Middle East Offshore Crane Market is Expected to Register a CAGR of 6.01% Through 2029
Increased Focus on Technological Innovations and Automation, Expansion of offshore oil & gas exploration and growth of offshore renewable energy projects are likely to propel the market during the forecast period.
According to
TechSci Research report, “Middle East Offshore Crane Market – By Country,
Competition, Forecast and Opportunities, 2019-2029F”, Middle East Offshore Crane Market was valued at USD 627
Million in 2023 and is expected to grow at a CAGR of
6.01% during the forecast period through 2029.
Sustainability and environmental
concerns are becoming more prominent in the Middle East offshore crane market,
in line with global efforts to reduce the environmental impact of industrial
activities. As offshore projects grow in scale, so does the focus on minimizing
their ecological footprint. Crane manufacturers and operators are increasingly
adopting environmentally friendly technologies and practices to meet
sustainability goals.
One trend driving this shift is the push
for energy efficiency in crane operations. Offshore cranes often operate using
diesel engines, which contribute to carbon emissions. However, there is a
growing demand for cranes that are either fully electric or use hybrid systems
that reduce fuel consumption and lower emissions. These cranes offer the dual
benefit of cutting operational costs while meeting stricter environmental
regulations imposed by governments and international bodies. Additionally, the
development of lighter, more durable materials for crane construction is
helping to reduce energy consumption during lifting operations. Lighter cranes
require less power to operate, making them more fuel-efficient. Materials like
high-strength steel and composites are being used to improve the
strength-to-weight ratio of cranes, enhancing their performance while reducing
their environmental impact. Moreover, the offshore wind energy sector, which is
gaining traction in the Middle East, is inherently aligned with sustainability
goals. Cranes used for offshore wind projects must meet stringent environmental
standards, not only in terms of emissions but also in reducing noise pollution
and minimizing the disturbance to marine ecosystems during installation and
maintenance activities.
As the Middle East embraces the global
shift towards sustainability, these environmental considerations are expected
to continue shaping the future of the offshore crane market. Companies that
prioritize eco-friendly designs and energy-efficient technologies will likely
gain a competitive edge as the industry increasingly prioritizes environmental
responsibility.
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Based
on Lifting Capacity, The
500–3000 mt held the largest market share in 2023. The 500–3000 metric ton (mt) capacity range
dominated the Middle East offshore crane market primarily due to its
versatility in handling a wide range of heavy-duty operations across the
offshore oil and gas and renewable energy sectors. Offshore projects in the
Middle East, particularly in the oil and gas sector, often involve the
transportation and installation of large, complex components such as drilling
equipment, subsea modules, and pipeline infrastructure. Cranes within the
500–3000 mt range offer the necessary lifting power to handle these heavy
loads, making them ideal for offshore platforms and support vessels. In
the oil and gas industry, offshore operations increasingly involve deeper
waters and larger structures, necessitating cranes with higher lifting
capacities. The 500–3000 mt range strikes a balance between flexibility and
power, enabling operators to manage both routine lifting tasks and more
demanding projects, such as the installation of subsea structures or the
maintenance of large rigs. This capacity range is also well-suited for tasks
that require precise control and stability in harsh marine conditions, a common
feature of the Middle Eastern offshore environment. The
rise of offshore wind energy projects in the region has further driven demand
for cranes in this capacity range. Wind turbine components, including nacelles,
blades, and towers, are large and heavy, requiring cranes that can safely lift
and install these parts at sea. Cranes in the 500–3000 mt range are equipped to
handle these loads while maintaining stability on offshore platforms or
vessels, even in rough sea conditions.
Based on country,
UAE is the fastest growing market in the Middle East Offshore Crane Market. The UAE has
significantly invested in diversifying its energy portfolio, with a notable
shift towards renewable energy. The country is spearheading the development of
offshore wind farms and other renewable projects, driven by its commitment to
sustainability and energy diversification. These projects require advanced
offshore cranes for installation and maintenance, boosting demand in the
region. For instance, the UAE’s participation in large-scale offshore wind
projects and its ambitious plans under the UAE Energy Strategy 2050 drive the
need for sophisticated cranes. The
UAE’s strategic location and robust infrastructure have positioned it as a
central hub for offshore oil and gas activities. The country has substantial
offshore oil reserves and is actively expanding its exploration and production
capabilities. The Abu Dhabi National Oil Company (ADNOC) and other key players
are investing heavily in offshore platforms and subsea infrastructure, creating
a steady demand for high-capacity cranes capable of handling the heavy lifting
required in these operations. The
UAE’s development of new offshore projects and modernization of existing
infrastructure are pivotal. The country is undertaking significant upgrades to
its offshore platforms and infrastructure, necessitating the acquisition of
advanced cranes. The UAE’s proactive approach to incorporating cutting-edge
technologies and adhering to stringent safety and operational standards further
stimulates growth in the offshore crane market. The
UAE’s favorable business environment, including supportive regulatory
frameworks and investment incentives, attracts both local and international
crane manufacturers and service providers. This conducive environment
accelerates market growth by fostering competition and innovation, ultimately
benefiting the offshore crane sector.
Major companies
operating in the Middle East Offshore Crane Market are:
- Konecranes Plc
- Liebherr Group
- Cargotec Corporation
- Terex Corporation
- Mammoet Group
- Palfinger AG (Palfinger Group)
- MODEC, Inc
- Boskalis
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“The Middle East
offshore crane market presents significant opportunities driven by expanding
offshore oil and gas exploration, increasing investment in renewable energy
projects, and technological advancements in crane automation. With growing
interest in offshore wind farms, particularly in Saudi Arabia and the UAE,
demand for specialized cranes is expected to rise. Additionally, the region's
focus on modernizing infrastructure and enhancing safety standards creates
further opportunities for manufacturers offering advanced, compliant crane
solutions. Companies that can innovate in terms of sustainability, durability,
and operational efficiency are well-positioned to capitalize on these growth
trends in the offshore sector”, said Mr. Karan Chechi, Research Director of TechSci
Research, a research-based global management consulting firm.
“Middle East Offshore Crane Market, By Type (Knuckle Boom, Telescopic, Lattice, Others), By Lifting Capacity (Up to 500 mt, 500–3000 mt, Above 3000 mt), By Duty Cycle (Production Duty, Intermediate Duty, Drilling Duty),By Type of Crane (Mobile Crane, Fixed Crane, Marine & Port Crane), By End Use (Oil & Gas, Mining, Others), By Country, Competition, Forecast & Opportunities, 2019-2029F”,
has evaluated the future growth potential of Middle East Offshore Crane Market and
provides statistics & information on Market size, structure and future Market
growth. The report intends to provide cutting-edge Market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Middle East Offshore Crane Market.
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