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Offshore Crane Market Size, By Type (Knuckle Boom Crane, Lattice Boom Crane, Telescopic Boom Crane), By Lifting Capacity (0 – 500 mt, 500 – 2,000 mt, 2,000 – 5,000 mt, Above 5,000 mt), By Application (Oil & Gas, Marine, Renewable Energy), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI4103
  • Base Year: 2020
  • Report Format: PDF

Industry Trends

Offshore Crane Market Size exceeded USD 2 billion in 2020 and is projected to grow at over 5.5% CAGR from 2021 to 2027. The market growth is attributed to the increasing utilization of heavy load-handling equipment in oil & gas exploration & energy generation activities.
 

Offshore Crane Market Overview

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Growing oil exploration activities in North America and Europe due to developing oil rigs will support the high consumption of these machines. Companies develop cranes depending on consumer requirements to provide customized options suitable for load handling applications. High usage of conveying & material handling equipment in underwater crude extraction activities adds up to their market demand for installation & dismantling purposes. These cranes are deployed for the assembly, repairing, and supply of various oil & gas extraction systems, supporting the industry growth.
 

The rising demand for the installation of windmills for the production of renewable energy is growing at a rapid pace. There has been a rise in the setup of offshore windmills, requiring offshore cranes for the maintenance and operations of turbines. The offshore wind research department is being reinforced by various government bodies to generate more amount of renewable power.
 

The unavailability of skilled operators is one of the major market factors challenging the offshore crane market expansion. Installation of these cranes is complex and requires specific & skilled workers. Offshore cranes are installed in different environments, requiring experienced and skilled force to tackle diversified situations such as different intensities of tides & winds, the salinity of seawater, and humidity. With the integration of sensors and other technical gadgets, companies are planning to train their employees to minimize operational failures.
 

The offshore crane market was adversely impacted by the COVID-19 pandemic. Government-enforced lockdowns and stringent travel restrictions globally led to supply chain disruptions, shortage of labor, and delays in the installation of offshore cranes. However, with the decline in the number of COVID-19 cases and the revival of economic activities from the last quarter of 2020, the industry players are witnessing steady growth in demand. Supportive government policies coupled with rising demand for renewable energy will propel the industry expansion during the forecast period.
 

High strength and flexibility of knuckle boom cranes are accelerating their adoption

The knuckle boom offshore cranes held 40% of the market share in 2020 led by their increasing acceptance in the construction of new ports and harbors. Knuckle boom cranes are expected to showcase high demand in the industry owing to their advantages such as strength & flexibility. Furthermore, these cranes provide improved maneuverability, robust operability, and stability in constricted places. Rising concerns related to worker safety on the deck or vessel are leading to the higher usage of knuckle boom cranes in the marine industry, creating robust market opportunities for the players.
 

Shifting government focus on renewable energy sources is creating a positive market outlook

B The 2,000 – 5,000 mt lifting capacity segment in the offshore crane market are anticipated to register 5% growth rate through 2027. Offshore cranes with a high lifting capacity are majorly used in the energy, and oil & gas sectors due to their enhanced safety and high lifting ability. Moreover, these cranes are also used in material handling in the construction, transport & logistics sectors.
 

Increasing deployment of heavy-duty cranes in offshore applications, such as oil rig assemblies and erection of wind farms, is slated to augment the industry share of 2,000 – 5,000-metric ton offshore cranes. Growing investments from government and private sector players in developing new wind farms to generate renewable and sustainable energy are expected to create robust growth opportunities for this segment.
 

Proliferation of offshore exploration and mining activities is creating significant demand in oil & gas applications

Offshore Crane Market Size

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The offshore crane market for oil & gas application segment is poised to reach USD 1.5 billion by 2027. Oil & gas applications of offshore cranes are driven by increasing investments in offshore drilling projects by government-owned and private companies.
 

The exponentially growing demand for oil & gas in the manufacturing, automotive, and energy sectors is encouraging private companies and government authorities to invest in exploring new oil & gas and natural gas sources. This factor will spur the industry demand for modern offshore cranes in the market by 2027 to perform numerous heavy-duty tasks at marine exploration sites.
 

Supportive government initiatives to boost oil & gas production in the APAC region

APAC Offshore Crane Market

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Asia Pacific offshore crane market valued at over USD 1 billion in 2020 and is estimated to attain a CAGR of 7% till 2027. The industry progression is credited to a positive outlook in the regional oil & gas sector. Government initiatives and policy upgrades to encourage foreign direct investments in the Chinese oil & gas sector are set to foster the oil & gas production industry in China.
 

High emphasis of market players on collaborations and partnerships

To ensure the seamless performance of offshore cranes, market leaders offer several services including equipment installation, maintenance & repair, and parts & accessories. Offshore crane market participants include Palfinger AG, MacGregor, Liebherr, Konecranes PLC, Kenz Figee, Huisman Equipment, and Heila Group. Companies are adopting various strategies, such as mergers & acquisitions, strategic partnerships & collaborations, and product launches, to expand their global presence.
 

The offshore crane market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:

Market, By Type

  • Knuckle Boom Crane
  • Lattice Boom Crane
  • Telescopic Boom Crane
  • Others

Market, By Lifting Capacity

  • 0 – 500 mt
  • 500 – 2,000 mt
  • 2,000 – 5,000 mt
  • Above 5,000 mt

Market, By Application

  • Oil & Gas
  • Marine
  • Renewable Energy
  • Other

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
  • Middle East & Africa
    • GCC
    • Nigeria

 

Authors: Preeti Wadhwani, Prasenjit Saha

Frequently Asked Questions (FAQ) :

The global market size of offshore crane surpassed USD 2 billion in 2020 and is poised to record a CAGR of over 5.5% up to 2027 due to growing adoption of heavy load-handling equipment in oil & gas exploration as well as energy generation activities.

Knuckle boom, which accounted for over 40% of the market share in 2020 driven by higher adoption in construction of new ports and harbors, lattice boom, and the telescopic boom are the main types of offshore cranes.

The oil & gas applications is set to record more than USD 1.5 billion by 2027, impelled by growing number of investments in offshore drilling projects by government-owned and private companies.

The Asia Pacific has crossed USD 1 billion in 2020 and will record a CAGR of 7% up to 2027 driven by the expanding oil & gas sector and rising number of government initiatives and policy upgrades for encouraging foreign direct investments.

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Premium Report Details

  • Published Date: Dec 2021
  • Companies covered: 12
  • Tables & Figures: 176
  • Countries covered: 15
  • Pages: 150

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