Marine Cranes Market Size, Share, Growth Analysis 2032
Marine Cranes Market Size and Forecast (2025 - 2032), By Type (Knuckle Boom Cranes, Telescopic Boom Cranes, Lattice Boom Cranes), By Application (Oil & Gas, Offshore Wind, Marine Construction, Others), By Lifting Capacity (Below 50 Tons, 50-100 Tons, Above 100 Tons), By End-User (Commercial, Military), and Geography.
Market Overview:
“The global marine cranes market is expected to reach a high CAGR of 4.8% over the Forecast Period 2025-2032, reaching a value of USD YY billion by 2032.”
Asia-Pacific dominates the market, accounting for YY% of the global share. Key metrics include increasing offshore wind installations and rising demand for specialized vessels.
The marine cranes industry is expanding steadily because of increased offshore energy projects and maritime traffic. The industry environment is being shaped by technological breakthroughs in crane design, as well as a greater emphasis on safety.
Market Dynamics:
Market Trend: Integration of AI and IoT for enhanced crane performance and predictive maintenance
The maritime crane sector is undertaking a big transition to smart technologies. Artificial intelligence (AI) and Internet of Things (IoT) integration are transforming crane operations, increasing efficiency and safety.
These technologies allow for real-time monitoring of crane performance, predictive maintenance, and remote diagnostics. For example, a major maritime crane manufacturer recently launched an AI-powered solution that improves load management while reducing fuel usage by up to 30%. The global smart port market, which includes intelligent cranes, is predicted to be worth USD XX billion by 2024, suggesting a growing trend of digitalisation in the marine industry.
Market Driver: Rapid expansion of offshore wind energy projects globally
The offshore wind energy sector is growing at an unprecedented rate, increasing demand for specialised marine cranes. Governments throughout the world are making significant investments in renewable energy, with offshore wind capacity forecast to expand 15 times by 2040. With the expansion of offshore wind farm projects, specialised maritime cranes are required for turbine construction and maintenance.
By 2023, Europe alone will have installed 4.2 GW of new offshore wind power, demanding advanced crane systems. The Global Wind Energy Council predicts that by 2030, more than 205 GW of additional offshore wind capacity would be produced worldwide, providing a substantial market for maritime cranes designed for wind turbine installation vessels.
Market Restraint: High initial investment and maintenance costs
The maritime cranes industry confronts hurdles due to the high upfront expenses of development, installation, and maintenance. Advanced marine cranes, particularly those equipped with cutting-edge technology, require a large financial investment. This high cost barrier may dissuade smaller maritime operators and shipyards from adopting cutting-edge crane systems, impeding market expansion in specific regions.
Segment Overview:
The knuckle boom cranes segment dominates the marine cranes market, accounting for approximately YY% of the total market share.
Knuckle boom cranes are gaining popularity due to their versatility and small size, making them suitable for a variety of naval applications. These cranes provide excellent manoeuvrability in tight spaces, which is crucial in offshore operations. Technological developments, such as the adoption of electric drives and improved control systems, are speeding up the segment's growth.
According to our research analysis, the knuckle boom crane category is anticipated to remain the market leader until 2031. A major offshore equipment manufacturer expected a 25% increase in knuckle boom crane orders in 2023, citing strong demand from the oil and gas industry and expanding offshore wind projects.
The offshore wind industry's rapid expansion is very helpful to the knuckle boom crane industry. These cranes are increasingly used to install and maintain wind turbines. The Global Wind Energy Council estimates that total global offshore wind capacity will reach 35.3 GW in 2023, with a projected growth to 270 GW by 2030. The rapid expansion of offshore wind farms is likely to drive up demand for specialised knuckle boom cranes built for wind power applications.
Regional Outlook:
Asia-Pacific leads the marine cranes market, with a market share of approximately YY%.
The region's popularity originates mostly from its thriving shipbuilding industry, expanding offshore energy sector, and increased investment in port infrastructure. China, South Korea, and Japan are the leaders in maritime crane production and adoption.
China's Belt and Road Initiative has been a major catalyst for maritime infrastructure development in the Asia-Pacific area. The effort drove up demand for marine cranes in port development and extension projects.
In 2023, the Asia-Pacific region was responsible for more than 40% of global shipbuilding orders, with South Korea receiving contracts for 37% of all ship orders based on compensated gross tonnage.
The offshore wind energy market in Asia Pacific is rapidly expanding, particularly in China and Taiwan. China added 3.7 GW of offshore wind capacity in 2023, increasing the total to 14.5 GW and solidifying its position as the world's largest offshore wind market.
Competitive Intelligence:
The maritime cranes market is fiercely competitive, with major players valuing technological innovation and strategic relationships. Leading corporations are heavily spending on R & D to create breakthrough crane systems that improve safety and operating efficiency. Market leaders are increasing their product portfolios through acquisitions and collaborations in order to improve their market positions.
According to financial research, the top five businesses own approximately YY% of the global market share. Over the last three years, these companies have had consistent sales growth of 5-7% every year on average. Recent trends point to a shift towards eco-friendly crane designs, with many manufacturers manufacturing electric and hybrid maritime crane models to meet severe environmental standards.
Mergers and acquisitions have been prevalent, and two large transactions in 2023 will change the competitive environment. To expand its renewable energy capabilities, one multinational firm purchased a specialised offshore crane maker. Another significant trend is the increased emphasis on aftermarket services and digital solutions, with companies investing in IoT-enabled maintenance platforms to give value-added services to customers.
Looking ahead, the industry is projected to consolidate even further as companies attempt to broaden their geographical reach and technological capabilities. The greater emphasis on personalised solutions for specific marine applications is likely to spur innovation and open up new market opportunities for nimble enterprises.
Analyst Opinion:
The marine cranes industry is expected to expand fast, fuelled by a flourishing offshore wind energy sector and increased maritime traffic. The integration of emerging technologies such as AI and IoT is transforming crane operations, resulting in unparalleled levels of efficiency and safety. However, market participants must contend with obstacles such as high startup costs and evolving regulatory landscapes.
The transition to modular crane designs, which provide greater flexibility and adaptability, is a significant increasing trend. This strategy allows enterprises to adapt to a wide range of marine applications while keeping production costs low. Furthermore, the growing emphasis on sustainable operations is expected to expedite the development of environmentally friendly maritime crane systems, opening up new market potential.
Major Players:
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Liebherr Group
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Konecranes
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Cargotec Corporation
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Huisman Equipment B.V.
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National Oilwell Varco
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Palfinger AG
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TTS Group ASA
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Manitowoc Company, Inc.
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Zoomlion Heavy Industry Science & Technology Co., Ltd.
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Terex Corporation
Key Developments:
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In June 2023, Liebherr Group introduced a new line of electric-powered offshore cranes to meet the growing need for environmentally friendly lifting solutions in the offshore wind industry.
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Konecranes and Cargotec Corporation announced a collaboration in September 2023 to create next-generation digital solutions for marine crane operations, focussing on predictive maintenance and remote monitoring.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Liebherr Group
5.2. Konecranes
5.3. Cargotec Corporation
5.4. Huisman Equipment B.V.
5.5. National Oilwell Varco
5.6. Palfinger AG
5.7. TTS Group ASA
5.8. Manitowoc Company, Inc.
5.9. Zoomlion Heavy Industry Science & Technology Co., Ltd.
5.10. Terex Corporation
(*LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Integration of AI and IoT for enhanced crane performance and predictive maintenance
6.1.2. Shift towards modular crane designs for greater flexibility
6.1.3. Growing focus on eco-friendly marine crane solutions
6.2. Market Drivers
6.2.1. Rapid expansion of offshore wind energy projects globally
6.2.2. Increasing maritime trade and port infrastructure development
6.2.3. Technological advancements in crane design and safety features
6.3. Market Restraints
6.3.1. High initial investment and maintenance costs
6.3.2. Stringent regulatory requirements and compliance challenges
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)
7.1. Knuckle Boom Cranes
7.1.1. Fixed Knuckle Boom Cranes
7.1.2. Folding Knuckle Boom Cranes
7.2. Telescopic Boom Cranes
7.2.1. Single Telescopic Boom Cranes
7.2.2. Double Telescopic Boom Cranes
7.3. Lattice Boom Cranes
7.3.1. Fixed Lattice Boom Cranes
7.3.2. Luffing Lattice Boom Cranes
8. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)
8.1. Oil & Gas
8.1.1. Offshore Platforms
8.1.2. FPSOs
8.2. Offshore Wind
8.2.1. Wind Turbine Installation
8.2.2. Maintenance Operations
8.3. Marine Construction
8.3.1. Port Construction
8.3.2. Offshore Construction
8.4. Others
8.4.1. Shipbuilding
8.4.2. Salvage Operations
9. BY LIFTING CAPACITY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)
9.1. Below 50 Tons
9.1.1. 0-25 Tons
9.1.2. 26-50 Tons
9.2. 50-100 Tons
9.2.1. 51-75 Tons
9.2.2. 76-100 Tons
9.3. Above 100 Tons
9.3.1. 101-200 Tons
9.3.2. Above 200 Tons
10. BY END-USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)
10.1. Commercial
10.1.1. Shipping Companies
10.1.2. Offshore Energy Companies
10.2. Military
10.2.1. Naval Forces
10.2.2. Coast Guards
11. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)
11.1. North America
11.1.1. United States
11.1.2. Canada
11.1.3. Mexico
11.2. South America
11.2.1. Brazil
11.2.2. Argentina
11.2.3. Rest of South America
11.3. Europe
11.3.1. Germany
11.3.2. United Kingdom
11.3.3. France
11.3.4. Italy
11.3.5. Spain
11.3.6. Russia
11.3.7. Rest of Europe
11.4. Asia-Pacific
11.4.1. China
11.4.2. Japan
11.4.3. India
11.4.4. Australia
11.4.5. South Korea
11.4.6. Rest of Asia-Pacific
11.5. Middle-East
11.5.1. UAE
11.5.2. Saudi Arabia
11.5.3. Turkey
11.5.4. Rest of Middle East
11.6. Africa
11.6.1. South Africa
11.6.2. Egypt
11.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2025-2032)
By Type:
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Knuckle Boom Cranes
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Telescopic Boom Cranes
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Lattice Boom Cranes
By Application:
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Oil & Gas
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Offshore Wind
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Marine Construction
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Others
By Lifting Capacity:
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Below 50 Tons
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50-100 Tons
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Above 100 Tons
By End-User:
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Commercial
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Military
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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