The global offshore crane market is growing significantly at a CAGR of around 8.0% during the forecast period. Offshore crane is a pedestal mounted elevating and rotating lifting device that is utilized to transfer materials from one vessel to another. Offshore crane is utilized in the production and drilling operation, heavy-lift and shipboard applications. The global offshore Crane market is significantly growing attributed to prominent trends that the market is witnessing such as increasing the installation of float over and lift processes and increasing the offshore renewable industry. Offshore crane industry is anticipated to grow mainly owing to its increasing application in the oil & gas industry for a heavy-duty operation that includes assembly of oil rigs and construction of wind parks. The growing demand for these machines is increasing owing to large precision and safety measures integrated into offshore models.

The growing demand for energy owing to the large utilization of electrical appliances and vehicles is resulting in the implementation of wind farms and hence, promoting the growth of the offshore crane market during the forecast period. Growing development in the oil & gas extracting system has resulted in a rising need for repair and maintenance activities that create a large machinery demand. These machines are used to transfer heavy material and personnel from the marine vessels and structures. The rising subsea construction activities are supporting the growth of the market. 

Segmental Outlook 

The global offshore crane market is segmented on the basis of application, design type, and end-user. Based on the application, the market is diversified into oil rig crane, marine crane, and others. offshore cranes are available for a different type of load that includes 0-500 mt, 500-3000 mt and above 3000 mt. The load capacity of a crane depends on the structure of the crane, which is mounted that includes semi-submersible, ship hulled, and bottom supported. Based on end-user, the market is diversified into oil & gas, marine, renewable energy, and others. The oil & gas is expected to be a growing segment owing to the growing demand for petroleum product from the automobile industry. The growing demand for petroleum has resulted in the adoption of these machines in the production platform. 

Knuckle boom will be the largest segment by Design type

Based on design type, the market is diversified into knuckle boom, telescopic, lattice and other. Knuckle boom is the largest segment in the offshore crane market during the forecast period due to its internal and external lifts functions. These machines are utilized in adverse weather conditions owing to their features of stability, better operability, and ability to decrease the workload on operators thus results in the growth of the market. Moreover, these machines offer enhanced maneuverability to inaccessible points on the vessel. These systems are designed to transfer loads at the closest distances and implemented on ships.

Global Offshore Crane Market Share by Organization Size, 2018 (%)

Regional Outlook

The global offshore crane market is further segmented based on geography including North America, Europe, Asia-Pacific and Rest of the World.Across the globe, the demand for offshore crane market is anticipated increasing at a healthy pace owing to growing oil rig and marine operation.  North America & Latin America are anticipated to grow at a significant pace due to large adoption for offshore wind farm construction. For instance, AWEA (America Wind Energy Association) has introduced offshore wind farms that produce 2000 GW of energy and it is utilized in the maintenance of these structures has considerably supported the growth of the offshore crane market during the forecast period.     

Global Offshore Crane Market Growth, by Region 2019-2025

Asia-Pacific will augment with the largest share in the offshore crane market 

The market in Asia-Pacific is expected to be the largest share in the global market during the forecast period owing to recent discoveries of oil & gas in the offshore basin in the Gulf of Thailand, Australia, and the South China Sea. The large demand from China and India is anticipated to contribute to market growth during the forecast period. The region is the largest consumer of oil & gas and continuously growing demand will result in the production and exploration in the region. India and China have large demand owing to rising energy needs in these countries. 

Market Players Outlook

The key players of the offshore crane market include Palfinger AG, Huisman Equipment B.V., Manitowoc Company, Inc., Cargotec Corp., Liebherr Group, National Oilwell Varco, Konecranes PLC, Kenz Figee Group, and Zoomlion. These players are extensively adopting various strategies to expand their market globally.For instance, in April 2019, Cargotec has introduced the construction of FiberTrac that is the fiber rope offshore crane. It has 150-ton safe working load capacity and enhanced rope monitoring and management system that maximize the life of the rope.  Further, in July 2018, Hiab, part of Cargotec acquired Effer S.p.A. from CTE Group to expand its portfolio aimed to be the leader in cranes and preferred partners for its customers. 

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global offshore crane market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.