Offshore Crane Market size is estimated to exceed USD 4 billion by 2032, according to the latest research report by Global Market Insights Inc.
Favorable expenditure on offshore projects globally is shaping the industry scenario attributed to the booming private sector investments to scale their offshore business operations. For instance, in February 2023, Octopus Energy Generation, a leading European renewable energy firm, announced a USD 1 billion investment in offshore wind resources to expand UK offshore wind farms. Moreover, an upsurge in wind energy generation projects worldwide is foreseen to drive offshore crane market trends by 2032.
Effective mobility and stability on drilling rigs to boost demand for lattice boom crane
The offshore crane industry size is primed to exceed USD 1 billion by 2032. These cranes are gaining positive traction in the oil & gas sector as these cranes have increased mobility and greater stability for lifting heavier loads in drilling rigs, exploration and production platforms. Furthermore, supportive offshore rules and regulations benefit the utilization of lattice boom crawler cranes for marine vessels and proliferate product adoption.
Significant usage in lifting cargo vessels to bolster 500 - 2,000 mt crane segment
The 500-2000 Mt offshore crane market is slated to progress at 4% CAGR from 2023 to 2032 due to its wide scope of application in oil rigs for lifting, lowering and transferring cargo from platforms. A variety of marine applications, including oil production, offloading, storage and drilling facilities are highly dependent on these cranes. Additionally, the substantial use of these cranes in construction vessels for rigs and platforms is fueling segment growth.
Browse key industry insights spread across 150 pages with 196 market data tables and 27 figures & charts from the report, “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” , in detail along with the table of contents:
Increasing maritime trade worldwide to augment the marine industry
The marine application segment surpassed USD 700 million in 2022. Within a marine vessel, cargo, and crew are moved using marine cranes as they have a unique design that enables the delivery of products in uncertain weather. The offshore crane market is further anticipated to witness growth in the marine sector as a result of growing maritime trade. The UNCTAD estimates that global maritime trade will rise by approximately 2.1% from 2023 to 2027.
Soaring investments in offshore oil & gas industry to push Europe industry growth
The Europe offshore crane industry is expected to grow at over 5% CAGR from 2023 to 2032. The region holds a lion’s share owing to the increasing investment in the offshore oil & gas industry expansion. In a recent instance, Norway’s Ministry of Petroleum and Energy offered 47 new offshore oil & gas exploration licenses to over 25 oil companies in the North Sea, the Norwegian Sea, and the Barents Sea in January 2023. With this subsidy, Norway’s oil output is likely to grow by 7% in 2023.
Surging emphasis on product development to remain a key growth strategy
Top players in the offshore crane market include Huisman Equipment, Palfinger AG, MacGregor, Konecranes PLC, Liebherr, Kenz Figee, and Heila Group, among others. These firms are majorly focusing on a series of acquisitions & partnerships and portfolio diversification tactics to stay ahead in the industry. For example, in September 2022, Van Oord, an offshore construction company, upgraded its offshore installation vessel Aeolus crane by equipping a new 133m longer boom on it. This made the vessel ready to handle up to 15MW turbines for offshore wind projects. The new boom is likely to have a lifting capacity of 1,600 tons.