Offshore Crane Market is Likely to Witness a Substantial Growth Through 2025

Increasing subsea construction activities and growing demand for renewable energy are acting as key growth drivers for global offshore crane market.

According to TechSci Research report, “Global Offshore Crane Market By Design Type (Knuckle Boom, Telescopic Boom, Lattice Boom and Others), By Application (Oil Rig Cranes, Marine Cranes and Others), By Lifting Capacity (500-3,000mt Lifting Capacity and Above 3,000mt Lifting Capacity), By Region, Forecast & Opportunities, 2025”, the market is anticipated to witness a CAGR of around 7% during the forecast period. Increasing subsea construction activities and growing demand for offshore cranes by various end user industries are acting as major growth driver for global offshore crane market. Moreover, rising demand for oil & gas around the world, speedy renewable energy development and increasing investments by various economies in oil & gas reserves are also creating profitable growth opportunities for offshore crane market. In addition to this, the growth of global offshore crane market can also be attributed to rising offshore exploration activities and investments by various governments on energy sources. With increasing R&D activities being conducted by offshore crane manufactures, the market is poised to grow significantly through 2025.

Furthermore, rapid urbanization and rising infrastructural development in emerging economies is supporting the growth of global offshore crane market. Also, ongoing technological advancement is expected to positively impact the market growth in coming years. Additionally, rapid industrialization activities coupled with focus of manufactures on innovation are some other key factors fueling the global offshore crane market growth. However, high entry barriers for new companies and declining offshore support vessel demand is likely to hamper the market growth. Moreover, associated environmental risk are also anticipated to restrain the growth of global offshore crane market.

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Global offshore crane market is segmented based on design type, application, lifting capacity, company, and region. Based on design type, the market has been categorized into knuckle boom, telescopic boom, lattice boom and others. Among them, the lattice boom design for offshore crane is expected to dominate the market during the forecast period on account of growing development of new projects of offshore wind turbines. However, the knuckle boom segment is poised to witness fastest growth in coming years as they are widely being used to perform safe & efficient pipe handling operations by various end use industries.

Based on application, the global offshore crane market can be categorized into oil rig cranes, marine cranes, and others. Among them, the oil ring cranes are expected to dominate the global market during the forecast period due to increasing investments in offshore drilling projects by various economies and petroleum companies. Moreover, oil ring cranes are also being used for pipe maintenance and other repair applications.

Major players operating in the global offshore crane market are Zoomlion, Huisman, TEREX Corporation, Kenz Figee, Palfinger, National Oilwell Varco, Manitowoc, Liebherr, Cargotec and Konecranes. Leading companies are adopting growth strategies such as mergers &acquisitions, partnerships, joint ventures, strategic partnerships & collaborations, and new product development to strengthen their position in global offshore crane market.

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“Increasing demand for electricity in world’s most populated countries i.e. India and China are making Asia Pacific most profitable market for offshore crane manufacturers. The focus of government in these economies is on development of new renewable energy sources which is expected to result in spiking demand for offshore cranes in coming years. Apart from that, the development of new offshore wind farms in Australia is also expected to make Asia Pacific a dominating market through 2025,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Offshore Crane Market By Design Type (Knuckle Boom, Telescopic Boom, Lattice Boom and Others), By Application (Oil Rig Cranes, Marine Cranes and Others), By Lifting Capacity (500-3,000mt Lifting Capacity and Above 3,000mt Lifting Capacity), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of 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 global offshore crane market.

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