Global Offshore Crane Market Size, Share, And Industry Analysis Report By Type (Knuckle Boom Crane, Lattice Boom Crane, Telescopic Boom Crane), By Lifting Capacity (Below 500 Mt, 500 to 2000 Mt, Above 2000 Mt), By Application (Oil and Gas, Marine, Renewable Energy), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2025-2034

Report Overview

The Global Offshore Crane Market size is expected to be worth around USD 67.8 Billion by 2034, from USD 29.7 Billion in 2024, growing at a CAGR of 8.6% during the forecast period from 2025 to 2034.

The offshore crane market refers to lifting solutions designed for marine, offshore wind power energy, and subsea construction operations. These cranes support heavy lifting on offshore platforms, vessels, and floating structures. They enable safe material handling during installation, maintenance, and decommissioning activities across offshore oil, gas, and offshore wind projects.

Offshore crane demand grows steadily as offshore wind and deepwater energy projects expand globally. Governments promote renewable offshore capacity through leasing rounds and maritime infrastructure policies. Project developers increasingly prioritise reliable offshore lifting equipment that supports efficiency, safety compliance, and high uptime in harsh marine conditions.

Modern offshore cranes perform accurately in extreme marine environments. These cranes support operations in temperatures as low as -40°C, ensuring uninterrupted offshore work. They feature hydraulic or electric winch drives, flexible equipment placement, and operator-focused designs optimised for safety and productivity at sea.

• Furthermore, offshore cranes achieve lifting capacities of 600t single line and 900t double fall. Main winch systems accommodate wire lengths up to 4,000m, while auxiliary winches handle 50t loads. These capabilities highlight how advanced offshore crane technology supports complex installations efficiently.

The broader offshore crane market reflects long-term offshore investment cycles. Offshore wind foundations, subsea installations, and maintenance vessels create repeat procurement opportunities. Additionally, stricter maritime safety regulations push operators to upgrade legacy lifting systems, supporting aftermarket sales, crane retrofits, and electric-drive adoption across offshore fleets.

Key Takeaways

• The Global Offshore Crane Market is projected to grow from USD 29.7 billion in 2024 to USD 67.8 billion by 2034, expanding at an 8.6% CAGR.
• Knuckle boom cranes lead the market with a dominant share of 49.8% due to flexibility and compact deck suitability.
• Cranes rated below 500 Mt account for the largest share at 44.1%, driven by routine offshore operations.
• Oil and Gas remains the leading segment, holding a 55.3% share of total offshore crane demand.
• Asia Pacific is the dominant regional market with a 45.9% share, valued at USD 13.6 Bn.

By Type Analysis

Knuckle Boom Crane dominates with a 49.8% share due to flexibility, compact design, and suitability for confined offshore decks.

In 2024, Knuckle Boom Crane held a dominant market position in the By Type Analysis segment of the Offshore Crane Market, with a 49.8% share. Its articulated structure allows precise load handling. Moreover, operators prefer it for vessels requiring space efficiency, controlled movements, and safer lifting operations across oil, gas, and marine platforms.

Lattice Boom Crane represents a critical sub-segment, particularly in heavy-duty offshore construction activities. Although bulkier in design, it supports stable lifting for long-reach operations. As offshore projects expand in depth and scale, this crane type remains relevant for installation, maintenance, and decommissioning activities across offshore assets.

Telescopic Boom Crane continues to serve niche offshore requirements where quick deployment matters. Its extendable boom enhances operational speed during routine lifting tasks. Consequently, offshore operators value it for short-term services, support vessels, and locations demanding operational flexibility without extensive crane setup time.

By Lifting Capacity Analysis

Below 500 Mt dominates with a 44.1% share, driven by widespread use in routine offshore lifting operations.

In 2024, Below 500 Mt held a dominant market position in the By Lifting Capacity Analysis segment of the Offshore Crane Market, with a 44.1% share. This range supports daily offshore lifting needs. It suits crew transfer vessels, maintenance platforms, and service ships requiring efficiency over excessive load capacity.

The 500–2000 Mt segment addresses medium-scale offshore construction and equipment installation. These cranes balance lifting strength with operational control. As offshore platforms become technologically complex, mid-capacity cranes remain essential for transporting modules, subsea components, and structural elements during installation and upgrades.

Above 2000 Mt cranes serve specialised offshore heavy-lift applications. They support large turbine installations, platform assembly, and complex decommissioning tasks. Although used selectively, this segment plays a critical role in supporting large offshore energy developments requiring extreme lifting precision and stability.

By Application Analysis

Oil and Gas dominate with a 55.3% share, supported by continuous offshore exploration and production activities.

In 2024, Oil and Gas held a dominant market position in the By Application Analysis segment of the Offshore Crane Market, with a 55.3% share. Offshore cranes remain vital for drilling, installation, and maintenance operations. Consistent offshore investments continue to drive demand for reliable lifting solutions.

The Marine sub-segment supports port operations, shipbuilding, and offshore logistics. Cranes facilitate cargo handling, equipment transfers, and vessel servicing. As offshore shipping and naval infrastructure expand, marine applications maintain steady crane demand across coastal and deepwater environments.

Renewable Energy applications are rising as offshore wind projects grow. Cranes enable turbine installation, foundation handling, and component replacement. This segment benefits from increasing clean-energy investments, positioning offshore cranes as essential tools for future renewable offshore infrastructure development.

Key Market Segments

By Type

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

By Lifting Capacity

• Below 500 Mt
• 500 to 2000 Mt
• Above 2000 Mt

By Application

• Oil and Gas
• Marine
• Renewable Energy
• Others

Emerging Trends

Automation and Digital Controls Shape Offshore Crane Market Trends

One of the fastest-growing trends in the offshore crane market is the adoption of automation and digital control systems. Automated cranes minimize human involvement in risky lifting operations, improving safety and precision during offshore activities.

• Remote monitoring is becoming common. Operators can now track crane performance, load conditions, and maintenance needs in real time. This helps prevent unexpected failures and reduces downtime, which is critical for offshore operations. Offshore oil and gas facilities account for nearly 15% of total upstream emissions, much of which comes from diesel-powered equipment used daily on platforms.

Another notable trend is the shift toward electric and hybrid cranes. These systems reduce fuel usage and emissions compared to traditional hydraulic cranes. This aligns with sustainability goals across offshore energy projects. Lightweight yet high-strength materials are also gaining popularity.

Drivers

Rising Offshore Energy Projects Drive Offshore Crane Market Growth

The offshore crane market is mainly driven by the steady rise in offshore oil, gas, and renewable energy projects. As offshore platforms move into deeper waters, heavy lifting becomes essential for installing equipment, modules, and pipelines. Offshore cranes help perform these complex lifting tasks safely in harsh marine conditions.

• Growth in offshore wind farms is another strong driver. Wind turbines require precise lifting of large blades, towers, and nacelles during installation and maintenance. The European Union Agency for Safety and Health at Work reports that automated lifting systems can reduce lifting-related accidents by over 30% in high-risk marine environments.

Offshore cranes enable faster setup and reduced downtime, making them critical for project efficiency. Governments supporting clean energy further accelerate offshore crane demand. Expansion of offshore maintenance and repair activities also supports market growth. Aging platforms need frequent upgrades and component replacements.

Restraints

High Equipment and Maintenance Costs Restrain Offshore Crane Adoption

One major restraint for the offshore crane market is the high initial cost of installation. Offshore cranes are complex machines designed to work in extreme weather and corrosive marine environments. This makes them expensive to manufacture, transport, and install, limiting adoption among smaller operators.

• Maintenance challenges further restrict market growth. Offshore cranes require regular inspections, skilled operators, and specialized spare parts. The U.S. Department of Energy has highlighted that large offshore wind turbines now exceed 14 MW per unit, requiring cranes with precision lifting, digital stabilisation, and remote operation capability.

Harsh operating conditions also reduce equipment lifespan. Strong winds, saltwater exposure, and continuous heavy lifting cause wear and tear. Frequent upgrades or replacements are often required, increasing long-term ownership costs. Another restraint is strict safety regulations.

Growth Factors

Growth in Offshore Wind Energy Creates New Market Opportunities

The offshore crane market has strong growth opportunities due to expanding offshore wind energy projects. Many countries are investing in large offshore wind farms to meet clean energy targets. Each wind installation requires reliable cranes for turbine assembly and maintenance.

Deepwater oil and gas exploration also presents new opportunities. As shallow-water reserves decline, operators move into deeper regions that require higher-capacity offshore cranes. This creates demand for advanced cranes with greater reach and load-handling abilities.

Technological innovation opens additional growth paths. Smart cranes with sensors, automation, and predictive maintenance reduce downtime and improve safety. These features attract operators looking to improve operational control and reduce lifecycle costs.

Regional Analysis

Asia Pacific Dominates the Offshore Crane Market with a Market Share of 45.9%, Valued at USD 13.6 Bn

Asia Pacific leads the offshore crane market due to strong offshore energy activity and large-scale marine infrastructure development. Countries across the region continue investing in offshore wind farms, oil platforms, and port expansion projects. In the dominating region, Asia Pacific accounted for 45.9% of market share, reaching a value of USD 13.6 Bn, supported by ongoing industrialisation and offshore construction demand.

North America shows steady growth driven by offshore oil and gas maintenance, deepwater exploration, and renewable energy installations. Continuous replacement of aging offshore assets supports crane upgrades. Strong safety regulations and advanced engineering standards also encourage demand for modern offshore lifting solutions across coastal areas.

Europe’s offshore crane market benefits from large offshore wind installations and increasing marine service activities. Regional focus on renewable energy projects expands demand for high-capacity and precision lifting equipment. Stable investment in offshore logistics and vessel modernisation further supports consistent market expansion.

The United States offshore crane market is supported by offshore platform refurbishment, marine transport operations, and renewable energy investments. Increasing focus on offshore wind installations along coastal regions drives new equipment demand. Regulatory emphasis on safety and efficiency further strengthens the adoption of advanced offshore crane systems.

Key Regions and Countries

North America

• US
• Canada

Europe

• Germany
• France
• The UK
• Spain
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• South Korea
• India
• Australia
• Rest of APAC

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of MEA

Key Players Analysis

Cargotec Corporation remains a central player in the offshore crane landscape, leveraging its strong marine and cargo-handling heritage to offer reliable, high-capacity cranes for offshore vessels and platforms. The company’s focus on automation, digital monitoring, and lifecycle services supports lower downtime and safer operations. Strategically, Cargotec’s emphasis on energy-efficient solutions aligns well with decarbonization goals across offshore oil, gas, and wind projects.

Heila Cranes SpA is recognised for its specialisation in knuckle boom and custom-engineered cranes tailored to space-constrained offshore and marine applications. Its modular designs and focus on ease of installation make it attractive for retrofits and smaller offshore vessels. By concentrating on niche requirements and flexible configurations, Heila strengthens its competitive position in specialised offshore support, inspection, and maintenance operations.

Huisman Equipment continues to differentiate through high-end engineering, delivering large offshore cranes with advanced motion-compensation and heavy-lift capabilities. The company is well-positioned in deepwater and offshore wind projects, where complex lifting operations and higher loads are becoming standard. Its integration of digital control systems, condition monitoring, and remote support helps operators manage risk while maximising uptime in harsh environments.

Kenz Figee Group focuses on designing and servicing tailor-made offshore and marine cranes, with a strong track record in offshore platforms and support vessels. Its engineering flexibility and upgrade services give it a solid role in extending asset life for existing fleets. By emphasising reliability, long-term service contracts, and modernisation packages, Kenz Figee benefits from brownfield investments as operators seek cost-effective ways to improve lifting performance.

Top Key Players in the Market

• Cargotec Corporation
• Heila Cranes SpA
• Huisman Equipment
• Kenz Figee Group
• Konecranes
• Liebherr Group
• MacGregor
• NOV Inc.
• Palfinger AG
• Seatrax, Inc.

Recent Developments

• In 2025, MacGregor secured a contract to deliver a 100-tonne AHC crane for a new dive support vessel owned by Jana Marine Service Company. The crane, valued as a significant order but not included in Cargotec’s reported figures due to MacGregor’s classification as discontinued operations.
• In 2025, Heila showcased its latest engineering advancements at Seawork 2025 in Southampton, highlighting foldable and telescopic cranes alongside a refreshed visual identity. This event underscored the company’s growth in marine challenges, including offshore wind and subsea applications.

Report Scope