Crane Industry's Offshore Odyssey Market Evolution and Future Prospects from devanand's blog

Global Offshore Cranes Market

Potential Oilfield Discoveries Worldwide offer Significant Growth Opportunities

The global offshore cranes market is growing at a rapid pace. The market growth predominantly attributes to increasing ports, shipyards, and offshore construction activities needing lifting equipment.

The oil and gas industry has been growing enormously, witnessing rapid discoveries of reservoirs. Innovations in offshore cranes have assured reduced labor and time.

With the increasing uses of innovative and technologically advanced offshore cranes, the market is expected to garner significant gains over the next few years. In this regard, Market Research Future (MRFR) confirms that the offshore cranes market is projected to reach USD 36.35 Billion in revenues by 2032, growing at a CAGR of 9.70% during the assessment period (2023-2032).

Favorable Government Policies for EnP Development Projects are Major Market Trends

The offshore cranes market outlook looks extremely promising. Growing mining and power industries worldwide and huge R&D investments made by manufacturers to develop advanced offshore cranes drive the market growth. Emerging regions present many untapped opportunities for the offshore cranes market.

Additionally, the spurring rise in mining industries across the world and the booming demand for removing rare earth elements drive the offshore cranes market shares. Furthermore, growing government mandates & policy updates in developing countries offer significant opportunities to market players.

COVID-19 Impacts

The offshore cranes industry was severely affected by the COVID-19 pandemic. Lockdown mandates worldwide initiated to control the spread of the virus disrupted the production and sales, hampering the supply chain on a global scale. Besides, the pandemic disrupted and halted exports of the raw materials required for production, affecting the market landscape.

Moreover, the changing consumer purchasing patterns due to economic uncertainties affected the market demand vastly. However, the market is rapidly returning to normalcy as the demand for offshore cranes is gradually picking up. Further, the market is estimated to witness a speedy recovery with the gradual reopening of major EnP activities.

Segmentation

The offshore cranes market analysis is segmented into types, design types, lifting capacity, duty cycle, end-use, and regions. The type segment is sub-segmented into mobile cranes, fixed cranes, and marine & port cranes. The marine & port crane segment accounts for the largest market share due to increasing subsea construction activities.

The design type segment is sub-segmented into telescopic, knuckle boom, lattice, and others. Of these, the knuckle boom segment holds the largest market share due to its designing features, including internal and external lifts functions, helping in adverse weather conditions with stability, better operability, and reduced workload on operators.

The lifting capacity segment is sub-segmented into up to 500 mt, 500 – 3,000 mt, and above 3,000 mt. The duty cycle segment is sub-segmented into production duty, intermediate duty, and drilling duty. Of these, the drilling duty segment holds the largest market share in the offshore Cranes market due to increasing offshore E&P activities.

The end-use segment is sub-segmented into oil & gas, mining, and others. Of these, the oil & gas segment holds the largest market share due to a large number of production and exploration (PnE) activities and significant discoveries of oil & gas reservoirs. The region segment is bifurcated into Asia Pacific, Americas, Europe, and rest-of-the-world.

Regional Analysis

The Asia Pacific region dominates the global Offshore lifting equipment market. Factors such as increasing offshore exploration and production (EnP) activities, growing subsea construction vessels, and increased offshore spending contribute to the offshore cranes market growth. Besides, the rising demand from the oil and gas industries witnessing significant discoveries in the offshore basin in Australia, Gulf of Thailand, South China Sea substantiate the offshore cranes market size.

Competitive Analysis

The offshore cranes market is about to witness several strategic initiatives, such as collaborations, mergers & acquisitions, expansions, and product launches. Key industry players make substantial strategic investments to drive their research and development activities and expansion plans.

For instance, recently, on Sep.03, 2021, Handal Cranes Sdn Bhd announced receiving an offshore crane maintenance contract extension from SEA Hibiscus. The company has received a letter of extension from SEA Hibiscus to extend its offshore crane maintenance services.

The new agreement extends Handal Crane's original contract with SEA Hibiscus to provide offshore crane maintenance services. SEA Hibiscus has issued a work order to Handal Crane based on their activities schedule and rates throughout the contract duration.