Market Size of Asia-Pacific Offshore Crane Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 2.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Offshore Crane Market Analysis
The Asia-Pacific offshore crane market is expected to grow with a CAGR of around 2.5% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Currently. The market has reached pre-pandemic levels.
- Over the short term, the growing offshore exploration and production activities in the region and increasing momentum towards offshore renewable energy production are the factors that can lead to growth in the Asia-Pacific offshore crane market.
- On the other hand, the lack of skilled manpower to operate offshore cranes is expected to hinder the market in the near future.
- Nevertheless, technological advancements like the introduction of electric and remote-controlled cranes create several opportunities for accelerated growth of the market.
- China is expected to witness significant growth due to the consistent developments in the region's offshore oil and gas and offshore renewable energy sectors.
