Offshore Crane Market: Current Analysis and Forecast (2021-2027)

The offshore crane market demand is growing at a significant rate and is expected to witness influential growth during the forecasted period as well. Factors such as the increase in oil rigs, and the market for rig construction equipment and construction vessels will also increase. Therefore, it will propel the market for cranes on oil rigs. These factors are expected to drive the growth of the offshore crane market. Also, increasing oil discoveries in emerging economies such as Asia and Africa are major drivers for this market.

The rising demand for the installation of windmills to produce renewable energy is growing at a rapid pace. There has been a rise in the setup of offshore windmills, requiring offshore cranes for the maintenance and operations of turbines. The offshore wind research department is being reinforced by various government bodies to generate more amount of renewable power.

The global Offshore crane market is expected to grow at a CAGR of more than 8% during the period 2021-2027. An offshore crane is defined as a pedestal-mounted elevating and rotating lifting device used to transfer materials and personnel to or from marine vessels, barges, and structures. These offshore applications include bottom-supported, floating platform and ship-hulled vessels used in production and drilling operations, shipboard applications, and heavy-lift applications. Offshore crane demand is growing at a significant rate owing to the rising subsea construction & oil survey operations that are supporting the market development globally.

These subsea construction machines are mainly used owing to their great precision in heavy-duty operations like assembly, repair, & supply of oil & gas removal systems. In addition, the increasing demand for renewable energy is supporting offshore crane usage for the construction & manufacture of large wind turbines in an offshore situation is escalating the market size of the offshore crane market.

Insights Presented in the Report:

"Based on type, knuckle boom segment accounted for the majority share in the market in 2020"

Based on the type, the offshore crane market is segmented into knuckle boom, telescopic, lattice, and others. The knuckle boom segment caters significant share of the offshore crane market and is expected to witness influential growth in the forecasted period as well. It is mainly owing to their strength & flexibility as these cranes have more stability and are easy to operate which in turn is escalating its demand in industries.

"Amongst application, the oil rigs segment is expected to witness highest CAGR during the forecast period"

Based on the application, the offshore crane market is segmented into oil rig cranes, marine cranes, and others. Oil rigs cater significant share of the offshore crane market. It is mainly owing to worldwide growing offshore E&P activities that will increase the demand for oil rigs. Moreover, With the increase in oil rigs, the market for rig construction equipment and construction vessels will also increase which in turn, will propel the market for cranes on oil rigs

"Asia Pacific to witness significant growth during the forecast period"

The Asia Pacific is expected to hold an extensive share in the offshore crane market and is expected to grow at an influential rate in the forecasted period as well. Factors such as increasing demand for oil & gas and offshore renewable energy, in the region, are expected to gain considerable momentum. In addition, increasing oil discoveries in the region coupled with increasing capital expenditures in the countries such as China, India, Nigeria, Angola, Ghana, and Equatorial Guinea. Kenya, Tanzania, and Mozambique also provide exciting market opportunities for oil operators in the forecasted period.

Moreover, growing government & private sector expenditure on the manufacturing of new offshore wind farms for the generation of renewable energy in huge quantities will make a huge demand for offshore cranes with heavy lifting capacity in the region. For instance: the Australian government is scheduling to grow new offshore wind farms during the next few years, providing profitable opportunities for the global market outlook.

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The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

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Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

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