Offshore Crane Market Size & Share 2023 to 2032
Market Size by Type (Knuckle Boom Crane, Lattice Boom Crane, Telescopic Boom Crane), by Lifting Capacity (0 – 500 mt, 500 – 2, 000 mt, Above 2, 000 mt), by Application (Oil & Gas, Marine, Renewable Energy) & Forecast.
Report ID: GMI4103
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Published Date: March 2023
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Offshore Crane Market Size
Offshore Crane Market size surpassed a valuation of USD 2 billion in 2022 and is anticipated to register 4% CAGR from 2023 to 2032 propelled by prominent initiatives to develop offshore exploration and construction operations, especially in China.
Offshore Crane Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
The industry expansion is primarily fueled by the establishment of large-scale oil & gas productions in Middle East countries. An upsurge in oil & gas investments, along with the growing consumption of oil & gas worldwide, is projected to drive product adoption. For instance, in September 2022, TotalEnergies, a France-based company, signed an investment deal for about USD 1.5 billion with Qatar for the expansion of its natural gas production, the North Field South gas project. Such initiatives by major players are positively influencing the offshore crane market outlook.
Lack of skilled operators may restrain market progression
Despite a positive viewpoint for product espousal, the offshore crane industry faces a major hurdle due to the complexity of the installation of offshore cranes, which requires a skilled professional for its management. Since these cranes must operate in a variety of conditions, including those involving tides, winds, humidity and seawater salinity, competent and knowledgeable personnel is essential. Nonetheless, ongoing efforts by governments to increase offshore energy generation are speculated to help in overcoming this issue through various training and certification programs.
Supportive government investments towards wind farms to help 2000 mt cranes gain traction
In 2022, the above 2000 Mt offshore crane market captured 45% share driven by the rising uptake of heavy-duty cranes for offshore applications, including the assembly of oil rigs and the construction of wind farms. In addition, favorable investments from government and private sector players in building new wind farms to generate sustainable and renewable wind energy are likely to create significant growth opportunities for this segment.
Offshore Crane Market Analysis
The offshore crane market from the oil & gas segment is estimated to amass USD 1.5 billion by 2032. The rising requirement of offshore cranes on oil rigs due to their extensive use for various daily tasks, including lifting drill pipes, maintenance equipment from ships and other tasks are stimulating industry growth. Companies in the sector are deploying offshore cranes to maintain, assemble, and supply oil & gas extraction systems. For example, in January 2023, SMST received a delivery contract for its offshore crane from Marco Polo Marine to continue its Commissioning Service Operations Vessel project.
The knuckle boom crane segment is expected to attain 4% gains during owing to its escalating popularity in the development of new ports and harbors. As these cranes offer enhanced maneuverability, reliable operability and stability in confined spaces due to their benefits, such as strength and flexibility, and growing consumer concerns, companies opt for safe cranes for their workers on the deck or vessel. A 2022 research study on the compatibility of offshore knuckle boom cranes concluded that the mechanical feasibility of a motion-compensated knuckle boom crane is more than that of uncompensated cranes.
The North America offshore crane industry is primed to be worth USD 1 billion by 2032, attributed to the escalating demand for renewable electricity across the region. Supportive government initiatives to incorporate renewable energy sources for power generation including offshore wind are benefitting the offshore crane business. Recently, in February 2023, the U.S. government announced its plan to expand floating offshore wind energy capacity by advancing transmission planning, R&D, and partnerships. It aims at deploying 15 GW of floating offshore wind by 2035 reducing the cost of electricity by 70%.
Offshore Crane Market Share
Some of the key participants involved in the offshore crane market are:
These firms primarily focus on product innovation and business expansion in several regions to stay ahead in the competitive environment.
This market research report on offshore crane includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2032 for the following segments:
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Market, By Type
Market, By Lifting Capacity
Market, By Application
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →