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Offshore Crane Market Size
Offshore Crane Market size surpassed a valuation of USD 2 billion in 2022 and is anticipated to register 4% CAGR from 2023 to 2032 propelled by prominent initiatives to develop offshore exploration and construction operations, especially in China.
The industry expansion is primarily fueled by the establishment of large-scale oil & gas productions in Middle East countries. An upsurge in oil & gas investments, along with the growing consumption of oil & gas worldwide, is projected to drive product adoption. For instance, in September 2022, TotalEnergies, a France-based company, signed an investment deal for about USD 1.5 billion with Qatar for the expansion of its natural gas production, the North Field South gas project. Such initiatives by major players are positively influencing the offshore crane market outlook.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 2 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 4% |
| 2032 Value Projection: | USD 4 billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 150 |
| Tables, Charts & Figures: | 223 |
| Segments covered: | Type, Lifting Capacity, Application, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Lack of skilled operators may restrain market progression
Despite a positive viewpoint for product espousal, the offshore crane industry faces a major hurdle due to the complexity of the installation of offshore cranes, which requires a skilled professional for its management. Since these cranes must operate in a variety of conditions, including those involving tides, winds, humidity and seawater salinity, competent and knowledgeable personnel is essential. Nonetheless, ongoing efforts by governments to increase offshore energy generation are speculated to help in overcoming this issue through various training and certification programs.
Supportive government investments towards wind farms to help 2000 mt cranes gain traction
In 2022, the above 2000 Mt offshore crane market captured 45% share driven by the rising uptake of heavy-duty cranes for offshore applications, including the assembly of oil rigs and the construction of wind farms. In addition, favorable investments from government and private sector players in building new wind farms to generate sustainable and renewable wind energy are likely to create significant growth opportunities for this segment.
Offshore Crane Market Analysis
The offshore crane market from the oil & gas segment is estimated to amass USD 1.5 billion by 2032. The rising requirement of offshore cranes on oil rigs due to their extensive use for various daily tasks, including lifting drill pipes, maintenance equipment from ships and other tasks are stimulating industry growth. Companies in the sector are deploying offshore cranes to maintain, assemble, and supply oil & gas extraction systems. For example, in January 2023, SMST received a delivery contract for its offshore crane from Marco Polo Marine to continue its Commissioning Service Operations Vessel project.
The knuckle boom crane segment is expected to attain 4% gains during owing to its escalating popularity in the development of new ports and harbors. As these cranes offer enhanced maneuverability, reliable operability and stability in confined spaces due to their benefits, such as strength and flexibility, and growing consumer concerns, companies opt for safe cranes for their workers on the deck or vessel. A 2022 research study on the compatibility of offshore knuckle boom cranes concluded that the mechanical feasibility of a motion-compensated knuckle boom crane is more than that of uncompensated cranes.
The North America offshore crane industry is primed to be worth USD 1 billion by 2032, attributed to the escalating demand for renewable electricity across the region. Supportive government initiatives to incorporate renewable energy sources for power generation including offshore wind are benefitting the offshore crane business. Recently, in February 2023, the U.S. government announced its plan to expand floating offshore wind energy capacity by advancing transmission planning, R&D, and partnerships. It aims at deploying 15 GW of floating offshore wind by 2035 reducing the cost of electricity by 70%.
Offshore Crane Market Share
Some of the key participants involved in the offshore crane market are:
- Palfinger AG
- Liebherr
- MacGregor
- Konecranes PLC,
- Huisman Equipment,
- Kenz Figee
- Heila Group
These firms primarily focus on product innovation and business expansion in several regions to stay ahead in the competitive environment.
This market research report on offshore crane includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2032 for the following segments:
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Market, By Type
- Knuckle Boom Crane
- Lattice Boom Crane
- Telescopic Boom Crane
Market, By Lifting Capacity
- Below 500 mt
- 500-2000 mt
- Above 2000 mt
Market, By Application
- Oil & Gas
- Marine
- Renewable Energy
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Norway
- Asia Pacific
- China
- India
- Japan
- Australia
- Latin America
- Brazil
- Mexico
- MEA
- GCC
- South Africa
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