USD 25 billion
Offshore Crane Market Size, Share, Growth Analysis, By Type(Knuckle Boom Crane, Lattice Boom Crane, Telescopic Boom Crane, Others), By Lifting Capacity(0 – 500 mt, 500 – 2, 000 mt, 2), By Application(Oil & Gas, Marine, Renewable Energy, Other), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG20C2064 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|Tables:
97
|Figures:
76
Offshore Crane Market Insights
Offshore Crane Market size was valued at USD 28.13 Billion in 2023 and is poised to grow from USD 31.65 Billion in 2024 to USD 81.18 Billion by 2032, growing at a CAGR of 12.5% during the forecast period (2025-2032).
The global offshore crane market is experiencing significant market insights driven by the expansion of the offshore oil and gas industry, offshore wind energy projects, and the exploration of deep-sea resources. The demand for efficient lifting solutions in harsh offshore environments has led to the growth of this market. Offshore cranes play a crucial role in various operations such as loading and unloading equipment, installation of subsea structures, and maintenance activities on offshore platforms.
One prominent trend in the offshore crane market is the integration of advanced technologies to enhance safety and operational efficiency. Automation, remote operation, and real-time monitoring systems are being incorporated into offshore cranes to reduce human intervention in hazardous conditions and optimize crane performance. Moreover, the shift towards renewable energy sources, particularly offshore wind farms, is driving the demand for specialized cranes capable of handling the installation and maintenance of large wind turbine components in challenging marine environments. This trend aligns with the global push towards sustainable energy solutions.
In conclusion, the global offshore crane market is propelled by the expanding offshore energy sectors and the need for specialized lifting solutions. Advanced technologies and the transition towards renewable energy sources are driving trends in the market. However, challenges related to industry cyclicality, regulatory compliance, and economic factors require careful navigation by industry stakeholders to ensure sustained growth in this dynamic sector.
US Offshore Crane Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Oil & Gas
Fastest Growth
Oil & Gas
Growth Rate
12.5% CAGR
Global Offshore Crane Market ($ Bn)
Country Share for Asia Pacific Region (%)
To get more reports on the above market click here to Buy The Report
Offshore Crane Market Segmental Analysis
The global offshore crane market is segmented on the basis of type, lifting capacity, application, region. By type, the market is segmented into knuckle boom crane, lattice boom crane, telescopic boom crane, Others. By lifting capacity, the market is segmented into 0 – 500 mt, 500 – 2,000 mt, 2,000 – 5,000 mt, Above 5,000 mt. By application, the market is segmented into oil & gas, marine, renewable energy, and other. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Offshore Crane Market Analysis By Type
The knuckle boom crane segment commands a substantial share within this market landscape. This prominence can be attributed to the burgeoning development of new harbours and ports, propelling the demand for these versatile lifting solutions.
In conclusion, the offshore crane market, segmented by type, showcases a range of options including knuckle boom cranes. Their ascendancy can be attributed to their adaptability, reliability, and safety features, making them a preferred choice for businesses seeking enhanced maritime lifting solutions. The growth in harbor and port development further augments their market share, while the persistent focus on maritime safety bolsters their prominence in offshore operations.
Offshore Crane Market Analysis By Application
Notably, the oil and gas sector commands a substantial share within this market landscape, primarily fueled by the mounting demand for offshore cranes in oil rigs. This surge in demand is a significant driver of the industry's expansion, as these cranes are integral to a plethora of daily tasks, ranging from hoisting drill pipes to facilitating ship maintenance activities and various operational functions.
In conclusion, the segmentation of the offshore crane market by application reveals key sectors, with the oil and gas segment occupying a significant position. The heightened requirement for offshore cranes in oil rigs is driving industry expansion, with their indispensable role in daily tasks and operational intricacies further propelling their prominence. The utilization of offshore cranes in the oil and gas sector exemplifies a symbiotic relationship, wherein the cranes' capabilities align seamlessly with the sector's multifarious operational demands, underscoring the dynamic nature of offshore exploration and extraction.
Global Offshore Crane Market By Application
To get detailed analysis on other segments, Request For Free Sample Report
Offshore Crane Market Regional Insights
Notably, the North American region commands a significant share within this market, largely attributed to the escalating demand for renewable energy solutions across the region. The surge in interest towards sustainable power sources has generated a consequential need for offshore wind energy installations. In tandem with this, governmental initiatives aimed at integrating renewable energy, including offshore wind, into the power generation mix, have provided a favorable backdrop for the growth of offshore crane enterprises. This confluence of factors underscores the pivotal role of the North American region in driving the expansion of the offshore crane market.
Meanwhile, the Asia Pacific region emerges as a focal point of remarkable growth in the market. This surge in growth is propelled by the escalating demand for oil, gas, and marine renewable energy solutions, all poised to gain notable momentum, particularly within the Asia-Pacific expanse. The region's burgeoning energy demands and the evolving landscape of energy sourcing necessitate advanced infrastructural developments. Offshore cranes play a pivotal role in this context, facilitating the intricate tasks associated with offshore energy exploration, extraction, and installation. Moreover, the region's strategic focus on maritime endeavors, including offshore wind farms and deep-sea resource exploration, amplifies the demand for specialized offshore crane solutions.
Global Offshore Crane Market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Offshore Crane Market Dynamics
Offshore Crane Market Drivers
Rising Offshore Energy Demand
- The increasing global demand for offshore energy sources, including oil and gas, as well as the growing prominence of renewable energy such as offshore wind, drives the need for offshore cranes. These cranes are essential for installation, maintenance, and operation of offshore energy structures.
Deep-Sea Exploration
- The exploration of deep-sea resources, including minerals and hydrocarbons, requires specialized offshore crane solutions to handle complex operations in challenging underwater environments.
Infrastructure Development
- Expanding maritime infrastructure, including the development of new ports, harbors, and offshore platforms, creates a substantial demand for offshore cranes to facilitate construction, maintenance, and logistical operations.
Offshore Crane Market Restraints
High Initial Investment
- The significant cost associated with procuring and installing offshore cranes poses a challenge, particularly for companies looking to enter or expand in the offshore market. This financial barrier can deter smaller players from participation.
Cyclical Nature of Energy Industry
- The cyclicality of the oil and gas industry, influenced by fluctuating global oil prices, impacts the demand for offshore cranes. Economic downturns and reduced exploration activities can lead to decreased demand for new cranes.
Stringent Regulations
- Offshore operations are subject to rigorous safety and environmental regulations. Meeting these standards can be demanding, requiring crane manufacturers to invest in compliance and certification processes.
Request Free Customization of this report to help us to meet your business objectives.
Offshore Crane Market Competitive Landscape
The competitive landscape of the global offshore crane market is characterized by a diverse array of players striving to capture a significant share of the expanding market. Established heavy machinery manufacturers, specialized crane companies, and innovative technology-driven enterprises form the competitive matrix. These entities vie to offer a comprehensive spectrum of offshore crane solutions, catering to the complex demands of the offshore energy sector, including oil and gas exploration, renewable energy projects, and marine operations.
Prominent industry players like Liebherr Group, Huisman Equipment B.V., and Cargotec Corporation (MacGregor) stand as industry stalwarts with extensive portfolios of offshore crane offerings. These companies leverage their global presence, technological prowess, and years of industry experience to retain competitive advantages.
Additionally, the integration of advanced technologies is shaping the competitive dynamics. Automation, remote operation, and real-time monitoring systems are being infused into offshore cranes to enhance safety, optimize operational efficiency, and reduce human intervention in challenging environments.
Offshore Crane Market Top Player’s Company Profiles
- Huisman (Netherlands)
- Kenz Figee (Netherlands)
- National Oilwell Varco (NOV) (United States)
- Manitowoc (United States)
- Liebherr (Switzerland)
- Cargotec (Finland)
- Konecranes (Finland)
- DMW Marine Group (United Kingdom)
- SWL Group (Norway)
- Mammoet (Netherlands)
- Tadano (Japan)
- Wolffkran (Germany)
- Zoomlion Heavy Industry Science & Technology (ZHTC) (China)
- Young Machine Industries (Japan)
- Demag Cranes (Germany)
- Liebherr Maritime Cranes (Germany)
- Henan Junma Heavy Industry (China
Offshore Crane Market Recent Developments
-
In March 2024, Cargotec’s division MacGregor received an order for three cranes from Italian company Prysmian. MacGregor has also been contracted to supply its OnWatch feature which includes 24/7 technical support with the cranes scheduled to arrive in the third quarter of 2025.
-
In March 2024, Thunder Cranes was awarded a contract with PETRONAS Carigali Sdn. Bhd. to provide portable-modular offshore rental cranes, supporting Petronas' operations in Malaysia.
-
In February 2024, offshore crane services provider Handal Energy Bhd said that its 99.88%-owned unit Handal Energy Solutions Sdn Bhd (HESSB) has inked a joint venture (JV) agreement with DS Agriculture to collaborate on developing land into a tourism attraction through agro-tourism initiatives in Perak, Malayasia.
Offshore Crane Key Market Trends
- Renewable Energy Focus: The transition toward renewable energy sources, particularly offshore wind energy, is driving the need for specialized cranes capable of installing and maintaining wind turbines in challenging marine environments.
- Data-Driven Operations: Data analytics and predictive maintenance solutions are becoming integral to offshore crane operations. Real-time monitoring and data-driven insights enable proactive maintenance, reducing downtime and enhancing overall efficiency.
- Technological Integration: Offshore cranes are increasingly incorporating advanced technologies such as automation, remote operation, and real-time monitoring systems. These technologies enhance operational efficiency, reduce human intervention, and improve safety.
Offshore Crane Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global offshore crane market analysis, the global offshore crane market presents a dynamic landscape driven by the ever-growing demand for offshore energy sources, infrastructure development, and technological innovations. The industry's trajectory is marked by a delicate balance between key drivers such as rising offshore energy needs, deep-sea exploration, and robust infrastructure expansion. However, the market also contends with challenges including high initial investments, cyclicality in the energy sector, and stringent regulatory demands.
The industry's future is notably shaped by the integration of advanced technologies, particularly automation and real-time monitoring systems, enhancing operational efficiency and safety. The transition towards sustainable and renewable energy sources is spurring specialized crane requirements for offshore wind installations. Additionally, the emphasis on eco-friendly designs and data-driven operations is reshaping the sector's sustainability and efficiency paradigms.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 25 billion |
| Market size value in 2031 | USD 72.16 billion |
| Growth Rate | 12.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Offshore Crane Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Offshore Crane Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Offshore Crane Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Offshore Crane Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Offshore Crane Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Offshore Crane Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
