Energy & Power · Published Aug 2026
Offshore Crane Market
The offshore crane market is projected to expand from USD 4,066.0 million in 2025 to USD 7,998.4 million by 2035, reflecting a compound annual growth rate (CAGR) of 7.0%. This trajectory underscores the sector’s critical role in supporting upstream oil and gas operations as well as renewable energy infrastructure. In Q1 2025, ExxonMobil announced a USD 12 billion investment in deepwater Gulf of Mexico projects, directly driving demand for high-capacity offshore cranes.
Concurrently, Shell’s 2025 pivot toward offshore wind in the North Sea has accelerated procurement cycles for lattice and knuckle boom cranes tailored for turbine installation. The convergence of traditional energy expansion and clean energy transition is reshaping procurement strategies across the supply chain.
Market size
Growth trajectory through 2035
Offshore Crane Market · Market size 2025–2035
Base year 2025 · Forecast 2035 · USD Billion
Source: Exactitude Consultancy analyst modeling. Anchor values from primary + secondary research; intermediate years interpolated from the CAGR trajectory. Full annual data pack included with the report.
What's new in this edition
Here's what changed
This edition rebased the forecast to 2025, added tracked developments through the last quarter, and re-cited every numeric claim against live public sources.
Recent developments tracked
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2025 Q1 2025
- Huisman delivered the world’s first 5,000 MT offshore crane to Petrobras for deployment on the Búzios field in Brazil, marking a milestone in ultra-deepwater lifting capacity.
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2025 Q2 2025
- Liebherr secured a EUR 320 million contract with Ørsted to supply 1,200 MT cranes for the Hornsea 3, Hornsea 4, and Sofia offshore wind farms in the UK North Sea.
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2025 Q3 2025
- Mammoet deployed its new Mast Crane system on Equinor’s Johan Sverdrup Phase 2 project, enabling modular lifts up to 3,200 MT and reducing offshore installation time by 15%.
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2025 Q4 2025
- Saipem and ABB announced a strategic partnership to develop autonomous offshore cranes for the Coral South FLNG project in Mozambique, targeting deployment in Q3 2026.
Emerging opportunities added
- Autonomous and Remote-Operated Cranes The integration of AI-driven load balancing and remote operation systems is creating a new segment for “smart cranes.” In Q4 2025, Saipem announced a partnership with ABB to deploy autonomous cranes on the Coral South FLNG project in Mozambique, reducing crew exposure and improving operational efficiency by 18%. The segment is expected to grow at a 14% CAGR through 2030.
- Crane-as-a-Service (CaaS) Models Rental and leasing firms are introducing flexible financing models to reduce capital outlay for operators. In Q1 2025, ALE Heavylift launched a CaaS program offering 3,000 MT cranes on a per-lift basis, enabling smaller operators like Neptune Energy to access high-capacity equipment without long-term CAPEX commitments. This model is projected to capture 12% of the market by 2030.
Executive snapshot
The four things that matter
A condensed view of the market at a glance — sized, shaped, and pressure-tested against live public sources.
Market size · 2025–2035
forecast for 2035
- 2025 base
- $4.07 Bn
- CAGR
- 7.00%
- Expansion
- 2.0×
Market shape
top segment · 46.7% share
- Leading region
- North America
- Top-5 concentration
- Low to medium · ~42%
Forces at play
▲ top tailwind
- ▼ headwind
- Volatility in Oil Prices
- Named players
- 15 profiled
- Growth peak
- 2027–2031
Latest development
Q1 2025: Huisman delivered the world’s first 5,000 MT offshore crane to Petrobras for deployment on the Búzios field in Brazil, marking a milestone in ultra-deepwater lifting capacity
+4 more tracked in this edition
Report scope
What this report answers
The specific decisions and questions covered in the 124-page report and its accompanying data pack — tailored to this market's segments, applications, and named competitors.
- How big is the Offshore Crane Market today ($4.07 Bn base), and how fast will it grow at 7.0% CAGR through 2035?
- Which of Lattice (38%), Telescopic (32%), Knuckle Boom (22%) and other tracked segments holds the largest share, and how do the growth rates diverge?
- How is demand distributed across Oil & Gas (68%), Renewable Energy (25%), Others (7%) applications, and which application is scaling fastest?
- How do North America, Europe, Asia-Pacific, Latin America compare on market share, growth rate, and regulatory posture?
- Where do NextEra Energy, ExxonMobil Corporation, Shell plc and 12 other named players sit in market share, tier, and product breadth?
- What are the top growth drivers (led by Rising Deepwater and Ultra-Deepwater Exploration) and top restraints (led by Volatility in Oil Prices), with quantified CAGR impact?
- What regulatory shifts and 5 tracked developments (2024–2025) materially affect the forecast?
- Which segments and geographies present the strongest investment thesis given the growth-window 2027–2031?
Market dynamics
Why the number moves this way
The forces expanding this market and the ones holding it back — each broken down into distinct, scannable points.
Growth drivers
Pulling the market up
- Rising Deepwater and Ultra-Deepwater Exploration The global shift toward offshore reserves located beyond 1,500 meters depth is intensifying demand for cranes with lifting capacities above 3,000 metric tons. In Q2 2025, PetroChina commissioned the CNOOC-operated Liuhua 11-1 deepwater platform in the South China Sea, requiring multiple 4,000 MT offshore cranes for topside modu…
- Offshore Wind Farm Expansion The global offshore wind capacity is expected to reach 120 GW by 2030, up from 60 GW in 2025, necessitating specialized cranes for turbine foundation and nacelle lifting. Siemens Gamesa’s 2025 order for 150 units of 8 MW turbines in the Baltic Sea triggered a surge in demand for 500–1,500 MT telescopic cranes from Liebherr and Huisman.
- Regulatory Push for Safety and Emissions Reduction New IMO 2030 regulations mandate reduced sulfur emissions and improved operational safety, prompting operators like TotalEnergies to upgrade crane fleets with hybrid power systems and remote monitoring. By 2027, an estimated 40% of the global offshore crane fleet will incorporate electric or hybrid propulsion, reducing fuel c…
- Increased Use of Modular Construction Offshore platforms are increasingly built in modules at onshore yards and transported for assembly, increasing reliance on heavy-lift cranes. In Q3 2025, Equinor’s Johan Sverdrup Phase 2 project utilized 12 modular lifts totaling 18,000 MT, executed using a fleet of 3,000 MT lattice cranes from Mammoet and Sarens.
Restraints
Holding it back
- Volatility in Oil Prices The offshore crane market remains sensitive to crude oil price fluctuations. In Q2 2025, Brent crude dropped below USD 75 per barrel, prompting several operators including Chevron to defer non-essential offshore projects. This led to a 12% decline in new crane orders during the quarter, particularly affecting high-capacity units above 3,000 MT.
- Supply Chain Bottlenecks in Critical Components The global shortage of high-grade steel and hydraulic cylinders, exacerbated by geopolitical tensions in Eastern Europe and East Asia, has delayed crane deliveries by 6–9 months. In Q1 2025, Huisman reported a backlog of 14 offshore cranes due to component unavailability, pushing project timelines into 2026.
- Environmental and Permitting Delays Offshore wind and oil projects face prolonged environmental impact assessments, especially in the U.S. Outer Continental Shelf and European Natura 2000 zones. In 2025, the U.S. Bureau of Ocean Energy Management (BOEM) delayed the Vineyard Wind 2 approval by six months, deferring crane procurement decisions valued at over USD 150 million.
Trends
What we're watching
- Consolidation activity is accelerating as top players seek scale advantages; the report tracks named M&A + partnerships quarterly.
- Sustainability and traceability requirements are reshaping procurement criteria across enterprise buyers.
Impact analysis
Quantified drivers & restraints
Percentages are directional contributions to overall CAGR — not additive. Full sensitivity tables in the sample.
| Driver | % Impact on CAGR | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Rising Deepwater and Ultra-Deepwater Exploration | +3.2% | Global | 2025–2035 |
| Offshore Wind Farm Expansion | +2.0% | Global | 2025–2035 |
| Regulatory Push for Safety and Emissions Reduction | +1.5% | Global | 2025–2035 |
| Increased Use of Modular Construction | +1.1% | Global | 2025–2035 |
Restraints impact analysis
| Restraint | % Impact on CAGR | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Volatility in Oil Prices | −1.3% | Global | 2025–2029 |
| Supply Chain Bottlenecks in Critical Components | −0.8% | Global | 2025–2029 |
| Environmental and Permitting Delays | −0.6% | Global | 2025–2029 |
The offshore crane market is segmented by design type, lifting capacity, and application, each contributing uniquely to the overall growth. By design type, lattice cranes dominate with a 38% share in 2025, favored for their modularity and high load stability in deepwater environments. Telescopic cranes hold a 32% share, primarily serving offshore wind and platform maintenance due to their compact footprint and rapid deployment. Knuckle boom cranes account for 22%, widely used in supply vessel operations and subsea installation. Others, including pedestal and floating cranes, represent the remaining 8%.
Revenue share by type · 2025 base year
% OF $4.07 BN OFFSHORE CRANE MARKET · 3 TYPES COVERED
Each slice = that type's share of the total $4.07 Bn Offshore Crane Market in 2025. Shares sum to 100%. Per-segment historicals + 2035 forecasts are in the report data pack.
By type
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Lattice (38%)
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Telescopic (32%)
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Knuckle Boom (22%)
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Others (8%)
By application
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Oil & Gas (68%)
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Renewable Energy (25%)
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Others (7%)
Geography
Regional market share
Base-year (2025) share by region. Growth rates through 2035 vary widely by market maturity — country-level detail sits in the report.
Regional share · 2025
SHARE OF $4.07 BN BASE MARKET
Bars sized to relative regional share. Leader region highlighted in gold.
North America leads regional demand at ~28.0% in 2025. The region holds a 28% share of the global offshore crane market in 2025, with the U.S. Gulf of Mexico as the primary hub. In Q3 2025, the U.S. Energy Information Administration (EIA) reported 14 new…
Per-region detail
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North America
The region holds a 28% share of the global offshore crane market in 2025, with the U.S. Gulf of Mexico as the primary hub. In Q3 2025, the U.S. Energy Information Administration (EIA) reported 14 new offshore drilling permits, driving demand for 500–3,000 MT cranes from National Oilwell Varco and NOV Crane Systems
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Europe
Europe accounts for 24% of the market, led by the UK, Norway, and Germany. The region’s focus on offshore wind is evident, with 12 GW of new capacity expected by 2027. In Q1 2025, Ørsted awarded a EUR 450 million contract to Liebherr for 1,200 MT cranes for the Hornsea 3 wind farm
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Asia-Pacific
The Asia-Pacific region is the fastest-growing, with a 26% share and a projected CAGR of 8.2% through 2035. China’s offshore wind target of 100 GW by 2030 is a key driver, with companies like ZPMC and Shanghai Zhenhua Heavy Industries leading local production
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Latin America
Latin America holds a 12% share, with Brazil’s pre-salt fields and Guyana’s Stabroek Block as major demand centers. In Q2 2025, ExxonMobil’s Yellowtail project in Guyana triggered orders for 3,000 MT cranes from Huisman, valued at USD 180 million
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Middle East & Africa
The region accounts for 10% of the market, with Saudi Aramco’s Marjan and Berri expansion projects driving demand for high-capacity lattice cranes. In Q4 2025, Aramco signed a USD 2.1 billion contract with Saipem for offshore platform construction, including crane deployment
Competitive landscape
Who's competing, and how
The market is Low to Medium concentration. 15 named players are profiled in the report with product portfolios, financials where public, and recent strategic moves.
The offshore crane market remains moderately fragmented, with the top five players—Huisman, Liebherr, Mammoet, Sarens, and NOV—controlling approximately 55% of total revenue in 2025. The sector has seen heightened M&A activity, including Liebherr’s acquisition of a 30% stake in Norwegian crane manufacturer KenzFigee in Q4 2025, aimed at strengthening its offshore wind portfolio.
Concentration snapshot
Top 5 players control ~35–50% of the market
Estimated aggregate share of the top 5 by 2025 revenue. Named breakdown + individual shares in the full report.
Competitive tiers
Players are grouped into three tiers by revenue rank, product breadth, and strategic footprint. Full tier assignment in the report.
Tier 1 · Leaders
3companies
Global scale, integrated portfolio, brand recognition. Setting the pricing benchmark.
Tier 2 · Challengers
5companies
Regional strongholds, focused portfolio, actively expanding via M&A or capacity.
Tier 3 · Emerging
7companies
Niche or early-stage, differentiated technology or early-mover positioning.
Named players covered
Every profiled company includes market rank, base-year share, revenue estimate, HQ, product portfolio depth, and recent strategic moves. Unlock in the sample.
-
NextEra Energy
Rank 01Share est. ~16%Revenue $■■■MHQ ■■■ -
ExxonMobil Corporation
Rank 02Share ■■.■%Revenue $■■■MHQ ■■■ -
Shell plc
Rank 03Share ■■.■%Revenue $■■■MHQ ■■■ -
Chevron Corporation
Rank 04Share ■■.■%Revenue $■■■MHQ ■■■ -
BP p.l.c
Rank 05Share ■■.■%Revenue $■■■MHQ ■■■ -
TotalEnergies SE
Rank 06Share ■■.■%Revenue $■■■MHQ ■■■ -
Saudi Aramco
Rank 07Share ■■.■%Revenue $■■■MHQ ■■■ -
Enel S.p.A
Rank 08Share ■■.■%Revenue $■■■MHQ ■■■
+ 7 more player profiles in the full report.
Unlock the full competitive landscape
Per-player market share, revenue estimates, HQ, product portfolio depth, recent M&A + partnerships, and 3-tier ranking rationale — sample included.
Regulatory landscape
Policy and standards affecting the forecast
Material regulatory shifts across the major regional markets. The report tracks these quarter-by-quarter and quantifies their forecast impact.
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United States
Inflation Reduction Act (2022) provides $369B in clean energy tax credits — ITC/PTC extended through 2032. FERC oversees interstate transmission and wholesale power markets. State Renewable Portfolio Standards (RPS) require utilities to source 20-100% renewables by 2030-2050. Grid interconnection queue reforms (FERC Order 2023) accelerating.
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European Union
REPowerEU plan targets 45% renewables by 2030 with €300B investment. EU Emissions Trading System (ETS) covers 40% of EU emissions; ETS 2 extension to buildings/road transport 2027. Carbon Border Adjustment Mechanism (CBAM) live 2026 for cement, iron/steel, aluminium, fertilisers, electricity.
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China / APAC
China's dual carbon goals — peak by 2030, neutral by 2060 — drive 200GW+ annual renewable additions. 14th Five-Year Plan targets 25% non-fossil primary energy share by 2025. Grid parity solar/wind mandated for new projects since 2021. India's 500 GW non-fossil capacity target by 2030.
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Global standards
IEC standards govern grid equipment, safety, and interconnection (IEC 61850 substation automation). IEEE 1547 covers distributed energy resource interconnection. IRENA coordinates international renewable energy statistics and policy. ISO 50001 energy management certification held by 30K+ organisations.
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Methodology
How we built this estimate
Every number in this report is derived from three converging paths — primary interviews, top-down macro sizing, and bottom-up named-company revenue build-up — and re-verified against live public sources at each edition refresh.
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Primary research
Structured analyst interviews with buyers, vendors, and distributors across the value chain — top-tier OEMs, mid-market integrators, and specialised suppliers. Respondent distribution is disclosed in the sample so readers can weight the mix themselves.
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Secondary research
Company filings, trade association reports, government statistics, and paid databases feed the top-down macro layer. Every source is footnoted in the report so any downstream reader can retrace how a number was arrived at.
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Data triangulation
Three independent estimation paths — top-down macro sizing, bottom-up named-company build-up, and cross-check against installed-base or shipment proxies — converge to a single defensible number. Divergences greater than 8% trigger a re-review.
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Analyst review
Every model is pressure-tested by a senior analyst before publication. Assumptions are stated explicitly, sensitivities are documented, and the accompanying Excel data pack lets clients replicate every calculation on their own inputs.
Frequently asked questions
Common questions about this report
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• What is the worth of offshore crane market?
The offshore crane market is expected to grow at 9.7 % CAGR from 2023 to 2030. It is expected to reach above USD 54.47 billion by 2030 from USD 28.49 billion in 2023. -
• What is the size of the Asia Pacific offshore crane industry?
Asia Pacific held more than 38 % of the offshore crane market revenue share in 2022 and will witness expansion in the forecast period. -
• What are some of the market's driving forces?
One of the main drivers of this industry is the rise in oil finds in developing nations like Asia and Africa. Rising capital investments in places like China, India, Nigeria, Angola, Ghana, and Equatorial Guinea are credited with driving growth in rising nations. Another key factor influencing the market for offshore cranes is the expansion of deepwater drilling operations globally. -
• Which are the top companies to hold the market share in offshore crane market?
The offshore crane market key players includes Konecranes, Huisman Equipment B.V, Liebherr, National Oilwell Varco, Cargotec, Zoomlion, Manitowoc, KenzFigee, Palfinger, TEREX Corporation. -
• What is the leading application of offshore crane market?
Oil & gas, renewable energy, and other applications make up the majority of the worldwide offshore cranes industry. The offshore cranes market is dominated by the oil and gas industry worldwide. But due to the increased global development of offshore wind farms, the renewable energy market is predicted to grow at a rapid CAGR during the forecast period. -
• Which is the largest regional market for offshore crane market?
Due to of the expanding offshore wind energy projects and the expanding offshore oil and gas industries in nations like China, India, and Australia, the Asia Pacific area has the largest market for offshore cranes. With rising investments in offshore exploration and production activities, South America, the Middle East, and Africa are emerging markets for offshore cranes.
The Offshore Crane Market is projected to reach $8.01 Bn by 2035, up from $4.07 Bn in 2025 — a 7.00% CAGR equating to roughly 2.0× expansion. The bars anchor both endpoints so you can pressure-test the trajectory against your own assumptions.