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), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2026

Published Date: Dec 2019  |  Report ID: GMI4103  |  Authors: Ankita Bhutani, Prasenjit Saha

Report Format: PDF   |   Pages: 140   |   Base Year: 2018




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Offshore Crane Market size was over USD 2.5 billion globally in 2018 and is estimated to grow at over 9% CAGR between 2019 and 2026.
 

Offshore Crane Market

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Increasing subsea construction and oil exploration operations are supporting the market growth globally. These subsea construction machines are primarily used due to their high precision in heavy-duty operations such as assembly, repair, and supply of oil & gas extraction systems. The rising demand for renewable energy is supporting offshore crane adoption for the construction & erection of large wind turbines in offshore environment. According to the International Energy Agency (IEA), in October 2019, the offshore wind industry is expected to reach approximately USD 1 trillion by 2040, providing ample opportunities for industry growth. The market players are making large investments in R&D activities to introduce innovative and fuel-efficient offshore crane products to strengthen their product portfolio and gain a competitive edge. The latest trend in the industry is fiber ropes for offshore cranes. These ropes are gaining market demand due to their low weight and maximum lifting capacity.
 

Continuous fluctuations in the oil prices globally have high impact on the offshore crane market demand. The key companies experienced a heavy decline in product sales in the recent years due to reduction in the oil prices. High set up & installation are a few major factors hampering the market size. The installation process of these equipment is highly complex and requires skilled technicians & labors to prevent damages. The offshore crane machines are majorly deployed in offshore environment, resulting in metal damages owing to high salt content and humidity in seawater, leading to high repair & maintenance cost, creating industry challenges. Market leaders are focusing on developing durable offshore crane products through anti-corrosion technologies to prevent substantial metal damages, supporting the market demand.
 

Offshore Crane Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: USD 2.5 Billion
Historical Data for: 2015 to 2018 Forecast Period: 2019 to 2026
Forecast Period 2019 to 2026 CAGR: 9% 2026 Value Projection: USD 5 Billion
Pages: 140 Tables, Charts & Figures: 176
Geographies covered: U.S., Canada, UK, Germany, France, Italy, Norway, China, India, Japan, Australia, Brazil, Mexico, GCC, Nigeria
Segments covered: Type, Lifting Capacity, Application
Companies covered (12): Cargotec Corporation, Heila Cranes, Huisman Equipment B.V., Kenz Figee Group, Konecranes, Liebherr Group, National Oilwell Varco, PALFINGER AG, PLM Cranes B.V., Seatrax, Inc., Sormec, ZPMC
Growth Drivers:
  • Increasing awareness and usage of renewable energy in Europe and the U.S.
  • Expansion of the oil rig exploration sector in North America
  • Presence o huge oil & gas sector in Middle East
  • Development of the offshore exploration & construction activities in China, Norway, and Latin America
  • High wind energy activities across the globe
Pitfalls & Challenges:
  • High initial investments involved in purchasing these cranes
  • Unavailability of skilled operators
  • Fluctuating oil prices globally

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Increasing adoption of knuckle boom cranes to transfer heavy loads in marine applications

Global Offshore Crane Market Size, by Application, 2018 & 2026
Global Offshore Crane Market Size, by Application, 2018 & 2026

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Based on type, the offshore crane market is segmented into knuckle boom crane, lattice boom crane, and telescopic boom crane. Knuckle boom offshore cranes are witnessing high growth in the industry to perform safe & efficient pipe handling operations. These systems are attached to internal or external pipe grabbers, providing efficient lifting capabilities in complex operations. Knuckle cranes are increasingly being used in harsh environmental conditions due to their extra stability and better operability. Additionally, the machine also offers enhanced maneuverability, reaching inaccessible points on the vessel. The rising personnel safety concerns on the vessel or deck are leading to the high adoption of the equipment in the marine industry, providing market opportunities. Knuckle boom cranes are also deployed in marine applications to transfer heavy loads at close distances, leading to the high market share.
 

Increasing spending on the construction of wind farms

Offshore cranes with the lifting capacity of 2,000 – 5,000 mt are witnessing high growth to perform heavy-duty deployments such as erection of wind parks or the assembly of oil rigs. The systems are primarily used in the oil & gas industry due to their maximum safety and precise handling capabilities. Additionally, the equipment is also used in heavy-lift constructions, decommissioning, and maintenance applications, driving the offshore crane market. The increasing government & private sector spending on the construction of new offshore wind farms for the generation of renewable energy in large quantities will create a huge demand for offshore cranes with heavy lifting capacity over the forecast timeline. Manufacturers operating in the market are integrating advanced control systems to enhance the operability of these products. For instance, Liebherr incorporates Litronic control system to their offshore cranes to improve the equipment performance in rough working conditions.
 

Rising offshore exploration and production activities by petroleum companies across the globe

Based on applications, the offshore crane market is segmented as renewable energy, oil & gas, and marine. The market is expected to witness high growth in oil & gas applications over the forecast timeline. Petroleum companies and government-owned gas corporations across the globe are making huge investments in offshore drilling projects to explore new oil & natural gas resources. For instance, in August 2019, BHP Group Plc. announced an investment of approximately USD 283 million for the development of Ruby project in Tobago and Trinidad. The first production from the project is expected to start from 2021 with a total investment of approximately USD 500 million. Similarly, in 2019, Pertamina, a Jakarta-based Indonesian state-owned oil & natural gas corporation, announced the investment of around USD 30 billion in East Natuna Block (Natuna D-Alpha) Project. This will surge the demand for advanced offshore cranes in market over the forecast timeline to perform several complex operations at the exploration sites. Moreover, the demand for these cranes is also increasing in the oil & gas industry for pipe maintenance & repair applications.
 

Increasing demand for renewable energy sources in Asia Pacific

Asia Pacific Offshore Crane Market Size, by Region, 2026
Asia Pacific Offshore Crane Market Size, by Region, 2026

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Growing population coupled with rapid urbanization across India and China is creating a huge demand for electricity. Governments across the regions are focusing on the development of new renewable energy sources to cater to the offshore crane market demand. In April 2019, the Ministry of New and Renewable Energy of India announced a strategic cooperation with the Ministry of Climate, Energy and Utilities of the Kingdom of Denmark in the field of renewable energy with the major focus on offshore wind energy. The government is planning to build 30,000 MW of offshore wind capacity by 2030. Similarly, in January 2019, the Chinese government approved 24 new offshore wind projects, having a total capacity of around 6.7 GW with a total investment of around USD 18 billion. Moreover, the Australian government is also planning to develop new offshore wind farms over the next few years, providing lucrative opportunities for the global market outlook.
 

Product launches and partnerships remain key growth strategies

Companies operating in the offshore crane market share are adopting various strategies, such as strategic partnerships & collaborations, mergers & acquisitions, and product launches, to gain market share. For instance, in August 2019, Liebherr launched the third model of the ram luffing knuckle boom crane series. The new machine is equipped with path control and machine assistant system for better optimization of crane movement. Similarly, in April 2019, MacGregor introduced its first fiber-rope crane to support the offshore crane market trend. The equipment is primarily designed for deep water load handling operations. Moreover, players operating in the offshore crane industry are also focusing on developing robust offshore cranes with maximum safety features to gain competitive edge over their rivals. Market players are also offering several services including equipment installation, maintenance & repair, and parts & accessories. Market leaders include Liebherr, MacGregor, Konecranes PLC, Kenz Figee, Heila Group, Palfinger AG, and Huisman Equipment.
 

The offshore crane market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026 for the following segments:

Offshore Crane Market, By Type

  • Knuckle Boom Crane
  • Lattice Boom Crane
  • Telescopic Boom Crane
  • Other

Offshore Crane Industry, By Lifting Capacity

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

Offshore Crane 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

Frequently Asked Questions (FAQ) :

Increasing subsea construction & oil exploration operations along with rising awareness & usage of renewable energy in Europe and the U.S. are supporting the offshore crane market growth globally.
Offshore cranes with the lifting capacity of 2,000 – 5,000 mt are witnessing high growth to perform heavy-duty deployments such as erection of wind parks or the assembly of oil rigs, says a GMI Report.
Knuckle boom cranes are witnessing high growth as these are attached to internal or external pipe grabbers, providing efficient lifting capabilities in complex operations. Also, they are used in harsh environmental conditions due to their extra stability and better operability.

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