The size of Offshore Crane Market was registered at USD 2.5 billion in the year 2018 and is anticipated to cross USD 5 billion by 2026. Between the period 2019-2026, the market is expected to register a CAGR of 9%.

Sustained demand for maintenance & repair of oil & gas extraction systems is poised to fuel offshore crane market size. A notable uptick is being witnessed in subsea construction projects followed by infusion of investments, thereby signifying the relevance of maximum safety and high lifting capacity. Prominently, offshore cranes are highly sought-after in pipe maintenance & repair operations.

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Stakeholders anticipate demand for knuckle boom cranes to proliferate against the backdrop of low maintenance and maximum efficiency requirements. These robust cranes find increased application in loading and unloading operations. With knuckle boom cranes providing improved strength and flexibility, they have become popular in marine and oil & gas industries. Meanwhile, lattice boom crane and telescopic boom crane will also provide impetus to the offshore crane market size.

With lifting capacity of over 5,000 mt, popularity of heavy-duty offshore cranes is set to spur the demand for the cranes as they apparently perform efficiently in hostile condition. It is prudent to mention that these dynamic cranes are increasingly used in the construction of large oil & gas and windfarm projects in offshore ambience.

MEA offshore crane market size is likely to augment during the forecast period as the region is replete with investments. For instance, National Petroleum Construction Company (NPCC) in November 2019 proclaimed an investment of US$ 89.8 million to spur subsea construction projects in the UAE. According to several reports, NPCC is contemplating product expansion as they look to underpin many deep-water projects not only in the Gulf but also across the globe. Meanwhile, high maintenance and operational cost may derail the growth of offshore crane industry.

North America offshore crane market share is expected to expand robustly in the wake of an upsurge in demand for electricity witnessed in the U.S. Reportedly, the U.S. government is vying to produce maximum electricity stemming from renewable energy sources such as offshore wind. Of late, demand for renewable energy has surged in the backdrop of burgeoning urbanization and rampant population. For instance, in 2019, Vineyard offered an 800 MW wind farm project in Massachusetts to provide electricity to over 400,000 homes with clean energy. Apparently, the company is contemplating investment of around US$ 2.8 billion for development of project.

Government initiatives across India and China aimed at bolstering renewable energy landscape are expected to remain catalyst in fueling offshore crane inudtry revenue during the assessment period. Prominently, attributes such as better vessel stability and light weight make offshore crane highly sought-after among end-users.

Leading companies are overwhelmingly prioritizing strategic business strategies such as price and product differentiation strategies. Prominent players eyeing for offshore crane market size expansion are Liebherr, Palfinger AG, National Oilwell Varco, Huisman Equipment, Kenz Figee, MacGregor, Seatrax and Heila Group. These companies are increasingly investing in research and development activities to help boost reliability and energy efficiency.

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Some Point from Table of Contents:

Chapter 4. Offshore Crane Market, By Type

4.1. Key trends by type

4.2. Knuckle boom crane

4.2.1. Market estimates and forecast, 2015 – 2026

4.3. Lattice boom crane

4.3.1. Market estimates and forecast, 2015 – 2026

4.4. Telescopic boom crane

4.4.1. Market estimates and forecast, 2015 – 2026

4.5. Other

4.5.1. Market estimates and forecast, 2015 – 2026

Chapter 5. Offshore Crane Market, By Lifting Capacity

5.1. Key trends by lifting capacity

5.2. 0-500 mt

5.2.1. Market estimates and forecast, 2015 – 2026

5.3. 500-2000 mt

5.3.1. Market estimates and forecast, 2015 – 2026

5.4. 2000-5000 mt

5.4.1. Market estimates and forecast, 2015 – 2026

5.5. Above 5000 mt

5.5.1. Market estimates and forecast, 2015 – 2026

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