The offshore crane market is anticipated to showcase sturdy expansion by 2027 owing to extensive adoption of renewable energy in key regions.

The booming oil & gas sector in the Middle East, along with prominent oil exploration activities across the globe, has fueled industry uptake. In addition, the expanding renewable energy infrastructure worldwide has significantly boosted product demand in recent years.

Furthermore, industry players have been implementing strategic initiatives to gain a competitive edge in the evolving marketplace, which has positively impacted the overall business outlook. For instance, in March 2020, KenzFigee Group B.V., a leading manufacturer of hoisting and lifting equipment, announced a collaboration with Zamil Shipyards, a part of Zamil Offshore Services Company. The deal enabled KenzFigee to strengthen its presence as a specialist in hoisting and lighting solutions in the Middle East region.

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The offshore crane market has been segmented on the basis of application, type, lifting capacity, and region. In terms of type, the market has further been classified into telescopic boom crane, lattice boom crane, knuckle boom crane, and others. The knuckle boom crane sub-segment is set to register significant market revenue by 2027, expanding at a CAGR of approximately 7% over the stipulated timeline. This growth is attributed to the higher lifting capacity of knuckle boom offshore cranes.

On the lifting capacity front, the offshore crane market has been bifurcated into 0 – 500 mt, 500 – 2,000 mt, 2,000 – 5,000 mt, and above 5,000 mt. The above 5,000 mt sub-segment is projected to observe solid progress through the analysis period. The developing market size of cranes above 5,000 mt lifting capacity is attributed to its high stability and precise load lifting capacity over high altitudes.

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With respect to application, the market has been segregated into renewable energy, oil & gas, and marine. The offshore crane market from the marine sub-segment is slated to gain substantial traction through the assessment timeline. In marine applications, offshore cranes are primarily used in transport and logistics. Widespread deployment of these highly stable cranes for ship-to-shore operations, such as moving and handling various heavy weight loads and transferring materials or personnel to and from marine vessels, barges, and structures, is likely to boost segmental growth.

From the regional perspective, the MEA offshore crane market is speculated to witness optimistic growth through the forecast period owing to high government and private investments in the oil sector. The presence of huge reservoirs and increased exploration activities have fueled the expansion of the oil sector, which is estimated to support regional market over the forthcoming years.