Offshore Crane Market
Global Industry Analysis and Forecast 2023-2030
Market Value (2022)
USD 21.45 Billion
Forecasted Value (2030)
USD 34.67 Billion
CAGR (2023 – 2030)
Fastest Growing Region (2023 - 2030)
Board offshore cranes, Knuckle Boom Crane, Telescopic Boom Crane, Lattice Boom Crane, Luffing Crane, Others
By Lifting Capacity
Less than 500 MT, 500 - 2,000 MT, 2,000 - 5,000 MT, Above 5,000 MT
Oil and Gas, Marine, Renewable Energy, Others
The global Offshore Crane Market was valued at USD 21.45 billion in 2022 and is projected to reach USD 34.67 billion by 2030, growing at a CAGR of 7.10% from 2023 to 2030.
The global offshore crane market encompasses a diverse array of crane types tailored to the unique demands of various industries. These cranes are pivotal in ensuring seamless operations, offering efficient lifting solutions, and safeguarding personnel. The market is characterized by its dynamic product offerings, with a wide range of types such as board offshore cranes, knuckle boom cranes, telescopic boom cranes, lattice boom cranes, luffing cranes, and other specialized variants. These cranes are meticulously designed to cater to different lifting capacities and applications.
Analyst’s Review on the Offshore Crane Market
The driving factors shaping the market's growth are multifaceted. An escalating demand for oil and gas exploration, coupled with the expansion of marine trade activities, fuels the need for reliable offshore cranes. The surge in renewable energy initiatives also bolsters market progress, as these cranes play a crucial role in setting up offshore wind farms. However, the industry is not without its challenges. Market expansion is often hindered by the formidable restraint of high initial investment costs, particularly for cranes with substantial lifting capacities.
An offshore crane is a specialized lifting equipment used in various offshore operations, including oil and gas platforms, offshore wind farms, and vessel installations. These cranes are designed to handle heavy loads and operate in harsh marine environments. They play a crucial role in lifting and installing equipment, materials, and structures on offshore platforms and vessels. Offshore cranes can be fixed or mounted on vessels and barges, and they often have features like high lifting capacities, long outreach capabilities, and even active heave compensation to ensure stability and safety during lifting operations. These cranes are an essential component of offshore operations, enabling efficient and safe handling of heavy loads in offshore environments.
The offshore crane market offers varied specialized options to meet the increasing global demand. These options include fixed cranes, marine and port cranes, and mobile cranes. The surge in energy consumption and infrastructure development projects has fueled the need for offshore cranes on a global scale. The exploration and production activities for deep-sea oil and gas reserves have witnessed significant growth over the past two years. Additionally, the rise in offshore wind projects has further contributed to the demand for offshore cranes. This evolving landscape presents lucrative opportunities for industry players to cater to these expanding market requirements.
The offshore crane market is steered by a compelling driver: the surging demand for oil and gas exploration. As the global energy landscape continues to evolve, the exploration of offshore reserves becomes increasingly crucial. Offshore cranes, especially those with robust lifting capacities, are pivotal in facilitating extraction and logistical operations in challenging marine environments. These cranes enhance operational efficiency, ensuring seamless transfer of heavy equipment and resources between vessels and platforms. This demand surge not only fuels market growth but also accentuates the significance of advanced, high-performance offshore crane solutions.
The global offshore crane market is set to benefit from the growing investment in offshore wind farm projects. The rising demand for green energy and the establishment of offshore wind farms are expected to significantly contribute to power generation. As these wind farms require the installation of heavy equipment, the demand for cranes to lift and install this equipment is projected to surge in the coming years. This presents a promising opportunity for the offshore crane industry.
While the offshore crane market boasts promising growth prospects, a substantial restraint persists in the form of high initial investment requirements. Acquiring and deploying offshore cranes, especially those tailored for heavier lifting, entails significant upfront costs. The procurement, installation, and maintenance of these sophisticated systems demand substantial financial resources. This poses a challenge, particularly for small and medium-sized enterprises aiming to expand their offshore capabilities. As industry players strive to strike a balance between cost-effectiveness and operational excellence, overcoming this investment hurdle remains paramount for sustained market growth.
The global offshore crane market is segmented based on type, lifting capacity, application, and geography.
Based on type, the offshore crane market is divided into board offshore cranes, knuckle boom crane, telescopic boom crane, lattice boom crane, luffing crane, and others. The knuckle boom crane segment held the largest market share in 2022. Due to the establishment of new harbors and ports, businesses are increasingly opting for safe and reliable ship cranes that offer enhanced maneuverability in confined spaces, robust operation and stability, and the flexibility to meet evolving consumer demands. The growing interest from consumers in these advanced cranes has prompted businesses to prioritize the selection of safe and efficient crane solutions for both ships and the workers on board.
Based on application, the offshore crane market is bifurcated into oil and gas, marine, renewable energy, and others. The oil and gas segment held the largest market share in 2022. The increasing demand for offshore cranes in the oil rig industry, driven by their vital role in a wide range of daily tasks such as lifting drill pipes and maintenance equipment, is fueling the growth of this segment. Companies operating in this industry are deploying offshore cranes for the maintenance, assembly, and supply of oil and gas extraction systems. A recent example of this trend is SMST, which secured a delivery contract for its offshore crane from Marco Polo Marine in January 2023 as part of its ongoing Commissioning Service Operations Vessel project.
Based on region, the global offshore crane market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.
North America dominated the market in 2022. The region's prolific oil and gas exploration activities, both in established fields and emerging sites, propel the demand for offshore cranes. The technological prowess of North American companies further fuels the adoption of advanced crane solutions, which enhance operational efficiency and safety. Additionally, the strategic location of North America's ports and maritime hubs amplifies the necessity for versatile offshore cranes, which facilitate seamless cargo handling and resource transfer. These dynamics, coupled with a proactive regulatory environment, are solidifying North America's supremacy in the offshore crane market.
The global offshore crane industry report will provide valuable insight with an emphasis on the fragmented nature of the global market. Major players are focusing on effective strategies such as partnerships, mergers and acquisition, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion & investments are the major strategic initiatives. Industry players are investing extensively in R&D activities, building new manufacturing facilities, and supply chain optimization. The major manufacturers in the market are:
- Liebherr Group
- Kenz Figee Group
- Heila Cranes SpA
- Huisman Equipment B.V.
- Cargotec Corporation
- Sparrows Offshore Group Limited
- The Manitowoc Company, Inc.
- Seatrax, Inc.
- NOV Inc.
- February 2022 (Collaboration): Sparrows Group secured a lucrative three-year contract from Serica Energy to deliver comprehensive crane operations and maintenance services for the Bruce platform in the North Sea, United States. As part of this agreement, Sparrows Group will deploy resident focal points to ensure prompt on-site engineering and technical support.
- April 2021 (Launch): Red Rock Marine AS signed a contract to deliver a 30-ton compact telescopic offshore crane for the renowned OHT offshore wind foundation installation vessel, Alfa Lift. Currently being constructed at China Merchants Heavy Industry shipyard, the Alfa Lift vessel will benefit greatly from the advanced capabilities of this cutting-edge offshore crane.
The global Offshore Crane Market is segmented as:
- Board offshore cranes
- Knuckle Boom Crane
- Telescopic Boom Crane
- Lattice Boom Crane
- Luffing Crane
By Lifting Capacity
- Less than 500 MT
- 500 - 2,000 MT
- 2,000 - 5,000 MT
- Above 5,000 MT
- Oil and Gas
- Renewable Energy
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- North Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America