Offshore Cranes Market Synopsis

Offshore Cranes Market Size Was Valued at USD 28.1 Billion in 2023 and is Projected to Reach USD 81.2 Billion by 2032, Growing at a CAGR of 12.5% From 2024-2032.

Offshore cranes market has grown rapidly in recent years due to enhanced activity in offshore O&M operations, and newly developed interests in offshore wind power generation plants. The market size is expected to increase further as offshore development projects are carrying on all over the world. A key driver within the offshore crane market is adaptability in conjunction with the integration of new technologies, particularly when it comes to the safety and optimization of the cranes’ use. Different strategies like automation, remote operation, and real-time monitoring systems these are applied in different offshore cranes to minimise the involvement of human beings in risky environment, also to increase the efficiency of the cranes.

• The offshore cranes industry has a notable feature such technological enhancements targeting for safety, efficiency, and performance. Some of these developments are automation where cranes are made to work automatically, remote operations that allow cranes to operate from a distance, and advanced sensoring for operation in difficult offshore circumstances. Further, there is increasing concern felt in the global marine and offshore industry to have compact and lightweight crane solutions conducive to vessel capacity constraints and operational versatility needs.
• Several drivers are owed to the growth of the offshore cranes market, these include the rising investment in offshore energy structures, the expansion in deep water drilling and production, and the increasing calls for decommissioning service in offshore fields. Also, the shift to the green economy that implies the further development of clean energy sources, including offshore wind energy, is likely to bring new business opportunities for crane makers, as the wind farms installed in the sea require sophisticated lifting equipment for their construction and maintenance.
• In totality, it can be concluded that the market for offshore cranes is filled with potential for manufacturers which is primarily due to the constant growth of offshore energy projects and subsequently, the demand for better and more efficient ways of lifting necessary equipment and materials in such fields. Likewise, issues affecting the market include strict regulatory policies, project development hitches or slow progress, and fluctuating markets, which could hamper market growth in the coming years.

Offshore Cranes Market Trend Analysis

Increasing Demand for Renewable Energy

• Utility scale renewables has become a goal for most countries as they aim to reduce the carbon footprint and shift to clean energy and offshore wind farms have become part of the renewable energy mix. Wind energy from offshore environment is still almost untapped, given the fact that it receives more wind force and has more steady wind flows compared to onshore environments. Subsequently, this trend has triggered the increase in the number of offshore wind farms globally, reflecting a need to use specialized offshore equipment including offshore cranes to install, maintain, and or repair the wind farms.
• Still, offshore oil and gas exploration and production remain crucial in catering the global energy demands in both developed and developing countries. Exploration of crude oil and natural gas reserves in offshore regions, and operations related to the maintenance of such structures call for offshore cranes that offer point lifting solutions. Observing the fact that companies are moving deeper waters and setting up rigs in areas far from the coast, they will require sophisticated crane systems, and this will cause a surge in the demand for the same.
• The offshore crane usage is currently experiencing applied advancements in safety and technology for efficiency and reliability. Lately, various new types of cranes are being designed and built by the manufacturers which have options of automation, monitoring systems, and prognosis for maintenance. These features help the offshore operators achieve and maximize efficiency, reduce time lost in operations and also protect the human resource that has to operate in the extreme offshore conditions.
• Global governments are constructing measures and provisions for encouraging the utilization of renewable power sources and enhancing the offshore energy market. Soft costs, for instance subsidies, tax credits and friendly regulations for renewable energy foster offshore wind farms and other cleaner energy investments. These actions provide a favourable setting for the development of the offshore crane market, as there is an increase in demand for the necessary equipment for the construction of offshore energy structures.

Advancements in Crane Technology

• There are many developments seen in the market; however, one out of the many is the installation of automation and the remote operation functions with the offshore cranes. By so doing, operators are able to control cranes from onshore locations or other control centers thus minimizing on the number of people required on the platform or vessel. Automated systems are also more accurate than manual and reduce shroud errors and accidents hence increasing productivity.
• Since the beginning, elevated and nearby offshore project are extending and demanding higher lifting capacity cranes. In and effort to meet these requirements, manufacturers are already coming up with cranes that will be able to lift even greater weight while at the same time ensuring that they are stable and are highly reliable in the hostile offshore conditions. These complex cranes allow for the construction of even bigger units like offshore wind generators and oil platforms, future the development of offshore energy industries.
• Offshore operations are always at risk hence the focus on the safety of equipment and people that cannot be overemphasized, it enhances the development of advanced crane systems. Highly developed new models of offshore cranes include automated safety features like collision prevention systems, load condition sensors, and shutdown buttons. Many of these features serve to safeguard personnel and equipment while others are there to help meet high safety standards usually prescribed by authoritative bodies.
• Some of the modern changes worth mentioning that has completely changed the way offshore cranes are maintained and how efficient they are, includes the use of internet of things (IoT) devices and data analytics capabilities in maintaining offshore cranes. Through capturing, storing and retrieving actual time specific information on cranes and the immediate surroundings, the operators will be able to make timely decisions on maintenance, schedule the cranes accordingly and reduce unnecessary periods of inactivity. Through the same IoT technologies, predictive maintenance also aids in achieving longer life cycle rates for the offshore cranes thereby decreasing the lifecycle costs.

Offshore Cranes Market Segment Analysis:

Offshore Cranes Market is segmented based on Type, Lifting Capacity and Application

By Type, Knuckle Boom Crane is expected to dominate the market during the forecast period.

• Knuckle boom crane is known for its versatility and is frequently utilized in applications related to offshore industry because of the structure and the flexibility to work in complicated geometries of space. One most remarkable component is the characteristic hinged boom which in its look greatly resembles a human knuckle; it proves to be very useful for increased flexibility and exactness in lifting operations. These cranes are useful in decreasing and increasing the loads that need to be transported to or from the offshore platforms or vessels.
• Lattice boom cranes are known to be strong and slim in size while being capable of lifting a lot of weights. It incorporates a lattice structure for the boom to offer a strong range, yet a reasonably light weight. These cranes are commonly used during the lift and placement activities which are commonly used in offshore facilities, for instance, oil fixtures and wind power plants that require high tonnage capacity and accurate positioning.
• Telescopic boom cranes, also referred to as boom trucks or picker trucks, are identified by their building blocks with articulated segments. These cranes allow variable reach and can transport various types of loads within the elevated deficiency. In offshore locations, A Telescopic Boom Cranes are widely used in repairing and services work, and also in general cargo operations where there would be limited space.
• The offshore crane market can be further subdivided into specialized crane designs that each satisfies certain needs and is grouped under “others.” It may refer to subsea cranes used in deploying undersea infrastructure, or more specialized gantry cranes used in moving very large structures on an offshore platform or floating crane used in construction of Deepwater structures.

By Application, Oil & Gas segment held the largest share in 2023

• Traditionally, the source with the greatest market need for offshore cranes has been the oil & gas industry, owing to the requirement for the lifting of large facilities and supplies for exploration, production, and repair and maintenance. Higher demands and challenges also arise from the increasing tendency of offshore oil & gas operations in deep waters and marginal environments where high-class and efficient cranes are required. Other reasons, including the decommissioning and maintenance of offshore rigs over the long term, also boost demand for operation in this sector.
• Marine cranes especially the offshore cranes are very useful in several operations that are related to marine industry such as cargo operations, statutory maintenance operations on vessels and construction activities on offshore structures. Hence, for future business requirements there is a steady growing demand for enhanced ports facilities as well as offshore support vessels which need dependable cranes for the cargo handling processes. Further, the emerging offshore wind had application in the operation and construction of wind electrical power utilizing specialized marine cranes.
• The most attractive business segment in the offshore market today is renewable energy segment containing especially the offshore wind segment — offshore cranes. In an attempt to reduce the use of traditional energy resources, the countries are adopting to building offshore wind farms in the coastal areas which in turn needs equipment that can lift the large components used in wind turbines. Furthermore, constant maintenance, replacement and repair works that are carried out in current wind installations create the demand in this segment.
• Areas of interest that are not restricted to oil & gas, marine, and renewable energy uses of offshore cranes include, Aqua culture, research industry and defense related applications. For example, in fish farming, cranes are used in aquaculture.; in research vessels cranes are used to lower scientific equipment’s and conduct sever ocean research. Some of them include, use of the equipment and manpower for the Samar offenses by the military as a defense mechanism.

Offshore Cranes Market Regional Insights:

North America dominated the largest market in 2024

• North America continued to effectively assert market leadership within the offshore cranes business by garnering a large market share and exclusive strategic movement. Such factors as technological advancement, sound infrastructure, policies, and stringent contractual rules, and large stakeholders’ establishments have boosted this dominance.
• But for the first, the focus on technological advancement has seen North America leap ahead of its competitors in offshore cranes market. It has several production and research and development centers that position the region’s manufacturers to develop new and improved crane technologies that enable efficient, safe and reliable operations in offshore environments. These innovations have helped North American companies to respond to their client’s needs in a better way hence producing high-end products thereby presenting them as key players in the world market.
• Secondly, the region has more diverse and large-scale offshore infrastructure development activities which has strengthened its position in the offshore cranes market even more. North American region is enriched with number of ports, terminals, offshore installation hence presents significant market for use of crane in several application including oil and gas exploration, renewable energy sector and marine construction. This infrastructure advantage instigates massive investments from local and foreign players and hence stimulated the growth of offshore cranes market in the area.
• Furthermore, North America has healthy frames of standards and regulations as an important factor for it to dominate in the offshore cranes market. Health and safety measures, environmental rules and regulations, and voluntary industrial standards guarantee that the offshore cranes are safe, meet the set standards, and have the necessary certification. It encourages trust and confidence among the investors due to protective legislation, therefore making North America a favourable place to seek the offshore crane investments.

Active Key Players in the Offshore Cranes Market

• Zoomlion (China)
• Huisman (Netherlands)
• TEREX Corporation (United States)
• Kenz Figee (Netherlands)
• Palfinger (Austria)
• 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), and Other Key Players

Key Industry Developments in the Offshore Cranes Market:

• In March 2024, MacGregor, a division of Cargotec, has secured an order of three cranes for electrical and steel cables manufacturer Prysmian based in Italy. MacGregor has also been contracted to provide its On Watch feature, which means that the company will provide its users with 24/7 technical support, something that is set to be delivered in the third quarter of the year 2025 with the cranes.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   11. ECOSYSTEM
6. OFFSHORE CRANES MARKET BY TYPE (2017-2032)
   1. OFFSHORE CRANES MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. KNUCKLE BOOM CRANE
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. LATTICE BOOM CRANE
   5. TELESCOPIC BOOM CRANE
   6. OTHERS
7. OFFSHORE CRANES MARKET BY LIFTING CAPACITY (2017-2032)
   1. OFFSHORE CRANES MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. 0 – 500 MT
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. 500 – 2
   5. 000 MT
   6. 2
8. OFFSHORE CRANES MARKET BY APPLICATION (2017-2032)
   1. OFFSHORE CRANES MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. OIL & GAS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. MARINE
   5. RENEWABLE ENERGY
   6. OTHER
9. COMPANY PROFILES AND COMPETITIVE ANALYSIS
   1. COMPETITIVE LANDSCAPE
      1. Competitive Positioning
      2. OFFSHORE CRANES Market Share By Manufacturer (2023)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
   2. ZOOMLION (CHINA)
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
   3. HUISMAN (NETHERLANDS)
   4. TEREX CORPORATION (UNITED STATES)
   5. KENZ FIGEE (NETHERLANDS)
   6. PALFINGER (AUSTRIA)
   7. NATIONAL OILWELL VARCO (NOV) (UNITED STATES)
   8. MANITOWOC (UNITED STATES)
   9. LIEBHERR (SWITZERLAND)
   10. CARGOTEC (FINLAND)
   11. KONECRANES (FINLAND)
   12. DMW MARINE GROUP (UNITED KINGDOM)
   13. SWL GROUP (NORWAY)
   14. MAMMOET (NETHERLANDS)
   15. TADANO (JAPAN)
   16. WOLFFKRAN (GERMANY)
   17. ZOOMLION HEAVY INDUSTRY SCIENCE & TECHNOLOGY (ZHTC) (CHINA)
   18. YOUNG MACHINE INDUSTRIES (JAPAN)
   19. DEMAG CRANES (GERMANY)
   20. LIEBHERR MARITIME CRANES (GERMANY)
   21. HENAN JUNMA HEAVY INDUSTRY (CHINA),
10. GLOBAL OFFSHORE CRANES MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Type
       4. Historic And Forecasted Market Size By Lifting Capacity
       5. Historic And Forecasted Market Size By Application
       6. Historic And Forecasted Market Size By Country
          1. USA
          2. Canada
          3. Mexico
    3. EASTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Russia
          2. Bulgaria
          3. The Czech Republic
          4. Hungary
          5. Poland
          6. Romania
          7. Rest Of Eastern Europe
    4. WESTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Germany
          2. United Kingdom
          3. France
          4. The Netherlands
          5. Italy
          6. Spain
          7. Rest Of Western Europe
    5. ASIA PACIFIC
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. China
          2. India
          3. Japan
          4. South Korea
          5. Malaysia
          6. Thailand
          7. Vietnam
          8. The Philippines
          9. Australia
          10. New-Zealand
          11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    7. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
11. INVESTMENT ANALYSIS
12. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies