Global Offshore Cranes Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Offshore Cranes Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

An offshore crane is defined as a pedestal-mounted elevating and rotating lifting device used to transfer materials and personnel to or from marine vessels, barges and structures, according to API Spec 2C, a standard used to design and manufacture offshore cranes. These offshore applications include bottom-supported, floating platform and ship-hulled vessels used in production and drilling operations, shipboard applications and heavy-lift applications.

Market Overview:

The latest research study on the global Offshore Cranes market finds that the global Offshore Cranes market reached a value of USD 3353.13 million in 2022. It’s expected that the market will achieve USD 5831.06 million by 2028, exhibiting a CAGR of 9.66% during the forecast period.

Intense industry competition

Companies engaged in offshore crane market share operations are adopting various strategies, such as strategic partnerships and cooperation, mergers and acquisitions and product launches, to gain market share. For example, in August 2019, Liebherr introduced the third model of its thrust luffing boom crane series. The new machine is equipped with path control and machine-assisted systems to better optimize crane movements. Similarly, in April 2019, MacGregor launched its first fiber crane to support the trends in the offshore crane market. This equipment is mainly designed for deep water load handling operations. In addition, companies engaged in the offshore crane industry are committed to developing rugged offshore cranes with maximum safety to stand out from the competition. With the increasing competition in the global offshore crane market, it will likely affect the profitability of the industry and limit the development of the industry.

Rising steel prices

In 2019, fluctuations in the supply of international iron ore giants intensified. Affected by the Vale dam breach in Brazil in late January and the hurricane attack on western Australian ports in mid-March, Brazil and Australia's iron ore production fell and shipments fell. The price of raw material costs has risen, and the price of steel has risen collectively. Steel is easily affected by the international environment and prices fluctuate greatly. As Offshore Cranes raw material prices rise, it will affect manufacturers' manufacturing costs to a certain extent.

Region Overview:

Europe is projected to account for a considerable share of the Offshore Cranes market and is expected to become the largest region by 2028.

Company Overview:

Liebherr Group is one of the major players operating in the Offshore Cranes market, holding a share of 9.13% in 2021.

Liebherr Group

Liebherr Maritime Cranes is a division of the Liebherr Group which specialises in cargo handling solutions for ports as well as for the shipping and offshore industry. Products include ship to shore cranes, mobile harbour cranes, offshore cranes, ship cranes, rubber tyre and rail mounted gantry cranes, reachstackers and straddle carriers.

National Oilwell Varco

National Oilwell Varco (NOV) is an American multinational corporation based in Houston, Texas. It is a leading worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. The company conducts operations in more than 600 locations across six continents, operating through three reporting segments: Rig Technologies, Wellbore Technologies, and Completion & Production Solutions.

Segmentation Overview:

As for product types, the 0-500 mt segment held the largest market share in 2022.

Application Overview:

By application, the Oil Rig Crane segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Offshore Cranes market covered in Chapter 3:

SMST
National Oilwell Varco
Seatrax
Gulf Crane
South China Marine Machinery
Palfinger
Huisman Equipment
Liebherr Group
Italgru
Cargotec

In Chapter 4 and Chapter 14.2, on the basis of types, the Offshore Cranes market from 2018 to 2029 is primarily split into:
0-500 mt
500-3000 mt
Above 3000 mt

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Offshore Cranes market from 2018 to 2029 covers:

Oil Rig Crane
Marine Crane
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)