According to the recent research report titled ‘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, 2,000 - 5,000 mt, Above 5,000 mt), By Application (Oil & Gas, Marine, Renewable Energy), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report, global offshore crane market valuation is expected to exceed USD 5 billion by the year 2026.
 

Increasing wind energy generation activities, flourishing oil & gas sector, and rising cognizance and use of renewable energy are propelling global offshore crane market growth. Moreover, expansion of oil rig exploration sector, and soaring offshore exploration & construction activities are significantly contributing to the overall market development.
 

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National Petroleum Construction Company (NPCC) announced a USD 89.8 million investment in subsea construction projects in the UAE in November 2019, cites the study. NPCC plans to execute several deep-water projects, offering growth opportunities for the offshore sector.
 

For the unversed, offshore cranes are generally employed in heavy-duty tasks such as oil & gas extraction systems, repair, assembly, and supply owing to their high precision.
 

Considering challenges, fluctuating oil prices, unavailability of skilled operators, and hefty initial investment required for purchasing these cranes are likely to hamper industry remuneration over the study period.
 

As per type, knuckle boom crane segment is predicted to witness considerable growth over next six years, creditable to low maintenance requirements and maximum efficiency of the equipment. Such cranes are gaining popularity in marine and oil & gas industries due to high strength and flexibility.
 

Based on lifting capacity, global offshore crane industry share from above 5000 mt segment is slated to grow substantially over 2019-2026, owing to the crane’s ability to perform complex operations in unfavorable working conditions. Growing government initiatives to promote renewable energy will further stimulate the equipment demand.
 

Regionally, North America market size is expected to amplify through 2026, creditable to surging demand for electricity. The U.S. government is focusing on generating maximum electricity from renewable energy sources, such as offshore wind.
 

Key players impacting global offshore crane market dynamics are ZPMC (Shanghai Zhenhua Heavy Industries Company Limited), Sormec Marine and Offshore Cranes, Seatrax Inc., PLM Cranes B.V., Palfinger AG, NOV Inc. (National Oilwell Varco), Liebherr Group, Konecranes Oyj, Kenz Figee Group, Huisman Equipment B.V., Heila Cranes S.p.A., and Cargotec Corporation.