Offshore Crane Market Share

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%.