Offshore Cranes Market Research Report - Global Forecast till 2030

Offshore Cranes Market Research Report: Information by Design Type (Knuckle Boom, Telescopic, Lattice and others), Lifting Capacity (Up to 500 mt, 500–3,000 mt and Above 3,000 mt), Duty Cycle (Production Duty, Intermediate Duty and Drilling Duty), Type (Mobile Crane, Fixed Crane and Marine & Port Crane), End-Use Industry (Oil & Gas, Mining and others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2030

ID: MRFR/E&P/6973-HCR | November 2022 | Region: Global | 188 Pages         

Offshore Cranes Market

Offshore Cranes Market share is projected to be worth USD 35.17 Billion by 2030, registering a CAGR of 9.68% during the forecast period (2021 – 2030).

Segmentation

By Design Type Knuckle Boom Telescopic Lattice Others
By Lifting Capacity Up to 500 mt 500–3 000 mt Above 3 000 mt
By Duty Cycle Production Duty Intermediate Duty Drilling Duty
By Type Mobile Crane Fixed Crane Marine & Port Crane
By End-Use Industry Oil & Gas Mining Others

Key Players

  • Konecranes (Finland)
  • Huisman Equipment B.V. (The Netherlands)
  • Liebherr (Switzerland)
  • National Oilwell Varco (US)
  • Cargotec (Finland)
  • Zoomlion (China)
  • Manitowoc (US)
  • Kenz Figee (the Netherlands)
  • Palfinger (Austria)
  • TEREX Corporation (US)
  • Seatrax Inc (US)
  • XCMG Group (China)
  • American Crane and Equipment Corporation (US)

Drivers

  • Rise in the demand of offshore cranes
  • Increasing offshore exploration and production activities
  • Growing subsea construction vessel and offshore crane industry
  • Increase in offshore spending across the globe
Speak to Analyst Request a Free Sample

Offshore Cranes Market Overview


The offshore cranes market is projected to be worth USD 35.17 Billion by 2030, registering a CAGR of 9.68% during the forecast period (2021 – 2030). The worldwide growing offshore activities will increase the demand for oil rigs. In addition, with the increase in oil rigs, 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.

A crane is a machine generally equipped with a hoist rope, wire ropes or chains, and sheaves, which can be used to lift and lower materials and move them horizontally. It mainly helps in lifting heavy things and transporting them to other places. Marine cranes are specially designed for working on offshore requirements and operations. These are mounted on vessels and carried out into waters for operations, i.e., loading and unloading. It will lead to the growth of the offshore cranes market shortly.

Offshore cranes are of various types, including fixed cranes, marine and port cranes, and mobile cranes. The rise in demand for energy and infrastructure development led to the increase in the requirement for offshore cranes across the world. Over the last two years, deep-sea oil & gas exploration and production activities have risen. There has also been a rise in offshore wind projects. These require lifting equipment. Companies are also investing significantly in the development of cranes. Few challenges like the installation method of this equipment are tough & require expert technicians & labor to avoid harm.

COVID 19 Analysis


The global impacts of the coronavirus disease 2019 (COVID-19) will significantly affect the ship crane market. Coronavirus caused demand to fall lower and remain at lower levels for much longer than usual. Massive slowing of the supply chain, stock market volatility and falling business confidence have resulted in growing panic among the population and uncertainty about the future. COVID-19 can affect the global economy in three main ways:


  • Directly affecting production and demand

  • Creating supply chain and market disruption

  • Its financial impact on firms and financial markets


COVID-19 has affected many aspects, like flight cancellations; travel bans and quarantines; restaurants closed; all indoor events restricted.

Market Dynamics


Drivers

Increasing oil discoveries in emerging economies such as Asia and Africa are major drivers for this market. The growth in emerging countries is attributed to increasing capital expenditures in regions such as China, India, Nigeria, Angola, Ghana, and Equatorial Guinea. In addition, increasing deepwater drilling activities all around the globe is another primary driver for the offshore crane market.

Restraints

The significant factors impacting the growth of the marine crane market are increasing subsea construction and oil exploration operations and rising demand for renewable energy. However, the complex installation process and requirement for skilled technicians & laborers to prevent damage hamper the market's growth.

Technology Analysis


The significant factors impacting the growth of the marine crane market are increasing subsea construction and oil exploration operations and rising demand for renewable energy. However, the complex installation process and requirement for skilled technicians & laborers to prevent damage hamper the market's growth. On the other hand, rapid developments in offshore exploration and an increase in high wind activities are anticipated to fuel the demand in the offshore cranes market. In addition, the rise in demand for renewable energy supports offshore crane adoption for the construction & erection of large wind turbines in an offshore environment. Therefore, it will result in the growth of the marine crane market shortly.

Study Objectives



  • This study presents the analytical depiction of the market and current trends and future estimations to determine the imminent investment pockets.

  • The report presents information related to key drivers, restraints, and opportunities, along with a detailed analysis of marine crane market share.

  • The current market is analyzed for the period ending in 2027 to highlight the market growth scenario.

  • Porter's five forces analysis for the market illustrates the potency of buyers & suppliers in the market.

  • The report provides a detailed marine crane market analysis based on competitive intensity and how the competition will take shape in the coming years.


Segment Overview


The offshore cranes market has been segmented to meet the rising needs of the global target audience and opt for profitable revenues that will help in the global expansion of the market, followed by enhancing the market abilities to meet the projected growth figures for the period that will be ending in 2027.

Based on the Application


  • Oil rig crane

  • Marine crane

  • Other cranes (Cranes used for wind turbine installation and on FPSOs)


Based on the Design type


  • Knuckle boom

  • Telescopic

  • Lattice

  • Others ( Fixed and stiff hybrid booms)


Based on Lifting Capacity


  • 0-500mt

  • 500-3000mt

  • Above 3000mt


Based on Region


  • Americas

  • Europe

  • Asia-Pacific

  • Middle East & Africa


Regional Analysis


The Asia-Pacific region dominates the offshore crane market and is estimated to grow at a good pace in the next five years. The global growth of the offshore cranes market in this region is attributed to the increase in offshore E&P activities in China, Malaysia, Australia, and Thailand.

The American offshore crane market is rated second after Asia-Pacific. This market is projected to grow at the highest growth rate. First, the growth is attributed to the increase in the offshore vessel demand in offshore regions of the U.S., Gulf of Mexico, and Brazil. Secondly, the liberalization of the Mexican oil & gas industry is another key driver fueling the demand for the offshore crane market.

The increase in wind power generation drives the offshore cranes market in Europe. High-capacity tower cranes are needed for the installation of wind turbines. With the increase in offshore wind power generation capacity, the global market for offshore cranes will also increase.

Competitive Landscape


Some of the leading players in the offshore crane market include the ones mentioned as follows:


  • Liebherr (Switzerland)

  • Konecranes (France)

  • Cargotec (Finland)

  • Terex Corporation (France)

  • Zoomlion (U.S.), among many others.


Award recognition was the most commonly used strategy by top players, constituting half of the total development share.

The major player in the offshore crane market also faces some challenges like high environmental risk, the decline in offshore support vessel demand, and others.

Recent Developments



  • Nearly half of the offshore crane market is covered by marine cranes applications. Still, with the advent of advanced technology, the operators are entering deepwater and ultra-deepwater oil & gas zones. It will also propel the market further for oil rig application.

  • Moreover, decreasing production in shallow water basins and the enormous potential of untapped subsea hydrocarbon reserves contribute to the increased focus on deepwater drilling. As a result, increasing deepwater oil discoveries have been increasing in India, Africa, Australia, the U.S., Russia, and Norway. Oil discoveries in the African region, especially in Ghana, Congo, Mozambique, and Angola are creating lucrative business opportunities, where offshore drilling market players are trying to focus on enhancing their revenue.

  • An increase in subsea construction and oil exploration operations supports market growth globally. The subsea construction machines are primarily used due to their high precision in heavy-duty operations. In addition, some of them are assembly, repair, and supply of oil & gas extraction systems. Therefore, it will lead to the growth of the marine crane market.

  • The expansion in petroleum firms and government-owned gas corporations around the world and increased investment in offshore drilling projects are two main drivers driving the segment's growth. It is likely to strengthen the oil and gas sector's position in the market. Furthermore, the offshore cranes market is likely to be driven by the rising need for offshore oil and gas in China and India. North America is projected to increase, followed by Asia-Pacific. Potential oilfield discoveries worldwide present an opportunity for players in the offshore cranes market.


Intended Audience



  • Offshore Crane Manufacturing Companies

  • Crane Distributors, Suppliers, and Wholesalers

  • Shipping Associations

  • Associations of Equipment Manufacturers

  • Investment Banks

  • Equipment Consulting & Research Companies


Report Overview


The global offshore cranes market report has been prepared by understanding the developing trends of the market that are likely to dominate the trends for the forecast period of 2021-2027. The global market report discusses the impact of the pandemic on the market operations, followed by the dynamics that are available to the market amid the operations for the market during the ongoing period. The market has been witnessing the emergence of changing preferences of the global target audience. Hence, the global market report also covers the dynamics to help the experts make better analysis and investment decisions.



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 35.17 Billion
  CAGR   9.68% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Design Type, Lifting Capacity, Duty Cycle, Type, End-Use Industry
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Konecranes (Finland), Huisman Equipment B.V. (The Netherlands), Liebherr (Switzerland), National Oilwell Varco (US), Cargotec (Finland), Zoomlion (China), Manitowoc (US), Kenz Figee (the Netherlands), Palfinger (Austria), TEREX Corporation (US), Seatrax, Inc (US), XCMG Group (China), and American Crane and Equipment Corporation (US)
  Key Market Opportunities   Rise in the demand of offshore cranes
  Key Market Drivers

  • Increasing offshore exploration and production activities
  • growing subsea construction vessel and offshore crane industry
  • increase in offshore spending across the globe


  • Speak to Analyst Ask for Customization

    Frequently Asked Questions (FAQ) :

    The expansion of subsea construction vessels is likely to direct the market’s success in the future.

    An income of USD 35.17 Billion by 2030 is foreseen for the market in the impending period.

    The market is expected to grow at a CAGR of 9.68%.

    Cargotec (Finland), Zoomlion (China), National Oilwell Varco (U.S.) and Manitowoc (U.S.) are the eminent contenders in the market.

    The APAC region is likely to establish domination in the global market.