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Offshore Cranes Market size worth over $3 Bn by 2027

  • Published Date: January 13, 2022

Offshore Cranes Market size is set to surpass USD 3 billion by 2027, according to a new research report by Global Market Insights Inc.
 

The developing oil & gas exploration sector and installation of new oil & gas pipelines in the U.S., India & China are adding up to the demand for offshore cranes. Increasing government policies and investments supporting the offshore oil & gas drilling operation in the U.S. aid the opening of all major coastal areas. Development in offshore oil rigs & exploration activities in recent years is creating a huge demand for offshore specific equipment.
 

Rapid development in the U.S. wind energy industry impelled by the increasing installation of offshore wind farms and government & private investments is augmenting the adoption of offshore cranes. In October 2019, Amazon invested in three new renewable energy projects in the U.S. and the UK as a part of its pledge to reach 80% renewable energy usage by 2024 and 100% by 2030. The new wind energy projects aim to provide an additional renewable capacity of 365 MW, which will supply energy to Amazon Web Services data centers by 2021.
 

Global Offshore Crane Market Size By Type

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High initial investments associated with the purchasing of these cranes are one of the factors limiting the offshore cranes market growth. Offshore cranes are sophisticated machinery and are designed to withstand severe environmental conditions. These machineries are designed to perform heavy-duty operations, but the initial investment is huge. With rising automation and advancement in technology, cranes are gaining worth and witnessing a price hike.
 

Analyst view: “The emergence of telematics technology is creating market demand. This technology enhances machine efficiency with operation safety and significantly reduces maintenance & repair costs.”
 

The offshore crane industry was negatively impacted in 2020 due to the COVID-19 pandemic. Companies observed a significant fall in revenue owing to a halt in subsea construction and oil exploration operations. Furthermore, a decline in the sales of offshore cranes by low demand, suspension of construction & maintenance activities, and supply chain disruptions hampered the industry statistics. For instance, Liebherr Group reported a decline of 10.4 % in the sales of maritime cranes in 2020 compared to 2019. However, the market is anticipated to see swift growth recovery led by supportive government initiatives and increasing private investments in the renewable energy sector.
 

Browse key industry insights spread across 150 pages with 157 market data tables and 19 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, 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”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/offshore-crane-market

 

Growing usage of telescopic offshore cranes in the marine sector

The telescopic boom crane market is anticipated to register growth rate of about 2% through 2027. The segment is witnessing growth, particularly in marine applications. The equipment is primarily used in general cargo handling and bulk moving operations on offshore vessels. Telescopic boom cranes offer extended outreach and precise placement & pick-up of heavy objects. These cranes can be set up in comparatively less time, making them ideal for emergency offshore operations.
 

High government spending for the development of offshore renewable infrastructure

The renewable energy segment crossed USD 900 million in 2020 driven by an uptick in the construction of offshore wind farms. Increasing government investments for the development of efficient offshore energy infrastructure to cater to the growing demand for electricity will propel the industry growth. For instance, in January 2021, the New York government announced its plan to develop around 9,000 MW of offshore wind energy by 2035.
 

Supportive government measures to bolster the green economy in Europe

Europe offshore cranes market is projected to grow at over 5.5% CAGR through 2027. Countries including the UK, the Netherlands, Germany, and France are increasingly investing in wind energy production to reduce their dependency on non-renewable energies such as fossil fuels, coal, and gas. Growing inclination toward the utilization of green and renewable energy in European countries including the UK and Germany is providing a positive market outlook. According to a report by the Office for National Statistics 2021, offshore wind energy accounted for around 13% of the total energy supply in the UK in 2020 and powers over 4.5 million homes annually.
 

Some of the key market players include Seatrax, Palfinger AG, Heila Group, Liebherr, Kenz Figee, Inc., National Oilwell Varco, Huisman Equipment, and MacGregor. Industry participants are emphasizing on new product development to enhance the reliability and efficiency of the equipment. Companies are introducing new offshore cranes integrated with advanced technologies to gain maximum market share.
 

Authors: Preeti Wadhwani, Prasenjit Saha