 2,000 MT

      3. 2.2.3 2,000 - 5,000 MT

      4. 2.2.4 Above 5,000 MT

    3. 2.3 Application

      1. 2.3.1 Oil and Gas

      2. 2.3.2 Marine

      3. 2.3.3 Renewable Energy

      4. 2.3.4 Other Applications

    4. 2.4 Geography

      1. 2.4.1 North America

      2. 2.4.2 Europe

      3. 2.4.3 Asia-Pacific

      4. 2.4.4 South America

      5. 2.4.5 Middle-East and Africa

Offshore Crane Market Size FAQs

The Offshore Crane Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

Liebherr Group, Kenz Figee Group, Heila Cranes SpA, Huisman Equipment B.V. and Cargotec Corporation are the major companies operating in the Offshore Crane Market.

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