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Offshore Crane Market Size

Report ID: GMI4103
Published Date: Mar 2023
Report Format: PDF

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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.

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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

Offshore Crane Market Report Attributes
Report Attribute	Details
Base Year:	2022
Offshore Crane 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:	Increasing offshore spending across the globe Expansion of the oil rig exploration sector in North America Large-scale oil & gas production in Middle East Development of offshore exploration & construction activities in China, Norway, and Latin America High wind energy generation activities across the globe
Pitfalls & Challenges:	High initial investments involved in purchasing offshore cranes Unavailability of skilled operators Fluctuating oil prices globally

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of offshore crane exceeded USD 2 billion in 2022 and is anticipated to grow at 4% CAGR during 2023 to 2032 propelled by proliferating initiatives to develop offshore exploration and construction operations, especially in China.

The 2000 mt segment captured 45% market share in 2022 as a result of the rising uptake of heavy-duty cranes for offshore applications, including the assembly of oil rigs and the construction of wind farms.

The oil & gas application segment is projected is estimated amass USD 1.5 billion by 2032 owing to the rising product adoption on oil rigs due to their extensive use for various daily tasks, including lifting drill pipes, maintenance equipment from ships and other tasks.

The North America market is primed to reach USD 1 billion by 2032 on account of supportive government initiatives to incorporate renewable energy sources for power generation including offshore wind in the region.

The manufacturers operating in the global business scenario are Palfinger AG, Liebherr, MacGregor, Konecranes PLC, Huisman Equipment, Kenz Figee, and Heila Group