Offshore Crane Market Growth, Size, Share, Trends, and Forecast 2030

Offshore Crane Industry Prospective:

The global offshore crane market size was worth around USD 680.7 million in 2022 and is predicted to grow to around USD 1502.30 million by 2030 with a compound annual growth rate (CAGR) of roughly 10.40% between 2023 and 2030.

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Offshore Crane Market: Overview

An offshore crane is a heavy machinery used in maritime activities. It is defined as a rotating lifting and pedestal-mounted elevating device that is used for transferring personnel and materials from or to a marine vessel including large structures, and barges. The construction of offshore cranes is guided by several regional standards that dictate the rules that must be adhered to during manufacturing. Some of them include the API SPEC 2C standard developed by the American Petroleum Institute (API) and the standard series of EN 13852 by the European Committee for Standardization (CEN). Offshore cranes follow several duty cycles depending on the frequency of use. The production duty refers to an annual operating time of 200 hours and mainly consists of bottom-supported production platforms. Intermediate duty deals with an operating time of 2000 hours while drilling duty platforms work for over 5000 hours annually. Offshore cranes can sometimes be confused with marine cranes however, they are different machines. The former is mainly used in open waters and is manufactured to withstand more severe and complicated sea conditions. The industry for offshore cranes is on the rise as more open-sea exploration projects are on the way.

Key Insights

• As per the analysis shared by our research analyst, the global offshore crane market is estimated to grow annually at a CAGR of around 10.40% over the forecast period (2023-2030)
• In terms of revenue, the global offshore crane market size was valued at around USD 680.7 million in 2022 and is projected to reach USD 1502.30 million, by 2030.
• The offshore crane market is projected to grow at a significant rate due to the rising sea exploration investments and projects
• Based on application segmentation, oil & gas was predicted to show maximum market share in the year 2022
• Based on type segmentation, the knuckle boom crane was the leading type in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Offshore Crane Market: Growth Drivers

Rising sea exploration investments and projects to drive market growth

The global offshore crane market is expected to grow owing to the increasing number of sea exploration projects across the globe. These exploration initiatives are associated with several industries including marine research and oil & gas sectors. For instance, open sea is known to hold tremendous potential for renewable energy and the urgent need to reduce pressure on non-renewable energy sources is likely to drive more companies and country leaders toward investing in harnessing tidal power for electricity and power generation.

In February 2023, researchers from the University of Adelaide successfully managed to split seawater and produce green hydrogen. It is a highly reactive fuel and is expected to act as an alternative to traditional fuel resulting in reduced emissions.

On the other hand, in October 2023, Dogger Bank, the world’s largest offshore wind farm, produced electricity for the first time thus catering to the electricity needs of businesses and residential units. The structure is extremely huge as the turbine is made of 107m long Haliade-X blades and each rotation is projected to produce enough energy to power a home for 2 days. The Dogger Bank unit is under construction in UK waters 70 nautical miles off the Yorkshire coast and will be completed in three phases. Such projects are facilitated with the aid of offshore cranes as these massive units are essential for the transportation of materials and personnel from one point onto the structure or other vessels in open sea waters.

Increasing number of new product offerings likely to push market revenue further

The global offshore crane market growth trend will be further impacted by new machine launches and upgrades undertaken by offshore crane manufacturers. As consumer expectations continue to change and keeping in view the dynamic nature of open waters, the demand for stronger and more efficient offshore cranes is on the rise. In October 2023, Huisman, a Dutch offshore crane producer, announced the launch of a new series of subsea Knuckle Boom Cranes. This range is expected to excel over its predecessors in terms of automation, safety, and energy efficiency.

Offshore Crane Market: Restraints

High cost and construction and maintenance to impact market revenue

The offshore crane industry is expected to register certain growth restrictions due to the high cost of offshore cranes not only in terms of production but maintenance as well. Offshore cranes are extremely gigantic and heavy machines. The materials and technologies used in the production are extremely sophisticated. Some of the materials used are weather-resistant coating, high-strength steel and alloys, and extremely strong ropes or cables. The machines also have long downtime since they must be conditionally checked and monitored to avoid any mishap or accident. The cost of maintenance remains significantly high throughout the lifecycle as minor discrepancies in the structural integrity must be immediately rectified.

Offshore Crane Market: Opportunities

Oil & gas sector to hold immense growth opportunities during the projection period

The offshore crane industry growth can expect several growth opportunities as investments in the oil & gas sector are on the rise. The ongoing war between Russia and Ukraine has managed to disrupt the supply chain of the oil & gas sector. The fuel prices have increased rapidly in the last 2 years along with several countries facing extreme shortages. These events have resulted in every economy spending more resources on oil exploration, especially in countries with rich oil reserves. In March 2023, it was reported that Canada is expected to witness a jump of 11% in oil & gas production investment. In November 2023, Petrobras, Brazil’s state-owned oil and gas giant, announced its new strategic plan for the 2024-2028 period. The company mentioned that the largest part of its USD 102 billion investment will be allotted to the oil & natural gas sector as the company aims to achieve net zero in the coming years. Around USD 7.5 billion will be directed solely toward exploration projects.

Growing penetration of Artificial Intelligence (AI) in the maritime sector to provide new expansion possibilities

AI is steadily becoming an integral part of the global maritime sector. Artificial intelligence is being used to improve the overall performance and efficiency of offshore cranes. The technology helps determine several environmental factors such as climate conditions, wind speed, strength, weight of load, and other parameters. Furthermore, they can relay the collected information and send alerts in case of any unusual activity thus preventing loss of resources and life.

Offshore Crane Market: Challenges

Meeting regional standard regulations and aligning with changing technological advancements may pose as challenges

The global offshore crane market is likely to face challenges in meeting regional standards that determine the rules and regulations that must be adhered to when building offshore cranes. These regulations change from one country to another making the process more time and resource-consuming. Additionally, the technologies associated with offshore cranes are always evolving, and staying aligned with these changes may pose significant growth barriers.

Offshore Crane Market: Segmentation

The global offshore crane market is segmented based on application, structure, type, capacity, and region.

Based on application, the global market is segmented into renewable energy, oil & gas, and others. In 2022, the highest growth was registered in the oil & gas sector driven by increasing revenue and investments as global demand for oil continued to rise. As per official reports, in 2022, the global demand for crude oil reached around 99.6 million barrels per day. However, the rising demand and need for renewable energy is expected to assist growth in the renewable energy sector as well.

Based on structure, the offshore crane industry is divided into floating platform and bottom supported.

Based on type, the offshore crane industry is divided into telescopic boom crane, lattice boom crane, knuckle boom crane, and others. The year 2022 was dominated by the knuckle boom crane segment. This type of crane is also known as a folding boom crane and its popularity is a result of ease of maintenance along with high automation used in these machines. A large knuckle boom crane can lift around 200 tons of weight.

Based on capacity, the global market is divided into above 3000 MT, 2000 to 3000 MT, 1000 to 2000 MT, and up to 1000 MT.

Offshore Crane Market: Report Scope

Offshore Crane Market: Regional Analysis

North America to deliver exceptional results during the forecast period

The global offshore crane market will be led by North America during the forecast period. The region is expected to have significant revenue in the US and Canada regions. In April 2023, BP, a British oil company with a heavy base in the US, announced that it had started oil production at its Argoc platform in the Gulf of Mexico region. The site has a production capacity of 140,000 oil barrels per day and is a reflection of the need for high-quality oil & gas. Furthermore, the growing construction of new wind farms as the region moves aggressively toward renewable energy will further help North America’s growth streak. As per the Department of Energy, the total investments in the domestic offshore wind industry reached USD 2.7 billion in all segments of operations including transmission and supply chain. Europe is a critical market for global revenue as the region is home to some of the largest manufacturers of offshore cranes. The domestic and international demand for Europe-made offshore cranes is continuously rising. Ch over USD 900 million in terms of revenue by 2030 led by increasing investments in the oil & gas sector.

Offshore Crane Market: Competitive Analysis

The global offshore crane market is led by players like:

• Cargotec (MacGregor)
• Liebherr Group
• Kenz Figee Group
• Huisman Equipment
• Konecranes
• TTS Group ASA
• Hercules Offshore
• Palfinger Marine
• Hagglunds
• National Oilwell Varco (NOV)
• Mampaey Offshore Industries
• Rapp Marine Group
• Zoomlion Heavy Industry Science & Technology Co. Ltd.
• DEME Group
• Lamprell Energy Ltd.
• MHWirth (Aker Solutions)

The global offshore crane market is segmented as follows:

By Application

• Renewable Energy
• Oil & Gas
• Others

By Structure

• Floating Platform
• Bottom Supported

By Type

• Telescopic Boom Crane
• Lattice Boom Crane
• Knuckle Boom Crane
• Others

By Capacity

• Above 3000 MT
• 2000 to 3000 MT
• 1000 to 2000 MT
• Up to 1000 MT

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa