Market Trends of Middle East Offshore Crane Industry
This section covers the major market trends shaping the Middle East Offshore Crane Market according to our research experts:
Oil and Gas Segment to Dominate the Market
- The oil and gas industry deploys offshore cranes to assemble, repair, and supply oil and gas extraction systems. The performance capacity, size, and way the offshore cranes are constructed vary according to the individual requirements.
- The offshore crane is an integral part of an oil rig. The crane is used for daily operations like lifting drill pipes and casing, lifting maintenance equipment from the ships, and many more day-to-day operations.
- The offshore cranes are installed on drilling rigs, exploration, and production platforms. Offshore cranes are designed and engineered to operate in severe ambient conditions. These are designed, manufactured, and tested according to International Standard for lifting appliances and also in respect of specific client's requests.
- As of August 2022, the Middle East oil and gas rig count registered 302 rigs. The increasing oil and gas rig count is expected to drive the Middle East offshore crane market during the forecast period.
- In September 2022, Thunder Cranes, a leading provider of portable, modular, offshore rental cranes with a dynamic lift capacity ranging from 2 to 60 tons, re-opened its operations in the Middle East with a headquarters in the United Arab Emirates. The cranes allow customers to efficiently and cost-effectively support P&A, well intervention, facility engineering and decommissioning operations without compromising safety, time, and performance. This is expected to create opportunites for oil and gas segment in the Middle East region.
- In July 2022, EnerMech secured several OPEX and CAPEX contracts worth USD 128 million in new markets across its Africa, Middle East and Caspian locations. The projects include valve maintenance services provided to a national oil company in the Middle East, crane maintenance and process, pipeline and umbilicals work for a major operator in Turkey and a turnaround and maintenance scope for a national LNG company in Angola.
- Owing to such developments, oil and gas segment is expected to hold the largest share in the Middle East offshore crane market in the future.
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Saudi Arabia to Witness a Significant Growth
- Saudi Arabia is expected to witness a significant growth rate in the Middle East offshore crane market, with growing oil and gas exploration and production activities in the country. The rising demand for oil & gas and offshore renewable energy is expected to gain considerable momentum.
- Saudi Arabia is a significant market for offshore oil and gas explorations and further offshore renewable energy developments in the country, along with substantial installations from offshore wind energy is expected to drive the Middle East offshore crane market in the future.
- The country's crude oil production was recorded as 9,125 '000 barrels per day in 2021, the first highest among all the Middle East countries. Saudi Arabia recently witnessed an upsurge in the upstream projects planned for the next five years, largely including field development projects, resulting in high demand for offshore crane services in the country.
- In February 2022, Saudi Arabian Oil Company (Aramco) discovered several natural gas fields in the Empty Quarter, near its northern border and eastern region. The Shadun natural gas field was discovered in the Central Region, 180 kilometres southeast of Riyadh, after gas flowed from the Shadun-1 well at a rate of 27 million standard cubic feet per day, with 3,300 barrels of condensate.
- Hence, owing to the above points, Saudi Arabia is expected to witness significant growth in the Middle East offshore crane market during the forecast period.
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