According to the 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 at MarketStudyReport.com, the global offshore crane market is expected to cross USD 5 billion by the year 2026.
 

According to the report, rising exploration activities for offshore oil & gas fields is the major factor driving the offshore crane market growth. Offshore cranes offer accuracy in heavy-duty operations like supply, repair, and assembly of oil & gas extraction systems. Moreover, these systems are extensively used for repair and maintenance of existing oil extraction systems. Surging demand for energy due to rapid urbanization and growing population is encouraging the adoption of renewable energy resources, which will further aid the expansion of the market.
 

Escalating investments in subsea construction projects has fueled the demand for offshore cranes as they offer better safety and high lifting capacities. However, high installation investments along with heavy maintenance & operating costs of these machines will hinder the offshore crane market growth. 
 

As per type, the report cites that the knuckle boom crane market segment is expected to register substantial growth during the forecast period. Factors such as maximum efficiency, low maintenance, better flexibility, and high strength have led to rising adoption of knuckle boom cranes for loading & unloading operations in marine applications. Increasing expenditure towards construction of new harbors and ports is also contributing towards the popularity of knuckle boom cranes.
 

In terms of lifting capacity, offshore crane market from over 5,000 mt lifting capacity segment is presumed to expand significantly during the estimated timeframe. The growth is attributed to their ability to perform intricate operations in harsh working environment. Furthermore, these cranes are extensively used in construction of new wind farms and oil & gas projects in offshore environments. Favorable government initiatives which promote renewable sources of energy are further propelling the demand for cranes with lifting capacity of over 5,000 mt.
 

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Considering the geographical landscape, the report cites that North America offshore crane industry will witness significant growth in the forthcoming years. Notably, the U.S. government is concentrating on maximizing electricity generation from renewable sources of energy by investing in projects such as offshore wind farms. This factor in tandem with growing demand for electricity are stimulating the industry outlook.
 

The prominent companies operating in the offshore crane market are ZPMC, Sormec, Seatrax, Inc., PLM Cranes B.V., PALFINGER AG, National Oilwell Varco, Liebherr Group, Konecranes, Kenz Figee Group, Huisman Equipment B.V., Heila Cranes, and Cargotec Corp.