Offshore Crane Market to be dominated by Oil and Gas segment through 2028
Increasing exploration and production activities to drive Global Offshore
Crane Market in the forecast period, 2023-2028.
According
to TechSci Research report, “Global Offshore
Crane Market
- By Region, Competition,
Forecast & Opportunities, 2028”, Global Offshore Crane Market is anticipated to grow at a 4.06% CAGR in
the forecast period, 2024-2028, Factors such as the increasing exploration and
production activities, and the growing emphasis on the offshore renewable
energy sector, are likely to drive the offshore crane market during the
forecast period.
Based
on Application, Global Offshore Crane Market is segmented into— Oil and Gas,
Marine, Renewable Energy, Other Applications. Oil and Gas Segment to Dominate
the Market, the oil and gas industry deploys offshore cranes to assemble,
repair, and supply oil and gas extraction systems. The performance capacity,
size, and way the offshore cranes are constructed vary according to the
individual requirements. The offshore crane is an integral part of an oil rig.
The crane is used for daily operations like lifting drill pipes and casing,
lifting maintenance equipment from ships, and many more day-to-day operations.
The
offshore cranes are installed on drilling rigs, exploration, and production
platforms. Offshore cranes are designed and engineered to operate in severe
ambient conditions. These are designed, manufactured, and tested according to
the International Standard for lifting appliances and also in respect of
specific client requests. As of 2021, the global oil rig count registered 1,361
units. There has been a 0.7% increase in oil rig count compared to the previous
year. The increasing oil rig count is expected to drive the offshore crane
market during the forecast period. In February 2022, Sparrows Group announced a
three-year contract award from Serica Energy for crane operations and
maintenance services on the North Sea platform, Bruce, United States. The
company will provide resident focal points, onshore engineering, operation, and
maintenance services, including on-site engineering and technical support,
refurbishment and repairs, and lifting equipment inspection. Thus, the oil and
gas segment are expected to dominate the offshore crane market during the
forecast period.
Browse over XX market data Figures spread through 180 Pages and an in-depth TOC on "Offshore Crane Market.”
Based
on Region, Asia Pacific region is expected to dominate the market for Offshore
Crane during the forecast period. The Asia-Pacific region is expected to
witness the fastest growth rate in the offshore crane market, with China being
the largest market. The rising demand for oil & gas and offshore renewable
energy, especially in the Asia-Pacific region, is expected to gain considerable
momentum. Countries such as China and India are some of the significant markets
for offshore renewable energy developments in the region, along with
substantial installations from offshore wind energy. In April 2021, Red Rock
Marine AS signed a contract to deliver a 30T compact telescopic offshore crane
for the OHT offshore wind foundation installation vessel, Alfa Lift. The ship
is currently being built at China's China Merchant Heavy Industry shipyard.
In
December 2021, Huisman has been awarded a contract from COSCO Shipping (Qidong)
Offshore to design and construct two 2,000 tonne capacity leg encircling cranes
(LEC). The crane will be built at Huisman’s production facility in Zhangzhou,
China. The cranes will be commissioned at COSCO’s shipyard in Qidong, China. Hence,
owing to the above points, Asia-Pacific is expected to be the fastest-growing
market for offshore crane market during the forecast period.
Major
companies operating in the Global Offshore Crane market are:
- Liebherr Group
- Kenz Figee Group
- Heila Cranes SpA
- Huisman Equipment B.V.
- Cargotec Corporation
- Sparrows Offshore Group Limited
- Konecranes
- NOV Inc.
- The Manitowoc Company, Inc.
- Seatrax, Inc.
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“The
global offshore crane market is driven by several key factors that shape its
growth and development. Firstly, the expansion of offshore wind energy projects
worldwide is a significant driver. Offshore cranes are essential for the
installation and maintenance of massive wind turbines in deep-sea locations,
meeting the growing demand for clean energy sources. Secondly, the oil and gas
industry continue to drive the offshore crane market. As exploration and
production operations move into deeper waters, the demand for high-capacity
cranes for lifting heavy equipment and materials remains robust. Technological
advancements play a crucial role, with innovations like automation and
digitalization improving crane efficiency and safety. Additionally,
sustainability concerns drive the development of eco-friendly crane solutions. The
Asia-Pacific region, particularly China and India, is witnessing substantial
offshore growth, further boosting crane demand. Stringent safety regulations
and the need for compliance drive continuous improvements in crane safety
features and operations. Lastly, large-scale infrastructure projects, such as
bridges and offshore structures, require specialized cranes, contributing to
market expansion. These drivers collectively underpin the global offshore crane
market's growth and evolution.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
Offshore Crane Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast Segmented by Type (Board offshore cranes, Knuckle
Boom Crane, Telescopic Boom, Crane, Lattice Boom Crane, Luffing Crane, Others),
By Lifting Capacity (0 - 500 MT, 500 - 2,000 MT, 2,000 - 5,000 MT, above 5,000
MT), Application (Oil and Gas, Marine, Renewable Energy, Other Applications),
By Region, Competition, 2018-2028”, has evaluated the future growth potential of global Offshore
Crane market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision-makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global Offshore Crane market.
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