Offshore Crane Market Future Scope Top Trends8

Offshore
Crane Market Future Scope, Top Trends & Regional Outlook 2024-2032

Offshore Crane Market is anticipated to register a
positive trajectory from 2024 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.

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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 2024, 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.

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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.

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