The global offshore crane market value is expected to garner around US$ 5.21 Bn by 2026, growing at a CAGR of around 8.7% over the forecast period 2019 to 2026.

Offshore crane is elevating and rotating lifting device which is used to move and transfer material and person to or from structures, vessels and baggages. The offshore crane are mainly used in shipboard applications, heavy lift applications, and drilling operations. The standards are used to design and manufacture the offshore crane. There are various offshore cranes which includes mobile crane, marine & port crane, and fixed crane. The growing demand for energy and infrastructure development across the globe further grows the demand for offshore crane. This expected to enhance the production to meet the growing consumption of offshore crane over the forecast period.

Market Dynamics

The growth of the offshore crane market is primarily driven by the rising offshore activities, growing demand for offshore cranes in various end user industries, rapid renewable energy development, and increase in offshore exploration and production activities. Furthermore, growing investment by developing counties in oil and gas reserves, rising demand for oil and gas across the globe, and increase in demand from application sectors which includes oil & gas, marine, and renewable energy, is estimated to boost the market growth. Moreover, rapid urbanization in developing countries, growing infrastructure development, government investment for energy sources and rapid industrialization, potential oilfield discovery, and increase in innovation and development in offshore crane are expected to create opportunities for the manufacturers in the global market over the forecast period. However, growing environmental risk, high entry barriers for new players, and decline in the offshore support vessel demand are expected to hamper the growth of the global offshore crane market in the coming years. 

By design type, knuckle boom crane dominated the offshore crane market

Based on design type, the market has been segmented into knuckle boom crane, telescopic boom crane and lattice boom crane. The knuckle boom crane segment accounts of the largest share in the market and are expected to grow at a CAGR of around 7.8% during the forecast period.

Knuckle boom crane enhances the maneuverability due to their extra stability and better operability. The growing demand for transfer and moving of heavy loads, rising demand for safety concerns, and growing demand for machines in marine industries further expected to drive the growth of knuckle boom crane. The manufacturers Cargotec, Konecranes, Liebherr Group, and Terex Corporation are the mainly investing in the development of knuckle boom crane for the various applications in offshore, which expected the lead the market in the coming years.

Based on application, the oil & gas segment is expected to dominate during the forecast period

Based on application, the market has been segmented into oil & gas, marine, renewable energy, and others. The oil & gas segment accounts of the largest share in the market and held for more than 35% of the total market in 2018. The major factors that are driving the growth of this segment are increase in petroleum companies and government-owned gas corporations across the globe and growing investment in offshore drilling projects. This expected to enhance the dominance of the oil & gas segment in the global market over the forecast period.

The market research study on “Offshore Crane Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global offshore crane market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global offshore crane market, its design type, lifting capacity, application and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global offshore crane market size and volume, and segment markets by design type, lifting capacity, application, and geography along with the information on companies operating in the market. The offshore crane market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.

In 2018, Asia-Pacific dominated the regional market with a maximum market share

Asia-Pacific accounted for the high market share of the offshore crane market and the region is also expected to maintain its dominance over the forecast period. The rapid consumption of offshore crane in various end user industries, growing infrastructure development, and rapid industrialization are the major driving factor for the region in the global market. Moreover, increase in government spending for renewable energy and oil and gas sector and diversification in the region’s energy sector are expected to enhance the market growth in the global offshore crane market in future. Moreover, strong economic growth in countries, such as China, Korea, Thailand, Japan, and India, are expected to enhance the market growth in the global offshore crane market during the forecast. North America is expected to hold the second largest in the global market during the forecast period. Presence of major key players, development of offshore crane for marine sector, growing offshore marine projects, and increase in production and consumption of offshore crane, rising number of offshore crane manufacturers are expected to enhance the market growth in the global offshore crane market during the forecast.

Europe is expected to hold the highest CAGR in the global market during the forecast period. The growing government spending on offshore projects, increase in innovation and development in offshore crane, favorable market conditions, and established research and development institutes are expected to enhance the market growth in the global offshore crane market during the forecast.

The players profiled in the report include Cargotec, Konecranes, LiebherrGroup, Terex Corporation, and Zoomlion, Manitowoc, BHuisman, KenzFigee, National Oilwell Varco, Palfinger AG, Seatrax, Inc., and PLM Cranes B.V. The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors.

Market Segmentation

Market By Design Type

• Knuckle Boom Crane
• Telescopic Boom Crane
• Lattice Boom Crane

Market By Lifting Capacity

• 0-500mt
• 500-3000mt
• Above 3000mt

Market By Application

• Oil & Gas
• Marine
• Renewable Energy
• Others

Market By Geography

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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