Market Size of Middle East Offshore Crane Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle East Offshore Crane Market Analysis
The Middle East offshore crane market is expected to grow at a CAGR of more than 5% during the forecast period of 2022 - 2027. The COVID-19 outbreak in Q1 of 2020 led to the decline of offshore crane operations and delayed project executions in the Middle East region. Factors such as the increasing exploration and production activities, and the growing emphasis on the offshore renewable energy sector, are likely to drive the Middle East offshore crane market during the forecast period. However, a vast investment cost and lack of skilled manpower are expected to hinder the growth of the Middle East offshore crane market.
- The oil and gas segment is expected to dominate the market during the forecast period due to increasing oil and gas exploration and production in the Middle East region.
- Technological advancements such as electric and remote-controlled cranes in offshore crane manufacturing. This is likely to create several opportunities for the Middle East offshore crane market in the forecast period.
- Saudi Arabia is expected to witness significant growth during the forecast period, with the majority of the demand coming from oil and gas industry.
Middle East Offshore Crane Industry Segmentation
The Middle East offshore crane market includes:
| Application | |
| Oil and Gas | |
| Renewable Energy | |
| Other Applications |
| Geography | |
| United Arab Emirates | |
| Saudi Arabia | |
| Rest of Middle-East |
Middle East Offshore Crane Market Size Summary
The Middle East offshore crane market is poised for growth, driven by increasing exploration and production activities in the oil and gas sector, alongside a burgeoning focus on offshore renewable energy. Despite challenges such as high investment costs and a shortage of skilled labor, the market is expected to expand significantly. Technological advancements, including the development of electric and remote-controlled cranes, are anticipated to create new opportunities. The oil and gas segment is projected to maintain its dominance, supported by the rising rig count and ongoing projects in the region. Saudi Arabia, in particular, is expected to experience substantial growth due to its robust oil and gas exploration and production activities, as well as developments in offshore renewable energy.
The offshore crane market in the Middle East is moderately fragmented, with key players such as NOV Inc., Liebherr Group, and Sparrows Offshore Group Limited leading the charge. Recent developments, including the reopening of Thunder Cranes' operations in the UAE and EnerMech's acquisition of significant contracts, underscore the market's potential. Additionally, initiatives like the establishment of a crane and lifting operations training center in Qatar highlight the industry's commitment to enhancing skills and safety standards. As Saudi Arabia continues to expand its upstream projects and explore new natural gas fields, the demand for offshore crane services is expected to rise, further propelling market growth in the region.
Middle East Offshore Crane Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Application
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2.1.1 Oil and Gas
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2.1.2 Renewable Energy
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2.1.3 Other Applications
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2.2 Geography
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2.2.1 United Arab Emirates
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2.2.2 Saudi Arabia
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2.2.3 Rest of Middle-East
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Middle East Offshore Crane Market Size FAQs
What is the current Middle East Offshore Crane Market size?
The Middle East Offshore Crane Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Middle East Offshore Crane Market?
NOV Inc., Liebherr Group , Kenz Figee Group B.V., Heila Cranes S.p.A. and Sparrows Offshore Group Limited are the major companies operating in the Middle East Offshore Crane Market.
