The size of offshore crane market was registered at USD 2.5 billion in the year 2018 and is anticipated to cross USD 20 billion by 2026. Between the period 2019-2026, the market is expected to register a CAGR of 9%.

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Global offshore crane market size has been experiencing exponential growth over the last couple of decades owing to increasing demand for maintenance and repair of oil and gas extraction systems. The machines are widely used in the maintenance, repair, and assembly of oil extraction pipes due to their high precision rate.

It has been estimated that global offshore crane market size will cross USD 5 billion by the end of 2026. The National Petroleum Construction Company (NPCC) announced an investment of USD 89.8 million to enhance subsea construction projects across the UAE. NPCC is aiming at undertaking many deep-water projects across the region as well as across the globe, rendering opportunities for offshore industry development.

Knuckle boom cranes are witnessing widespread demand over the years owing to their superior rate of efficiency and low maintenance requirements. The cranes are used in the marine applications for loading and unloading functions. Knuckle crane renders improved flexibility and strength, due to which they are increasingly used in marine and oil and gas sectors.

Rising expenditure on the development of new ports and harbors will support the market demand over the projected period of study. Surging investments made in subsea construction projects are driving the demand for offshore cranes with high security and superior lifting ability. Consistent deployment across important marine applications is poised to fuel offshore crane market outlook.

Investments in building large wind turbines have surged over the years. The requirement for heavy-duty offshore cranes having lifting capacity of more than 500 mt is likely to rise over the next few years due to their capability to execute complex operations in difficult work conditions. The equipment is largely used in the construction of large oil and gas as well as wind farm projects in offshore areas.

Vineyard Wind LLC had introduced a proposal for an 800 MW wind farm project in Massachusetts to facilitate clean energy to over 400,000 houses . The firm is anticipated to invest close to USD 2.8 billion towards project development. Many offshore crane providers are improving their product portfolio in order to help enhance energy efficiency and reliability.

Proliferating initiatives are being undertaken by the government authorities to encourage the use of renewable energy especially in regions such as Europe, Asia Pacific, and the Middle East. In a bid to sustain the rising competition in the market, key industry players are aiming at establishing product and price differentiation strategies to survive in the market.

North America could dominate offshore crane market size due to the surging demand for electricity from various sectors across the region. The U.S. government is aiming at generating maximum amount of electricity from renewable sources of energy such as offshore wind. Moreover, many prominent companies are also supporting the adoption of renewable sources of energy.

Key industry players operating in offshore crane industry include Heila Group, National Oilwell Varco, Huisman Equipment, Palfinger, Seatrax Inc., MacGregor and Liebherr, among various others. Described below are some of the integral factors predicted to influence offshore crane market trends over the next few years:

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Some Point from Table of Contents:

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

Chapter 6.   Offshore Crane Market, By Application

6.1.  Key trends by application

6.2.  Oil & Gas

6.2.1. Market estimates and forecast, 2015 – 2026

6.3.  Marine

6.3.1. Market estimates and forecast, 2015 – 2026

6.4.  Renewable Energy

6.4.1. Market estimates and forecast, 2015 – 2026

6.5.  Other

6.5.1. Market estimates and forecast, 2015 – 2026

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