PUBLISHER: The Business Research Company | PRODUCT CODE: 1425685
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425685
Offshore Crane Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on offshore crane market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for offshore crane? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The offshore crane market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
An offshore crane denotes a lifting apparatus mounted on a pedestal, designed for the movement of materials and personnel between ships, barges, and structures. Primarily utilized in heavy-lift applications, shipboard operations, and activities related to production and drilling, these cranes serve critical roles in offshore settings.
The primary classifications of offshore cranes encompass board offshore cranes, knuckle boom cranes, telescopic boom cranes, lattice boom cranes, luffing cranes, and other variants. 'Offshore cranes' typically refer to a traditional, rope-luffing crane featuring a slew bearing type, capable of lifting weights up to 1,200 tons. Board offshore cranes, with a maximum boom length of 102 meters, find specific utility in installing offshore wind parks. These cranes exhibit lifting capacities ranging from 0-500 MT, 500-2,000 MT, 2,000-5,000 MT, and exceeding 5,000 MT. Their applications span across sectors including oil and gas, marine operations, renewable energy ventures, and various other industrial applications.
The offshore crane market research report is one of a series of new reports from The Business Research Company that provides offshore crane market statistics, including offshore crane industry global market size, regional shares, competitors with an offshore crane market share, detailed offshore crane market segments, market trends and opportunities, and any further data you may need to thrive in the offshore crane industry. This offshore crane market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The offshore crane market size has grown strongly in recent years. It will grow from $23.93 billion in 2023 to $26.25 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period was driven by several factors, including the expansion of offshore oil and gas exploration, the rise of offshore wind energy projects, the development of deepwater exploration and production technologies, the need for efficient material handling solutions, stringent safety standards, and the integration of automation. Additionally, there was a notable global expansion in offshore drilling operations during this period.
The offshore crane market size is expected to see strong growth in the next few years. It will grow to $36.98 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period is expected due to a heightened emphasis on environmental sustainability, an increasing demand for compact and lightweight solutions, augmented investment in offshore infrastructure, the continuing global demand for oil and gas, and the adoption of hybrid crane systems. Notable trends projected for this period encompass advancements in crane technology, the integration of autonomous and remote-controlled cranes, the provision of lifecycle services and maintenance contracts, global market expansion initiatives, the incorporation of condition monitoring systems, and the focus on customization and project-specific solutions.
Anticipated growth in the offshore crane market is driven by the increasing investments in offshore drilling projects. Offshore drilling involves extracting petroleum and natural gas from oceanic reserves using mobile or fixed platforms located off the coast. Offshore cranes primarily facilitate the lifting and movement of containers, drilling machinery, and sections of pipe in these operations. Notably, in March 2022, Abu Dhabi National Oil Company (ADNOC) announced investments totaling $658 million in drilling expansion, covering both onshore and offshore fields. These investments signal a driving force behind the growth of the offshore crane market.
The offshore crane market is set to expand due to heightened demand within the oil and gas industry. This sector encompasses a global network involved in activities spanning exploration, extraction, refining, transportation, and marketing of petroleum products. Offshore cranes play a pivotal role in facilitating various operations within this industry, including exploration, drilling, production, material handling, deck management, and maintenance. Notably, in November 2023, the US Energy Information Administration reported an increase in US crude oil output to 12.4 million b/d from the record-high of 11.7 million b/d in 2022. Moreover, the US registered its highest annual consumption of natural gas in September 2022 at an average of 86.6 billion cubic feet per day (Bcf/d). These figures underscore the growing demand within the oil and gas sector, contributing to the offshore crane market's growth.
Technological advancements are becoming a prominent trend in the offshore crane market, with major industry players introducing innovations aimed at reducing offshore carbon dioxide (CO2) emissions during production. Notably, in July 2022, Huisman Equipment BV introduced a 700-meter travelling quayside crane designed for the swift load-out of offshore wind turbine components. This advanced crane outperforms conventional methods, such as crawler cranes or tandem lifting by two cranes with a capacity of 200 to 300 meters, resulting in significantly reduced CO2 emissions during operations.
Companies within the offshore crane market are focusing on innovative products like subsea knuckle boom cranes to drive market revenues. Specifically designed for underwater operations in offshore oil and gas fields, these cranes are tailored to function in underwater environments. For example, Huisman Equipment B.V. launched a new series of subsea knuckle boom cranes in October 2023, offering versions ranging from 85 meters to 350 meters in size. These cranes are equipped with capabilities for water depths up to 3,000 meters and feature a remote motion reference unit for effective motion detection of supply vessels, which can be retrofitted to existing Huisman cranes. This innovation aims to enhance operational efficiency in offshore environments.
In September 2022, Rainbow Industries Co., a China-based high-end equipment manufacturing company, finalized an agreement with Kalmar to acquire the intellectual property and assets associated with its heavy crane product line, sealing the deal for an undisclosed sum. This arrangement includes the transfer of around 40 Kalmar employees situated in China, along with automatic stacking cranes, ship-to-shore cranes, rail-mounted gantry cranes, and rubber-tired gantry cranes, all now under the ownership of Rainbow Industries Co. Kalmar, a Sweden-based manufacturer, specializes in marine crane and handling equipment.
Major companies operating in the offshore crane market report 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, MELCAL SpA, PLM Cranes BV, Sormec SRL, Huisman Equipment B.V., Sparrows Offshore Group Limited, The Manitowoc Company Inc., Zhenhua Heavy Industries Co.Ltd., SANY Heavy Equipment Co.Ltd., Tadano Ltd., DMW Marine Group LLC, Allied Systems Company, HS.MARINE SRL, EK Marine Ltd., Appleton Marine Inc., North Pacific Crane Company, Thistle Marine Ltd., Dongnam Marine Crane Co. Ltd., OUCO Industry Co. Ltd., Cormach S.r.l., SKK Corporation, Effer S.p.A., Fassi Gru S.p.A., Hiab AB, Hyva Group
Asia-Pacific was the largest region in the offshore crane market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the offshore crane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the offshore crane market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The offshore crane market consists of sales of bottom-supported and floating platform cranes. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.