Global Offshore Crane Market

Offshore Crane Market Size, Share, Growth Analysis, By Type(Knuckle Boom Crane, Lattice Boom Crane, Telescopic Boom Crane, Others), By Lifting Capacity(0 – 500 mt, 500 – 2, 000 mt, 2), By Application(Oil & Gas, Marine, Renewable Energy, Other), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20C2064 | Region: Global | Published Date: March, 2024
Pages: 202 | Tables: 97 | Figures: 76

Offshore Crane Market News

  • In March 2024, Cargotec’s division MacGregor received an order for three cranes from Italian company Prysmian. MacGregor has also been contracted to supply its OnWatch feature which includes 24/7 technical support with the cranes scheduled to arrive in the third quarter of 2025.

     

  • In March 2024, Thunder Cranes was awarded a contract with PETRONAS Carigali Sdn. Bhd. to provide portable-modular offshore rental cranes, supporting Petronas' operations in Malaysia.

     

  • In February 2024, offshore crane services provider Handal Energy Bhd said that its 99.88%-owned unit Handal Energy Solutions Sdn Bhd (HESSB) has inked a joint venture (JV) agreement with DS Agriculture to collaborate on developing land into a tourism attraction through agro-tourism initiatives in Perak, Malayasia.

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FAQs

Offshore Crane Market size was valued at USD 25 billion in 2022 and is poised to grow from USD 28.13 billion in 2023 to USD 72.16 billion by 2031, growing at a CAGR of 12.5% in the forecast period (2024-2031).

The competitive landscape of the offshore crane market is characterized by a diverse array of players striving to capture a significant share of the expanding market. Established heavy machinery manufacturers, specialized crane companies, and innovative technology-driven enterprises form the competitive matrix. These entities vie to offer a comprehensive spectrum of offshore crane solutions, catering to the complex demands of the offshore energy sector, including oil and gas exploration, renewable energy projects, and marine operations. 'Zoomlion (China)', 'Huisman (Netherlands)', 'TEREX Corporation (United States)', 'Kenz Figee (Netherlands)', 'Palfinger (Austria)', 'National Oilwell Varco (NOV) (United States)', 'Manitowoc (United States)', 'Liebherr (Switzerland)', 'Cargotec (Finland)', 'Konecranes (Finland)', 'DMW Marine Group (United Kingdom)', 'SWL Group (Norway)', 'Mammoet (Netherlands)', 'Tadano (Japan)', 'Wolffkran (Germany)', 'Zoomlion Heavy Industry Science & Technology (ZHTC) (China)', 'Young Machine Industries (Japan)', 'Demag Cranes (Germany)', 'Liebherr Maritime Cranes (Germany)', 'Henan Junma Heavy Industry (China'

The increasing demand for offshore energy sources, including oil and gas, as well as the growing prominence of renewable energy such as offshore wind, drives the need for offshore cranes. These cranes are essential for installation, maintenance, and operation of offshore energy structures.

Renewable Energy Focus: The transition toward renewable energy sources, particularly offshore wind energy, is driving the need for specialized cranes capable of installing and maintaining wind turbines in challenging marine environments.

Notably, the North American region commands a significant share within this market, largely attributed to the escalating demand for renewable energy solutions across the region. The surge in interest towards sustainable power sources has generated a consequential need for offshore wind energy installations. In tandem with this, governmental initiatives aimed at integrating renewable energy, including offshore wind, into the power generation mix, have provided a favorable backdrop for the growth of offshore crane enterprises. This confluence of factors underscores the pivotal role of the North American region in driving the expansion of the offshore crane market.

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Global Offshore Crane Market

Report ID: SQMIG20C2064

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