Middle East Offshore Crane Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Middle East offshore crane market is expected to grow at a CAGR of more than 5% during the forecast period of 2022 - 2027. The COVID-19 outbreak in Q1 of 2020 led to the decline of offshore crane operations and delayed project executions in the Middle East region. Factors such as the increasing exploration and production activities, and the growing emphasis on the offshore renewable energy sector, are likely to drive the Middle East 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 Middle East offshore crane market.
Key HighlightsThe Middle East offshore crane market is moderately fragmented. The key players in the market include NOV Inc., Liebherr Group, Kenz Figee Group B.V., Heila Cranes S.p.A., and Sparrows Offshore Group Limited, among others.
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