Onshore Crane Market Growth Steady at 3.85% CAGR Growth During (2018-2028) - TechSci Research

Increasing exploration and production activities are expected to propel the Global Onshore Crane Market from 2023-2028.

TechSci Research's report "Global Onshore Crane Market - By Region, Competition, Forecast & Opportunities, 2028", the market is forecasted to grow at a 3.85% CAGR from 2024-2028. Factors such as rising exploration and production activities, along with a growing focus on the offshore renewable energy sector, will likely drive market growth during the forecast period.

Browse over XX market data Figures spread through 180 Pages and an in-depth TOC on "Global Onshore Crane Market.”

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In the Global Onshore Crane Market, the Oil and Gas segment dominates. These cranes are vital for assembling, repairing, and supplying oil and gas extraction systems, performing various daily tasks like lifting drill pipes and maintenance equipment on oil rigs, drilling rigs, and production platforms. Engineered to withstand severe conditions, they adhere to international standards and client specifications. The increasing oil rig count, registering a 0.7% rise in 2021, is expected to drive market growth. For instance, Sparrows Group secured a three-year contract from Serica Energy for crane operations and maintenance services on the North Sea platform, Bruce, United States, boosting the oil and gas segment's dominance.

In terms of region, the Asia-Pacific region, led by China, dominates the Onshore Crane Market. It experiences rapid growth due to increasing demand for oil & gas and offshore renewable energy. Notably, China and India are significant markets for offshore renewable energy developments, with substantial installations from offshore wind energy. Recent contracts, such as Red Rock Marine AS supplying a 30T compact telescopic Onshore Crane for the OHT offshore wind foundation installation vessel, Alfa Lift, and Huisman's contract with COSCO Shipping (Qidong) Offshore for constructing two 2,000-tonne leg encircling cranes in China, further signify the region's growth potential. Therefore, the Asia-Pacific region is poised to be the fastest-growing market for Onshore Cranes.

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Major companies operating in the Global Onshore Crane market are:

  • Liebherr Group
  • Kenz Figee Group
  • Heila Cranes SpA
  • Huisman Equipment B.V.
  • Cargotec Corporation
  • Sparrows Offshore Group Limited
  • Konecranes
  • NOV Inc.
  • The Manitowoc Company, Inc.
  • Seatrax, Inc.

 

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"The global Onshore Crane market experiences growth driven by several key factors. Firstly, the expansion of offshore wind energy projects worldwide necessitates Onshore Cranes for installing and maintaining wind turbines in deep-sea locations. Secondly, the oil and gas industry's move into deeper waters sustains demand for high-capacity cranes for lifting heavy equipment. Technological advancements, including automation and digitalization, enhance crane efficiency and safety. Sustainability concerns fuel the development of eco-friendly crane solutions. The Asia-Pacific region, especially China and India, sees significant offshore growth, boosting crane demand. Stringent safety regulations drive continuous improvements in crane safety features. Lastly, large-scale infrastructure projects require specialized cranes, further expanding the market. These factors collectively drive the global Onshore Crane market's growth and evolution," stated Mr. Karan Chechi, Research Director at TechSci Research.

The report "Onshore Crane Market – Global Industry Size, Share, Trends, Opportunity, and Forecast" analyzes the future growth potential of the global Onshore Crane market. It provides insights into market size, structure, and future growth, aiding decision-makers in making informed investment decisions. Additionally, the report identifies and analyzes emerging trends, drivers, challenges, and opportunities in the global Onshore Crane market.

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