Offshore Crane Market Soars to $23.86 Billion in 2023

The Business Research Company’s Offshore Crane Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Offshore Crane Global Market Report 2023 evaluates offshore crane market size, growth rate, drivers, trends, and major companies.

The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The global offshore crane market size is expected to grow from $21.91 billion in 2022 to $23.86 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The offshore crane market size is expected to grow to $32.79 billion in 2027 at a CAGR of 8.3%.

The growing number of investments in offshore drilling projects is expected to propel the growth of the offshore crane market going forward. Offshore drilling refers to extracting petroleum and natural gas from oceanic reserves instead of from land-based reserves by using a platform that is mobile or fixed and located off the coast. Lifting and moving containers, drilling machinery, and sections of pipe is the main duty of an offshore crane. For instance, in March 2022, according to Offshore Energy, a platform that connects communities, a UAE player, Abu Dhabi National Oil Company (ADNOC), is investing in drilling growth with $658 million in new awards. ADNOC’s onshore and offshore fields are covered by these awards. Therefore, the growing number of investments in offshore drilling projects is driving the growth of the offshore crane market.

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The offshore crane market segments in the report are:

1) By Type: Board offshore cranes, Knuckle Boom Crane, Telescopic Boom Crane, Lattice Boom Crane, Luffing Crane, Other Types

2) By Lifting Capacity: 0–500 MT, 500–2,000 MT, 2,000–5,000 MT, Above 5,000 MT

3) By Application: Oil and Gas, Marine, Renewable Energy, Other Applications

The table of contents in TBRC’s offshore crane market report includes:

1. Executive Summary
2. Offshore Crane Market Characteristics
3. Offshore Crane Market Trends And Strategies
4. Offshore Crane Market – Macro Economic Scenario

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26. Africa Offshore Crane Market
27. Offshore Crane Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Offshore Crane Market
29. Offshore Crane Market Future Outlook and Potential Analysis
30. Appendix

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