Offshore Crane Market Highlights

• Global offshore crane market revenue is poised to garner USD 40.9 billion by 2032 with a CAGR of 8.3% from 2024 to 2032
• North America offshore crane market value occupied around USD 8.3 billion in 2023
• Asia-Pacific offshore crane market growth will record a CAGR of more than 9% from 2024 to 2032
• Among design type, the knuckle boom crane sub-segment generated notable revenue in 2023
• Based on application, the oil & gas sub-segment generated around 49% market share in 2023
• Increased focus on decommissioning offshore oil platforms is a popular offshore crane market trend that fuels the industry demand

Offshore crane is elevating and rotating lifting device which is used to move and transfer material and person to or from structures, vessels and baggages. The offshore crane are mainly used in shipboard applications, heavy lift applications, and drilling operations. The standards are used to design and manufacture the offshore crane. There are various offshore cranes which includes mobile crane, marine & port crane, and fixed crane. The growing demand for energy and infrastructure development across the globe further grows the demand for offshore crane. This expected to enhance the production to meet the growing consumption of offshore crane over the forecast period.

Global Offshore Crane Market Dynamics

Market Drivers

• Increasing offshore oil and gas exploration activities drive demand for advanced crane systems
• Rising investments in renewable energy projects, especially offshore wind farms
• Technological advancements in crane designs enhance efficiency and operational safety
• Expansion of maritime trade and offshore infrastructure development fuels crane adoption

Market Restraints

• High initial costs and maintenance expenses pose challenges for small operators
• Stringent government regulations on environmental and operational safety
• Limited skilled workforce for operating advanced offshore cranes

Market Opportunities

• Growing demand for autonomous and remote-controlled cranes creates innovation prospects
• Emerging markets in Asia-Pacific and the Middle East offer significant growth potential
• Integration of IoT and AI technologies in cranes enhances monitoring and performance capabilities

Offshore Crane Market Report Coverage

Offshore Crane Market Insights

The growth of the offshore crane market is primarily driven by the rising offshore activities, growing demand for offshore cranes in various end user industries, rapid renewable energy development, and increase in offshore exploration and production activities. Furthermore, growing investment by developing counties in oil and gas reserves, rising demand for oil and gas across the globe, and increase in demand from application sectors which includes oil & gas, marine, and renewable energy, is estimated to boost the market growth.

Moreover, rapid urbanization in developing countries, growing infrastructure development, government investment for energy sources and rapid industrialization, potential oilfield discovery, and increase in innovation and development in offshore crane are expected to create opportunities for the manufacturers in the global market over the forecast period. However, growing environmental risk, high entry barriers for new players, and decline in the offshore support vessel demand are expected to hamper the growth of the global industry in the offshore crane market forecast period.

Offshore Crane Market Segmentation

The worldwide market for offshore crane is split based on design type, lifting capacity, application, and geography.

Offshore Crane Design Types

• Telescopic Boom Crane
• Knuckle Boom Crane
• Lattice Boom Crane
• Others

According to offshore crane industry analysis, based on design type, the market has been segmented into knuckle boom crane, telescopic boom crane and lattice boom crane. The knuckle boom crane segment accounts of the largest share in the market and are expected to grow at a significant CAGR during the offshore crane industry forecast period.

Knuckle boom crane enhances the maneuverability due to their extra stability and better operability. The growing demand for transfer and moving of heavy loads, rising demand for safety concerns, and growing demand for machines in marine industries further expected to drive the growth of knuckle boom crane.

Offshore Crane Lifting Capacity

• 0-500 mt
• 500-3000 mt
• Above 3000 mt

The 500-3000 mt category is expected to taking largest share of the offshore crane market because to its wide range of applications in many industries. These cranes are ideal for medium- to heavy-duty applications such offshore oil and gas exploration, wind farm installations, and building operations. Their capacity to handle large loads with greater stability and efficiency makes them an ideal alternative for offshore operations. Furthermore, the segment benefits from the increased emphasis on renewable energy, notably offshore wind projects, where such cranes are often used for turbine installation. The balance of operational flexibility and capacity strengthens their demand, resulting in constant growth and a prominent position in the market.

Offshore Crane Applications

• Marine
• Oil & Gas
• Renewable Energy
• Others

Based on application, the market has been segmented into oil & gas, marine, renewable energy, and others. The oil & gas segment accounts of the largest share in the offshore crane market in 2023. The major factors that are driving the growth of this segment are increase in petroleum companies and government-owned gas corporations across the globe and growing investment in offshore drilling projects. This expected to enhance the dominance of the oil & gas segment in the global market over the forecast period.

Offshore Crane Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Offshore Crane Market Regional Analysis

North America is expected to hold the largest share in the global market during the forecast period. Presence of major key players, development of offshore crane for marine sector, growing offshore marine projects, and increase in production and consumption of offshore crane, rising number of offshore crane manufacturers are expected to enhance the market growth in the global offshore crane market during the forecast.

Asia-Pacific is expected to hold the highest CAGR in the global market during the forecast period. The rapid consumption of offshore crane in various end user industries, growing infrastructure development, and rapid industrialization are the major driving factor for the region in the global market. Moreover, increase in government spending for renewable energy and oil and gas sector and diversification in the region’s energy sector are expected to enhance the market growth in the global offshore crane market in future. Moreover, strong economic growth in countries, such as China, Korea, Thailand, Japan, and India, are expected to enhance the market growth in the global offshore crane market during the forecast.

Europe is second largest in the global market during the forecast period. The growing government spending on offshore projects, increase in innovation and development in offshore crane, favorable market conditions, and established research and development institutes are expected to enhance the market growth in the global offshore crane during the forecast.

Offshore Crane Market Players

Some of the top offshore crane companies offered in our report includes Huisman, Kenz Figee, Liebherr, Cargotec, Palfinger, Zoomlion, DMW Marine Group, Manitowoc, TEREX Corporation, National Oilwell Varco (NOV), SWL Group, and Konecranes.