Offshore Crane Market Expansion Projected to Gain an Uptick During 2023-2032

Offshore Crane Market size is estimated to exceed USD 4 billion by 2032, according to the latest research report by GMI Inc. Due to the booming private sector investments to expand their offshore business operations, favourable expenditure on offshore projects is influencing the industry scenario globally. For instance, in February 2023, leading European renewable energy company Octopus Energy Generation announced a USD 1 billion investment in offshore wind resources to increase the number of UK offshore wind farms. Also predicted to influence market trends for offshore cranes by 2032 is a rise in wind energy generation projects across the globe.

Effective mobility and stability on drilling rigs to boost demand for lattice boom crane

The offshore crane industry size is primed to exceed USD 1 billion by 2032. These cranes are gaining positive traction in the oil & gas sector as these cranes have increased mobility and greater stability for lifting heavier loads in drilling rigs, exploration and production platforms. Furthermore, supportive offshore rules and regulations benefit the utilization of lattice boom crawler cranes for marine vessels and proliferate product adoption.

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Significant usage in lifting cargo vessels to bolster 500 - 2,000 mt crane segment

Due to the broad range of uses for lifting, lowering, and transferring cargo from platforms on oil rigs, the market for 500-2000 Mt offshore cranes is anticipated to grow at 4% CAGR from 2023 to 2032. These cranes are essential for many marine applications, such as oil production, offloading, storage, and drilling facilities. A further factor driving segment growth is the widespread use of these cranes in construction vessels for rigs and platforms.


Increasing maritime trade worldwide to augment the marine industry

The marine application segment surpassed USD 700 million in 2022. Within a marine vessel, cargo, and crew are moved using marine cranes as they have a unique design that enables the delivery of products in uncertain weather. The offshore crane market is further anticipated to witness growth in the marine sector as a result of growing maritime trade. The UNCTAD estimates that global maritime trade will rise by approximately 2.1% from 2023 to 2027.

Soaring investments in offshore oil & gas industry to push Europe industry growth

The Europe offshore crane market is expected to grow at over 5% CAGR from 2023 to 2032. The region controls the majority as a result of rising investment in the growth of the offshore oil and gas industry. Recently, the Norwegian Ministry of Petroleum and Energy offered over 25 oil companies 47 new offshore oil and gas exploration licences in the North Sea, the Norwegian Sea, and the Barents Sea beginning in January 2023. Norway's oil output is anticipated to increase by 7% in 2023 thanks to this subsidy.

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Surging emphasis on product development to remain a key growth strategy

Top players in the offshore crane market include Huisman Equipment, Palfinger AG, MacGregor, Konecranes PLC, Liebherr, Kenz Figee, and Heila Group, among others. These firms are majorly focusing on a series of acquisitions & partnerships and portfolio diversification tactics to stay ahead in the industry. For example, in September 2022, Van Oord, an offshore construction company, upgraded its offshore installation vessel Aeolus crane by equipping a new 133m longer boom on it. This made the vessel ready to handle up to 15MW turbines for offshore wind projects. The new boom is likely to have a lifting capacity of 1,600 tons.

Table of Contents (ToC) of the report:
Chapter 1   Methodology and Scope
1.1    Scope & definitions
1.2    Base estimates and calculations
1.3    Forecast calculations
1.4    Data Sources
1.4.1    Primary
1.4.2    Secondary
1.4.2.1   Paid sources
1.4.2.2   Public sources
Chapter 2   Executive Summary
2.1    Offshore Crane industry 3600 synopsis, 2018-2032
2.2    Business trends
2.3    Type trends
2.4    Lifting Capacity trends
2.5    Application trends
2.6    Regional trends

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/offshore-crane-market

HVAC & Construction Research Reports




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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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