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Offshore Crane Market To See Strong Expansion by End of 2027

Offshore crane market is expected to exceed USD 3 billion by 2027, according to a new research report by GMI Inc. While a range of material handling equipment is used across the marine industry, cranes, in particular, are rapidly gaining traction.


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Ravi Bankar

6 days ago | 3 min read

Offshore crane market is expected to exceed USD 3 billion by 2027, according to a new research report by GMI Inc. While a range of material handling equipment is used across the marine industry, cranes, in particular, are rapidly gaining traction. The deployment of offshore cranes and equipment is slated to proliferate over the years due to myriad reasons, including the high investment interest in oil and gas drilling activities.

Citing an instance, in March 2022, Cairn Oil & Gas unveiled plans to spend around $4 billion to ensure more than a threefold increase in production over the next 3 years. Following the investment, the Indian company planned to drill more wells to explore oil and gas reserves in 51 blocks located in the country. Factors like these could bolster the adoption of cranes for load handling applications and consequently expedite the overall offshore crane market expansion.

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Likewise, multiple marine services providers and crane manufacturing companies have been emphasizing the expansion of their product portfolio and indulging in renovation activities for marine renewable energy installation and other applications.

Listed below are the top 4 product launch and renovation projects influencing offshore crane market dynamics:

1. Jan De Nul’s launch of heavy-lift offshore crane vessel, Les Alizés

Over the years, there has been an increased reliance on sustainable energy to curb carbon emissions in the marine industry. In keeping with this trend, Jan De Nul announced the launch of Les Alizés, its next-gen offshore installation crane vessel in January 2022.

This vessel, equipped with a Huisman crane that can lift nearly 5,000 tons, was designed to transport and install 107 wind turbine monopile foundations for the Borkum Riffgrund 3 and God Wind 3 offshore wind farms for the energy company, Ørsted, among other tasks. This rise in monopile installation projects such as these will thus assert a positive influence on the offshore crane market.

2. Sparrows’ pedestal offshore crane refurbishment contract with ONGC

To significantly increase reliability and extend the life of cranes, multiple providers of integrated engineering services and specialist equipment in the energy sector have been focusing on product modernization and replacement activities.

For instance, in November 2021, Sparrows Group secured a contract with ONGC (Oil and Natural Gas Corporation) to refurbish 8 pedestal offshore cranes, which are due to be completed by 2022 end. Under the project, the company was tasked with carrying out repairs, replacement, and upgrades of offshore crane components to boost reliability and increase their life span to over 20 years.

3. DEME Offshore’s major crane upgrade to Sea Installer

Prominent manufacturers of specialized equipment in the offshore energy market have been intending to reinforce their leading position in wind turbine generator installation. In line with this, DEME Offshore prepared for a major crane upgrade to ‘Sea Installer’, its DP2 jack-up installation vessel in August 2021, geared toward increasing its capacity from 900 tons to 1,600 tons.

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Built by Huisman, the new crane was developed to allow the vessel to manage next-gen offshore wind turbines, thereby supporting offshore crane market development. The vessel was also set for the first-time deployment at the 800-MW Vineyard Wind 1 project.

4. Huisman’s new contract to design high-capacity leg encircling cranes

With burgeoning investment in offshore wind projects, heavy construction equipment manufacturers have been designing offshore cranes ideal for the construction of wind farms. To cite an instance, in December 2021, COSCO Shipping (Qidong) Offshore awarded a contract to Huisman to construct and design two 2,000-ton capacity LEC (leg encircling cranes).

These cranes were intended to be installed on two X-class vessels of Cadeler and used to install turbines and foundations for offshore wind farms, and will also perform other maintenance and operation work.

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