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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, Above 2,000 mt), By Application (Oil & Gas, Marine, Renewable Energy) & Forecast, 2023 – 2032

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

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.
 

Offshore Crane Market

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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.
 

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

Global Offshore Crane Market, By Application

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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.
 

 

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

Offshore Crane Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 14
  • Tables & Figures: 223
  • Countries covered: 15
  • Pages: 150
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