Global Offshore Crane Market Analysis & Trends - Industry Forecast to 2030

Global Offshore Crane Market Analysis & Trends - Industry Forecast to 2030

Offshore Crane: Market Size

From $35.7 billion in 2024, the global Offshore Crane market is projected to reach $73.5 billion by 2030. Based on our analysis the market is expected to grow at a CAGR of 12.8% from 2024 - 2030 timeframe. Some of the prominent trends that the market is witnessing include increasing awareness and usage of renewable energy, rapid urbanization and expansion of the oil rig exploration sector.

Global Offshore Crane Market: Market Dynamics

The rising demand for the installation of windmills for the production of renewable energy is growing at a rapid pace. Besides, there has been a rise in the setup of offshore windmills, requiring offshore cranes for the maintenance and operations of turbines. The offshore wind research department is being reinforced by various government bodies to generate more amount of renewable power are boost the market.

On the other hand, the unavailability of skilled operators and high initial investments involved in purchasing these cranes is likely to obstruct the profit boundaries. In addition, potential oilfield discovery and an increase in offshore spending will further boost the Offshore Crane market

Impact of COVID-19 on Offshore Crane

The market was severely affected by the COVID-19 pandemic. However, the market is rapidly returning to normalcy as the demand for is gradually picking up. Further, the market is estimated to witness a speedy recovery with the gradual reopening of major ENP activities. The advent of COVID-19 had an adverse impact on the global market since the pandemic brought the activities in the construction, exploration and other offshore activities to a standstill globally which restricted the growth in the demand for offshore cranes consequently. After the initial lockdown period, the offshore operations started recovering but with restrictions and certain protocols that were required to be followed due to which the plants operated at half their capacity. These restrictions on operations led to a decline in the demand for offshore cranes in the industry.

By Design Type

Knuckle Boom Crane Segment Dominate the Market in 2024

The Knuckle Boom Crane segment made huge revenue in 2024 and growing its prominence during the forecast period, owing to the increasing acceptance in the construction of new ports and harbors. Knuckle boom cranes are expected to showcase high demand in the industry owing to their advantages such as strength & flexibility. Furthermore, these cranes provide improved maneuverability, robust operability, and stability in constricted places. Rising concerns related to worker safety on the deck or vessel are leading to the higher usage of knuckle boom cranes in the marine industry, creating strong market opportunities for the players.

By Geography

Asia Pacific Region is Leading in the Global Market Place

Asia Pacific region is likely to have a huge demand in the forecast period, owing to the factors such as growing offshore exploration and production (EnP) activities, rising subsea construction vessels, and increased offshore spending contributing to the market growth. Besides, the rising demand from the oil and gas industries witnessing significant discoveries in offshore support the market growth.

List of the Key Players Profiled in the Market Include:

• Cargotec Corporation
• Konecranes
• Liebherr
• NOV Inc.
• Terex Cranes
• Huisman Equipment B.V.
• Kenz Figee
• PALFINGER AG
• MELCAL
• HEILA Cranes S.p.a.
• Liebherr
• Zoomlion
• Huisman
• TEREX Corporation
• Palfinger

List of the Regions/Countries Profiled in the Market Include:

North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others