The Offshore Crane Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Offshore Crane Global Market Report 2024, 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 can be attributed to growth in offshore oil and gas exploration, increasing offshore wind energy projects, deepwater exploration and production, demand for efficient material handling, safety and automation requirements, global expansion of offshore drilling operations..
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 growth in the forecast period can be attributed to focus on environmental sustainability, demand for compact and lightweight solutions, increased investment in offshore infrastructure, global oil and gas demand, adoption of hybrid crane systems.. Major trends in the forecast period include advancements in crane technology, autonomous and remote-controlled cranes, lifecycle services and maintenance contracts, global market expansion, integration of condition monitoring systems, customization and project-specific solutions..
The growing number of investments in offshore drilling projects is expected to propel the growth of the offshore crane market going forward. Offshore drilling refers to extracting petroleum and natural gas from oceanic reserves instead of from land-based reserves by using a platform that is mobile or fixed and located off the coast. Lifting and moving containers, drilling machinery, and sections of pipe is the main duty of an offshore crane. For instance, in March 2022, according to Offshore Energy, a platform that connects communities, a UAE player, Abu Dhabi National Oil Company (ADNOC), is investing in drilling growth with $658 million in new awards. ADNOC’s onshore and offshore fields are covered by these awards. Therefore, the growing number of investments in offshore drilling projects is driving the growth of the offshore crane market.
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The offshore crane market covered in this report is segmented –
1) By Type: Board offshore cranes, Knuckle Boom Crane, Telescopic Boom Crane, Lattice Boom Crane, Luffing Crane, Other Types
2) By Lifting Capacity: 0 – 500 MT, 500 – 2,000 MT, 2,000 – 5,000 MT, Above 5,000 MT
3) By Application: Oil and Gas, Marine, Renewable Energy, Other Applications
Technological advancement is a key trend gaining popularity in the offshore crane market. Major companies operating in the market are introducing technological innovations to reduce offshore carbon dioxide (CO2) releases during production and sustain their position in the market. For instance, in July 2022, Huisman Equipment BV, a Czech Republic-based heavy construction equipment company, launched a 700-meter travelling quayside crane for the load-out of offshore wind turbine components. The load-out procedure of offshore wind turbine components is completed much more quickly with this 700-meter travelling quayside crane compared to the conventional methods, which include crawler cranes or tandem lifting by two cranes with a capacity of 200- to 300-meters. Therefore, the advanced capacity of the crane results in a reduction of CO2 emissions.
The offshore crane market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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