Offshore Crane Market Size By Type (Knuckle Boom Crane, Lattice Boom Crane, Telescopic Boom Crane), By Lifting Capacity (0 - 500 mt, 500 - 2,000 mt, Above 2,000 mt), By Application (Oil & Gas, Marine, Renewable Energy) & Forecast, 2023 - 2032

Offshore Crane Market Size By Type (Knuckle Boom Crane, Lattice Boom Crane, Telescopic Boom Crane), By Lifting Capacity (0 - 500 mt, 500 - 2,000 mt, Above 2,000 mt), By Application (Oil & Gas, Marine, Renewable Energy) & Forecast, 2023 - 2032

Offshore Crane Market is anticipated to register a positive trajectory from 2023 to 2032 owing to the increasing offshore construction activities across China and Latin America. For the record, the National Energy Administration announced that offshore wind annual installations increased to more than 16.5 gigawatts in 2021 in China.

Rising inclination towards developing energy-efficient infrastructure will substantially increase the demand for offshore cranes across the world. Besides, the surging deep-sea oil and gas exploration, increasing production activities, and demand for offshore wind projects will propel the market outlook over the estimated timeframe.

The companies operating in the market are also significantly investing in the development of cranes, which will positively influence the market demand through 2032. For instance, in February 2023, Heavy Lift Projects (HLP) secured additional funding from private investors, Capercaillie and Giles W Pritchard-Gordon & Co., for completing the engineering work on the company's first project, a new design of a ring crane for assembling and loading offshore windfarm components.

Overall, the offshore crane industry is segmented in terms of type, lifting capacity, application, and business.

Based on type, the lattice boom crane segment will showcase strong growth through 2032 owing to the increasing implementation in the oil & gas industry. Besides its benefits, such as increased mobility and greater stability for lifting heavier loads, these cranes are deployed on drilling rigs, exploration, and production platforms, which is anticipated to influence the offshore crane market over the projected timeframe.

On the basis of lifting capacity, the 500-2000 mt segment will grow owing to its robust applications in oil rigs for lifting, lowering, and transferring cargo from platforms. Besides, the 500-2000 mt cranes can be employed in marine applications such as oil production, offloading, storage, and drilling facilities. In addition, the increasing use of offshore cranes as large construction vessels for rigs and platforms will positively contribute to segment growth.

Considering the application, the renewable energy segment will depict over 4% CAGR throughout the forecast time. Increasing emphasis on the development of wind farms will drive the market expansion. Besides, the increasing construction of offshore wind farms that require offshore cranes for turbine maintenance and operation will complement the segment growth.

Regionally, the Asia Pacific offshore crane industry will garner substantial gains through 2032. The growth will be majorly attributed to the increasing focus on the region's offshore oil & gas industry and ongoing oil and gas exploration projects.