Saudi Arabia Offshore Crane Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024-2030)

Saudi Arabia Offshore Crane Market Size

Saudi Arabia Offshore Crane Market Trends & Growth Drivers

Integration of Digital Technologies Is Key Trend

• The integration of digital technologies is a key trend in the Saudi Arabian offshore crane market due to the rising focus on safety, operational efficiency, and maintenance. This is aided by the advancements in IoT, remote monitoring, data analytics, and automation, which is transforming offshore cranes in the way they are operated and maintained.
• IoT sensors are being embedded into these machines to track various operational parameters in real time and collect the information on boom angle, load weight, crane movement, and wind speed.
• This data is communicated to centralized control systems, for the operators to make informed decisions, depending on the current conditions. For instance, the crane will automatically halt if the wind speed exceeds the safe limit, to avoid an accident. This real-time monitoring increases the efficiency and safety of crane operations by lowering the risk of equipment failure, as well as decreasing human error.
• In addition, remote monitoring systems enable machine operations to be controlled from a safe distance, usually from onshore facilities. This capability is important for human safety in dangerous offshore environments.
• Operators can easily adjust settings, regulate the crane’s movement, and take action in the case of an emergency, without physical presence on the platform.

Expanding Oil & Gas Sector in Saudi Arabia Is Key Driver

• In Saudi Arabia, the oil & gas sector is expanding at a significant rate, which is fueling the demand for offshore cranes. This is due to the country’s strategic initiatives, technological advancements, and infrastructure goals.
• Cranes are important for efficient offshore production, exploration, and construction, maintaining the prominence of the kingdom in the oil and gas sector.
• The expansion of the oil & gas sector increases the demand for advanced lifting solutions for supporting deep-water drilling operations, constructing offshore platforms, and moving heavy equipment.
• As Saudi Arabia is the world's leading oil producer, there is a continuous need for the exploration and further development of its massive hydrocarbon reserves, predominantly offshore ones in the Arabian Gulf.
• Moreover, the expansion of large-scale projects, including subsea installations and floating production storage and offloading (FPSO) units, propels the need for high-capacity cranes.

High Initial Investment and Operational Costs Are Major Restraints

• The high initial investment and operational costs related to advanced offshore cranes are a major restraint for the market.
• To begin with, such enhanced construction machines are quite expensive, ranging from millions to tens of millions of dollars, depending on their technological features and capacity. The usage of robust technology and specialized materials to handle heavy loads in harsh marine environments propels the overall cost.
• Further, the integration of digital technologies, including IoT and automation, further drives the upfront investment. The installation of IoT sensors, remote monitoring systems, data analytics platforms, and enhanced safety features, although beneficial in the long run, increases the financial strain on buyers.
• The high initial and operational costs are an even bigger threat for smaller players, as they lower their ability to invest and compete in advanced offshore areas.
• The high maintenance cost of these systems is also a restraint. These cranes work in demanding environments; so, there is frequent wear and tear, which creates the requirement for regular maintenance.
• This involves repairs, inspections, and parts replacement, which further adds to the operational costs and hampers the market growth.​

Saudi Arabia Offshore Crane Market Analysis

Product Type Insights

• The knuckle boom category is projected to grow at the highest CAGR, of 11.4%, during 2024–2030, as well as hold the largest market share, of 45%, in 2030. This growth is attributed to the technological advancements, operational flexibility, and high demand for knuckle-boom cranes in the oil & gas sector.
• These cranes are efficient and versatile in carrying heavy loads in limited spaces, thus making them perfect for offshore rigs and pipelines.
• The rising emphasis on operational efficiency and safety in the oil & gas industry fuels the adoption of knuckle-boom cranes. These cranes have advanced safety features, such as automated emergency shutdown, overload protection, and remote monitoring capability, aligning with the rigorous safety standards needed for offshore operations.

During the study, we have analyzed the following product types:

• Knuckle-Boom (Largest and Fastest-Growing Category)
• Lattice-Boom
• Stiff-Boom
• Telescopic-Boom

Lifting Capacity Analysis

• The 500–3,000 mt category holds the largest market share, in 2024. This is due to the extensive usage of cranes in this loading capacity available for the offshore oil & gas applications in the country.
• In addition, the country’s offshore projects make use of advanced cranes capable of handling large loads, making the 500-3,000-metric-tonne variants highly popular.
• The above 3,000 mt category is projected to grow at the highest CAGR, during 2024–2030.
• This will be due to the rising complexity and scale of offshore projects.
• These alternatives are used for handling the heaviest and the most-challenging lifts for deep-water exploration and production, such as the installation of subsea equipment, large modules, and heavy-duty infrastructure components.

Below are the lifting capacities covered in the report:

• 0–500 mt
• 500–3,000 mt (Largest Category)
• Above 3,000 mt (Fastest-Growing Category)

Application Insights

• The oil & gas category accounts for the largest share, of 60%, in 2024. This is primarily due to the country’s large oil reserves, as well as its strategic emphasis on sustaining and expanding its oil production capacity.
• These cranes play an important role in the extraction of oil and gas, including on floating production, storage, and offloading (FPSO) units, the installation and maintenance of drilling rigs, and construction of subsea infrastructure.
• The use of such machines for equipment handling, heavy lifting, and platform construction drives their sales along the kingdom’s coast.
• The renewable energy category is projected to grow at the highest CAGR, during 2024–2030. This will be due to the government's Vision 2030 initiatives to address the diversification of the energy mix by reducing the dependence on oil, by investing in renewable energy sources.

The following applications are included in the report:

• Oil & Gas (Largest Category)
• Renewable Energy (Fastest-Growing Category)
• Others

Regional Analysis

Eastern Region Is Largest and Fastest-Growing Market

• Geographically, the Eastern Region holds the largest market share, of 40%, in 2024, and it will be the fastest-growing region in 2024–2030. This dominance is due to the presence of vast oil reserves, significant infrastructure investments, ongoing renewable energy projects, and major offshore fields in the region.
• The largest offshore oil field in the world—Safaniya Oil Field—which produces up to 1.3 million barrels of crude oil per day, is present in the Eastern Province.
• Moreover, the province is a key focus of the investments under the country’s Vision 2030 initiative, which is fueling the economy and increasing the infrastructure development activities here.

The provinces analyzed in this report include:

• Al-Riyadh
• Makkah
• Al-Madinah
• Al-Qaseem
• Eastern Region (Largest and Fastest-Growing Provincial Market)
• Aseer
• Tabouk
• Hayel
• Northern Border
• Jazan
• Najran
• Al-Baha
• Al-Jouf

Saudi Arabia Offshore Crane Market Share

The Saudi Arabian offshore crane market is consolidated, with the presence of a many local as well as regional players, together with a few key global players. Only a handful of companies in the region offer a wide variety of offshore cranes, including knuckle-boom, lattice-boom, and telescopic-boom variants.

Further, several strategies are being used by the major players, such as mergers & acquisitions, partnerships, and collaborations, to expand their presence. In addition, many companies are investing in research & development to widen their business area and help meet the ever-rising energy demand.

Saudi Arabia Offshore Crane Market News

• In November 2021, International Maritime Industries (IMI) and Zamil Offshore created a joint venture to deliver offshore support vessel (OSV) building and MRO services in Saudi Arabia.