Press release
Offshore Crane Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Offshore Crane
How Large Will the Offshore Crane Market Size By 2025?
There has been a significant expansion in the size of the offshore crane market in the past few years. It is expected to further rise from $26.05 billion in 2024 to $28.5 billion in 2025, registering a compound annual growth rate (CAGR) of 9.4%. The historic rise in the market can be credited to the increase in offshore oil and gas exploration, the growth in offshore wind energy projects, in-depth exploration and production, and the need for efficient material handling. Other contributing factors include safety and automation requirements, as well as the worldwide growth of offshore drilling operations.
How Big Is the Offshore Crane Market Size Expected to Grow by 2029?
It is projected that the offshore crane market will experience substantial growth in the coming years, reaching $40.12 billion in 2029 with a compound annual growth rate (CAGR) of 8.9%. This projected growth can be attributed to several factors like the emphasis on environmental sustainability, the demand for compact and lightweight solutions, increased investments in offshore infrastructure, a rise in the global oil and gas demand, and the shift towards hybrid crane systems. Trends expected to make a significant impact in the forecast period include the evolution of crane technology, the use of autonomous and remotely-operated cranes, the offer of lifecycle services and maintenance contracts, global market expansion, the incorporation of condition monitoring systems, and the provision of customized and project-specific solutions.
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Which Key Market Drivers Powering Offshore Crane Market Expansion and Growth?
The increase in investments dedicated to offshore drilling initiatives is set to stimulate the expansion of the offshore crane sector moving forward. Offshore drilling involves the extraction of petroleum and natural gas from seabed reserves as opposed to land-based reserves, utilizing a mobile or fixed platform situated offshore. An offshore crane's primary role is to lift and transport containers, drilling machinery, and pipe sections. For example, as reported by Offshore Energy in March 2022, Abu Dhabi National Oil Company (ADNOC), a prominent UAE entity, is contributing towards drilling expansion with $658 million in new awards, which span both its onshore and offshore areas. Consequently, the escalating number of investments in offshore drilling initiatives is fueling the enlargement of the offshore crane market.
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Which Fast-Growing Trends Are Poised to Disrupt the Offshore Crane Market?
The rise in technological advancements is a critical trend being observed in the offshore crane industry. Major firms in the sector are adopting innovative technologies to decrease offshore CO2 emissions during production and maintain their market share. For example, Huisman Equipment BV, a heavy construction equipment enterprise based in the Czech Republic, released a 700-meter travelling quayside crane for offshore wind turbine components' load-out in July 2022. This new crane speeds up the load-out process of these components significantly compared to traditional methods such as crawler cranes or tandem lifting by two cranes with a 200- to 300-meter capacity. Consequently, the enhanced ability of this crane leads to a decrease in CO2 emissions.
What Are the Emerging Segments in the Offshore Crane Market?
The offshore crane market covered in this report is segmented -
1) By Type: Board Offshore Cranes, Knuckle Boom Crane, Telescopic Boom Crane, Lattice Boom Crane, Luffing Crane, Other Types
2) By Lifting Capacity: 0 - 500 MT, 500 - 2,000 MT, 2,000 - 5,000 MT, Above 5,000 MT
3) By Application: Oil And Gas, Marine, Renewable Energy, Other Applications
Subsegments:
1) By Board Offshore Cranes: Fixed Board Cranes, Swinging Board Cranes
2) By Knuckle Boom Crane: Articulated Knuckle Boom Cranes, Compact Knuckle Boom Cranes
3) By Telescopic Boom Crane: Hydraulic Telescopic Cranes, Manual Telescopic Cranes
4) By Lattice Boom Crane: Fixed Lattice Boom Cranes, Floating Lattice Boom Cranes
5) By Luffing Crane: Luffing Jib Cranes, Tower Luffing Cranes
6) By Other Types: A-Frame Cranes, Gantry Cranes, Specialized Offshore Cranes
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Who Are the Global Leaders in the Offshore Crane Market?
Major companies operating in the offshore crane market are Palfinger AG, Cargotec Oyj, The Liebherr Group, Konecranes Oyj, Kenz Figee Group BV, Heila Group, NOV Inc., Zoomlion Heavy Industry Science and Technology Company Limited, Seatrax Inc., Xuzhou Construction Machinery Group Co. Ltd., American Crane Corporation, MELCAL SpA, PLM Cranes BV, Sormec SRL, Huisman Equipment B.V., Sparrows Offshore Group Limited, The Manitowoc Company Inc., Zhenhua Heavy Industries Co. Ltd., SANY Heavy Equipment Co. Ltd., Tadano Ltd., DMW Marine Group LLC, Allied Systems Company, HS.MARINE SRL, EK Marine Ltd., Appleton Marine Inc., North Pacific Crane Company, Thistle Marine Ltd., Dongnam Marine Crane Co. Ltd., OUCO Industry Co. Ltd., Cormach S.r.l., SKK Corporation, Effer S.p.A., Fassi Gru S.p.A., Hiab AB, Hyva Group
Which are the Top Profitable Regional Markets for the Offshore Crane Industry?
Asia-Pacific was the largest region in the offshore crane market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the offshore crane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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