Press release
Offshore Crane Market Boom: Projected to Reach $40.12 Billion by 2029 with Strong CAGR of 8.9%
Offshore Crane Market Size
What Is The Projected Market Size Of The Global Offshore Crane Market And Its Growth Rate?
The offshore crane market has witnessed robust growth in recent years, with key data points as follows:
- The market size was $26.05 billion in 2024 and is projected to grow to $28.5 billion in 2025, indicating a compound annual growth rate (CAGR) of 9.4%.
- The strong growth in the historic period can be attributed to the surge in offshore oil and gas exploration activities, an increase in offshore wind energy projects, and expanding offshore drilling operations, amongst other factors.
- It is expected to continue its strong growth momentum, reaching $40.12 billion by 2029, with an annual growth rate (CAGR) of 8.9%.
- Major trends for the projected period include advancements in crane technology, implementation of autonomous and remote-controlled cranes, and a focus on environmental sustainability, amongst others.
What Is Driving The Growth In The Offshore Crane Market?
The rising investments in offshore drilling projects are propelling the offshore crane market's growth. Offshore drilling involves fetching petroleum and natural gas from marine reserves, amplifying the need for efficient offshore cranes. An excellent example of how investments are enhancing the market is the UAE player, Abu Dhabi National Oil Company (ADNOC), which invested a whopping $658 million in drilling growth projects as of March 2022. Covered by these awards, all of ADNOC's offshore and onshore fields highlight how investments in this sector are driving the market.
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Who Are the Key Players Driving Offshore Crane Market Growth?
Notable companies operating in the offshore crane market are:
- Palfinger AG
- Cargotec Oyj
- The Liebherr Group
- Konecranes Oyj
- Kenz Figee Group BV
- Heila Group
- NOV Inc.
- Zoomlion Heavy Industry Science and Technology Company Limited
- Seatrax Inc.
- Xuzhou Construction Machinery Group Co. Ltd.
- American Crane Corporation
and many others.
What Are The Key Trends In The Offshore Crane Market?
Emerging trends in the offshore crane market include:
- Technological advancements in crane technology
- Adoption of autonomous and remote-controlled cranes
- Implementation of lifecycle services and maintenance contracts
- Integration of condition monitoring systems
- Customization and project-specific solutions.
What Are The Segments Of The Global Offshore Crane Market?
Key segments of the offshore crane market are:
- By Type: Board Offshore Cranes, Knuckle Boom Crane, Telescopic Boom Crane, Lattice Boom Crane, Luffing Crane, Other Types
- By Lifting Capacity: 0 - 500 MT, 500 - 2,000 MT, 2,000 - 5,000 MT, Above 5,000 MT
- By Application: Oil and Gas, Marine, Renewable Energy, Other Applications.
Which Region Leads The Offshore Crane Market?
Asia-Pacific was the most considerable region in the offshore crane market in 2024 and is expected to be the fastest-growing region in the forecast period. The report covers regions like Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Global Offshore Crane Market Report?
- Market Size Analysis: Analyze the Offshore Crane market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Offshore Crane market for effective categorization.
- Key Player Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Offshore Crane market.
- Market Contribution: Evaluate contributions of different segments to the overall Offshore Crane market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Offshore Crane market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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