Discover trends, market shifts, and competitive outlooks for the offshore crane industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

What Are the Projected Market Size and Growth Rates for the Offshore Crane Market From 2025 To 2029?

The offshore crane industry has seen significant expansion in recent years. The market is anticipated to surge from a monetary value of $26.05 billion in 2024 to a substantial $28.5 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 9.4%. This growth during the historic period is primarily due to the rise in offshore oil and gas exploration, an increase in offshore wind energy projects, intensifying deepwater exploration and production, the need for efficient material handling, safety and automation requirements and international growth of offshore drilling operations.

In the coming years, the offshore crane market is projected to experience robust growth. It is anticipated to surge to $40.12 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.9%. This anticipated growth can be credited to various factors such as the heightened focus on environmental sustainability, the rising demand for compact and lightweight solutions, an increase in investments in offshore infrastructure, the global demand for oil and gas, and the burgeoning adoption of hybrid crane systems. The forecast period is expected to witness key trends like progress in crane technology, the introduction of autonomous and remote-controlled cranes, lifecycle services and maintenance contracts, global market expansion, the incorporation of condition monitoring systems, and customisation along with project-specific solutions.

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How Are Key Drivers in the Industry Acting as Catalysts for the Growth of the Offshore Crane Market?

The increase in investments allocated toward offshore drilling ventures is set to stimulate the offshore crane market’s expansion. Offshore drilling consists of extracting petroleum and natural gas from underwater reserves rather than onshore reserves, facilitated by either a movable or stationary platform located offshore. Offshore cranes’ primary role involves lifting and transporting containers, drilling machinery, and pipe sections. For instance, as reported by Offshore Energy in March 2022, a platform for community connection, a UAE participant, the Abu Dhabi National Oil Company (ADNOC), is fuelling drilling growth by investing $658 million in fresh awards. These awards encompass ADNOC’s onshore and offshore fields. Hence, the surge in investments in offshore drilling ventures instigates the offshore crane market’s growth.

Which Segments in the Offshore Crane Offer the Most Growth?

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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What Are the Fastest-Growing Geographies in the Offshore Crane Market?

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.

What Are the Current Market Growth and Trends in the Offshore Crane Industry?

The emergence of technological advancements is a significant trend that is gaining traction in the offshore crane market. To maintain their market standing and reduce CO2 emissions during production, predominant companies in this market are initiating steps towards new technological developments. For instance, Huisman Equipment BV, a heavy construction equipment company based in the Czech Republic, in July 2022, introduced a 700-meter traveling quayside crane specifically for the offshore wind turbine components’ load-out. This modern 700-meter traveling quayside crane, versus traditional methods involving crawler cranes or dual lifting by two 200- to 300-meter capacity cranes, completes the load-out process of offshore wind turbine components more swiftly. Consequently, this escalated capacity of the crane leads to a significant reduction in CO2 emissions.

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What Are the Key Elements That Define the Offshore Crane Market?

The offshore crane refers to a lifting device mounted on a pedestal for transferring materials and personnel from and to ships, barges, and structures. Offshore cranes are mostly used in heavy-lift applications, shipboard operations, production, and drilling operations.

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