Market Size of Offshore Crane Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Offshore Crane Market Analysis
The offshore crane market is expected to grow at a CAGR of more than 4% during the forecast period of 2022 - 2027. The COVID-19 outbreak in Q1 of 2020 had led to the decline of offshore crane operations and delayed project executions worldwide. Factors such as the increasing exploration and production activities, and the growing emphasis on the offshore renewable energy sector, are likely to drive the offshore crane market during the forecast period. However, a vast investment cost and lack of skilled manpower are expected to hinder the growth of the offshore crane market.
- The oil and gas segment is expected to dominate the market during the forecast period due to increasing oil and gas exploration and production worldwide.
- Technological advancements such as electric and remote-controlled cranes in offshore crane manufacturing. This is likely to create several opportunities for the offshore crane market in the forecast period.
- Asia-Pacific is expected to be the fastest-growing market during the forecast period, with the majority of the demand coming from China and Southeast Asia.
