TechSci Research has reported that the global offshore crane market is expected to experience a CAGR 7% during the forecast period, according to their report “Global Offshore Crane Market By Design Type (Knuckle Boom, Telescopic Boom, Lattice Boom and Others), By Application (Oil Rig Cranes, Marine Cranes and Others), By Lifting Capacity (500-3,000mt Lifting Capacity and Above 3,000mt Lifting Capacity), By Region, Forecast & Opportunities, 2027”.
The increasing subsea construction activities and the growing demand for offshore cranes by various end-user industries are major drivers of the global offshore crane market. Additionally, the rising demand for oil & gas worldwide, rapid renewable energy development, and increasing investments by various economies in oil & gas reserves are also creating profitable growth opportunities for the offshore crane market. The growth of the global offshore crane market is also due to rising offshore exploration activities and investments in energy sources by various governments.
The market is poised to grow significantly through 2027, with increasing R&D activities being conducted by offshore crane manufacturers. Furthermore, the growth of the global offshore crane market is supported by rapid urbanization and infrastructural development in emerging economies. Technological advancements in the industry are expected to have a positive impact on market growth in the coming years. Additionally, rapid industrialization activities and manufacturers’ focus on innovation are also key factors fueling the growth of the global offshore crane market. However, the high entry barriers for new companies and declining offshore support vessel demand are likely to hinder market growth. Moreover, associated environmental risks are also expected to restrain the growth of the global offshore crane market.
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The global offshore crane market can be segmented by design type, application, lifting capacity, company, and region. The design type category includes knuckle boom, telescopic boom, lattice boom, and others. The lattice boom design is expected to dominate the market during the forecast period, particularly due to the growing development of new offshore wind turbine projects. However, the knuckle boom segment is anticipated to experience the fastest growth in the coming years, as it is widely used for safe and efficient pipe handling operations across various industries.
In terms of application, the global offshore crane market can be divided into oil rig cranes, marine cranes, and others. Oil rig cranes are expected to dominate the market during the forecast period due to increasing investments in offshore drilling projects by various petroleum companies and economies. Furthermore, oil rig cranes are also used for pipe maintenance and other repair applications.
Major players in the global offshore crane market include Zoomlion, Huisman, TEREX Corporation, Kenz Figee, Palfinger, National Oilwell Varco, Manitowoc, Liebherr, Cargotec, and Konecranes. Leading companies are employing growth strategies such as mergers and acquisitions, partnerships, joint ventures, strategic partnerships and collaborations, and new product development to strengthen their position in the global offshore crane market.
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“Increasing demand for electricity in world’s most populated countries i.e. India and China are making Asia Pacific most profitable market for offshore crane manufacturers. The focus of government in these economies is on development of new renewable energy sources which is expected to result in spiking demand for offshore cranes in coming years. Apart from that, the development of new offshore wind farms in Australia is also expected to make Asia Pacific a dominating market through 2027,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Offshore Crane Market By Design Type (Knuckle Boom, Telescopic Boom, Lattice Boom and Others), By Application (Oil Rig Cranes, Marine Cranes and Others), By Lifting Capacity (500-3,000mt Lifting Capacity and Above 3,000mt Lifting Capacity), By Region, Forecast & Opportunities, 2027” has evaluated the future growth potential of offshore crane market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global offshore crane market.
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TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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