Offshore Cranes Market Size

Offshore Cranes Market Overview:

Offshore Cranes Market Size was valued at USD 17.33 Billion in 2023. The Offshore Cranes market industry is projected to grow from USD 19.01 Billion in 2024 to USD 36.35 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.44% during the forecast period (2024 - 2032).  Rise in the demand of offshore cranes and increasing exploration and production activities. Growing subsea construction vessel and offshore crane industry and increase in offshore spending across the globe, market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Offshore Cranes Market Trends

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  Growing demand in automation and digitalization is driving the market growth

  
  

Market CAGR for offshore cranes is being driven by making safety a critical concern. Crane manufacturers are incorporating advanced safety features, such as anti-collision systems, load monitoring devices, and automatic overload protection, to mitigate risks. These features improve operator awareness, prevent accidents, and enhance overall safety levels. The integration of automation technologies reduces human error and enhances safety during crane operations.

Additionally, address environmental concerns and comply with stricter emission regulations, the offshore cranes market is witnessing a shift towards electric and hybrid crane systems. Electric cranes eliminate the need for fossil fuel consumption, reducing carbon emissions and noise levels. Hybrid cranes combine electric and diesel power sources, providing flexibility and energy efficiency. These eco-friendly alternatives are gaining popularity as offshore operators seek to improve sustainability and reduce their carbon footprint.

Offshore wind farms require heavy lift cranes capable of installing and maintaining large wind turbines and their components. The increasing size of wind turbines necessitates the use of larger cranes with higher lifting capacities. Offshore crane manufacturers are focusing on developing specialized heavy lift cranes that can handle the complex installation and maintenance requirements of offshore wind farms. These cranes are designed to operate in challenging offshore environments, such as high winds and rough seas. For instance, the three identified trends in the Offshore Cranes Market highlight key drivers that are shaping the industry's future. Technological advancements and automation play a pivotal role in improving the efficiency, safety, and reliability of offshore crane operations. The integration of advanced technologies enables real-time monitoring, predictive maintenance, and enhanced data analytics, leading to optimized performance and reduced downtime. It drives the Offshore Cranes market revenue.

Offshore Cranes Market Segment Insights:

Offshore Cranes Design Type Insights

The Offshore Cranes Market segmentation, based on design type includes knuckle boom, telescopic, lattice, and others. The lattice segment dominated the market, accounting for 35% of market revenue (78.48 Billion). These cranes consist of a series of nested tubular sections that can extend or retract, enabling variable reach and enhanced lifting capacities. They are widely used in offshore construction projects and subsea operations.

Offshore Cranes Lifting Capacity Insights

The Offshore Cranes Market segmentation, based on lifting capacity, includes Up to 500 mt, 500–3000 mt, Above 3000 mt. The Up to 500 mt category led the market in 2022. Cranes falling under this segment possess a lifting capacity of around 100 to 500 tons. They find extensive usage in offshore construction projects, subsea operations, and installation of smaller offshore wind turbines.

Offshore Cranes Duty Cycle Insights

The Offshore Cranes Market segmentation, based on duty cycle includes production duty, intermediate duty, drilling duty. The intermittent duty category led the market: These cranes are designed for operations with significant idle periods, characterized by intermittent lifting tasks. They are commonly used in offshore supply vessels, where the need for lifting arises sporadically.

Offshore Cranes Type Insights

The Offshore Cranes Market segmentation, based on type includes mobile crane, fixed crane, and marine & port crane. The fixed cranes category led the market. These cranes are permanently installed on offshore platforms, providing stability and efficiency. Mobile cranes offer flexibility and mobility for various offshore applications, making them popular in the industry.

Offshore Cranes End-Use Industry

The Offshore Cranes Market segmentation, based on end-use industry includes oil & gas, mining, and others. The oil and gas category dominates the offshore cranes market due to extensive offshore exploration and production activities. The renewable energy industry, particularly offshore wind farms, is witnessing significant growth, driving the demand for offshore cranes. The construction sector utilizes offshore cranes for infrastructure development, while other industries, such as mining and military, also contribute to the market.

Figure 1: Offshore Cranes Market, by End-Use Industry, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Offshore Cranes Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Offshore Cranes market area will dominate this market, the increasing demand for efficient and reliable lifting solutions in the offshore oil and gas, renewable energy, and shipbuilding sectors.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Offshore Cranes Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Offshore Cranes market accounts for the second-largest market share due to Europe has emerged as a leading region in the offshore cranes market, driven by the significant investments in offshore wind farms. Countries such as the United Kingdom, Germany, and the Netherlands have ambitious renewable energy targets, promoting the development of offshore wind installations. This has stimulated the demand for specialized offshore cranes capable of handling large and heavy components during installation and maintenance activities. Further, the GermanOffshore Cranes market held the largest market share, and the UK Offshore Cranes market was the fastest growing market in the European region

The Asia-Pacific Offshore Cranes Market is expected to grow at the fastest CAGR from 2023 to 2032. The region is witnessing substantial offshore investments, particularly in deepwater and ultra-deep water projects. Moreover, the Chinese Cranes market held the largest market share, and the Indian Offshore Cranes market was the fastest growing market in the Asia-Pacific region.

Offshore Cranes Key Market Players & Competitive Insights

Leading market players are Konecranes is interested in all technologies and solutions that help us serve our customers better and that can be integrated to Konecrane's business processes or offering. The most visible parts of the Konecranes startup collaboration are Konecranes REACH Program for Startups, our own startup program, and partnership with Maria 01, the Nordic’s leading startup market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Offshore Cranes industry must offer cost-effective items.

Huisman design, manufacture and service heavy construction equipment for the world’s leading companies in the renewable energy, oil and gas, civil, naval and entertainment markets. Our products range from Cranes, Offshore Wind Tools, Pipelay and Drilling Equipment to specials

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Offshore Cranes industry to benefit clients and increase the market sector. In recent years, the Offshore Cranes industry has offered some of the most significant advantages to medicine. Major players in the Offshore Cranes market, including Konecranes (Finland), Huisman Equipment B.V. (The Netherlands), Liebherr (Switzerland), National Oilwell Varco (US), Cargotec (Finland), Zoomlion (China), Manitowoc (US), KenzFigee ((The Netherlands), Palfinger (Austria), TEREX Corporation (US), Seartraxinc (US), XCMG Group (China), American Crane and Equipment Corporation (US), and others, are attempting to increase market demand by investing in research and development operations.

NOV's two main predecessors, Oilwell Supply and National Supply, were founded in 1862 and 1893, respectively. These two companies manufactured and distributed pumps and derricks. In 1930, United States Steel acquired Oilwell Supply. In 1958, Armco Steel merged with National Supply. In 1987, National Supply merged with USS Oilwell to become "National Oilwell". Varco was founded as Abegg and Reinhold Company by Walter Abegg and Baldwin Reinhold in 1908. "VARCO" is an acronym for: Vuilleumiere, Abegg and Reinhold Company after Edgar Vuilleumiere became a partner in 1915, and Varco International in 1973. In 2000, National Oilwell merged with IRI International Corp., founded and managed by Hushang Ansary, which manufactures and sells drilling rigs and specialty steel products. The company acquired major drill pipe and drill bit manufacturer Grant Prideco in 2008 for $7.37 billion. At the time, Grant Prideco held 60% of the global drill pipe market and operated 25 manufacturing sites worldwide. The acquisition included Grant Prideco's subsidiaries IntelliServ, a producer of drill pipe with built-in equipment to transmit data from a wellhead to surface operators, ReedHycalog, a drill bit producer, and XL Systems, a producer of oil and gas connectors. Grant Prideco, IntelliServ, and ReedHycalog became part of NOV's Wellbore Technologies reporting segment and XL Systems joined the Completion & Production Solutions segment. In February 2012 NOV acquired Russian coring company Interval Ltd. and purchased Dutch oil rig design company GustoMSC in 2018. GustoMSC, originally the engineering office of Gusto Shipyard, became part of NOV's Rig Technologies segment. In late 2019, NOV bought Bellingham, Washington-based Ershigs, a fabricator of custom pipes and tanks.

Zoomlion Heavy Industry Science and Technology Co., Ltd. is a Chinese construction machinery and agricultural machinery manufacturer. Its headquarters are in the Zoomlion Science Park in Changsha, Hunan, China. Zoomlion is China's largest and world's fifth largest construction machinery enterprise. Founded in 1992 as Changsha Hi-tech Development Area Zoomlion Construction Mechanical Industry Company, one of its first products were concrete pumps. The company grew out of a subsidiary founded in 1956 in Beijing, as part of the first Ministry of Machinery Industry, Ministry of Construction, Central Enterprise Work Committee.  Early development included the merging of several smaller, preexisting entities with Zoomlion including the former Concrete Machinery Research Office and remnants of the Changsha Construction Machinery Research Institute. In August 2014, Zoomlion purchased a majority share in the agricultural machinery maker Chery Heavy Industry. Zoomlion purchased 60 percent of the company for 2.08 billion yuan. With this acquisition Zoomlion intended to modernize China's agricultural machinery industry and compete with foreign brands that still dominate a big part of the medium and high-end large farm machinery market in China.

Key Companies in the Offshore Cranes market include

• Konecranes (Finland)


• Huisman Equipment B.V. (The Netherlands)


• Liebherr (Switzerland)


• National Oilwell Varco (US)


• Cargotec (Finland)


• Zoomlion (China)


• Manitowoc (US)


• KenzFigee ((The Netherlands)


• Palfinger (Austria)


• TEREX Corporation (US)


• Seartraxinc (US)


• XCMG Group (China)


• American Crane and Equipment Corporation (US)

Offshore Cranes Industry Developments

September 2022: Total Energies, a France based company, signed an investment deal for about USD 1.5 billion with Qatar for the expansion of its natural gas production, the North Field south gas project.

December 2022: Research study on the compatibility of offshore knuckle boom crances concluded that the mechanical feasibility of a motion-compensated knuckle boom crane is more than that of uncompensated cranes.

January 2023:SMST received a delivery contract for its offshore crane from Marco Polo Marine to continue its Commissioning Service Operations Vessel Project.

Offshore Cranes Market Segmentation:

Offshore Cranes Design Type Outlook

• Knuckle Boom


• Telescopic


• Lattice


• Others

Offshore Cranes Market Lifting Capacity Outlook

• Up to 500 mt


• 500-3000mt


• Above 3000 mt

Offshore Cranes Duty Cycle Outlook

• Production Duty


• Intermediate Duty


• Drilling Duty

Offshore Cranes Type Outlook

• Mobile Crane


• Fixed Crane


• Marine & Port Crane

Offshore Cranes Market End-Use Industry Outlook

• Oil & Gas


• Mining


• Others

Offshore Cranes Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America