The global maritime cranes market was valued at $2.79 Billion in 2020, and is projected to reach $4.59 Billion by 2032, registering a CAGR of 3.8% from 2023 to 2032. Furthermore, in terms of volume, the global maritime cranes market was valued at 45,157 units in 2020, and is projected to reach 65,026 units by 2032, registering a CAGR of 2.7% from 2023 to 2032. Maritime cranes are crucial equipment in the maritime industry, as they are widely used for cargo handling on a vessel or between vessels. In addition, it’s the primary equipment for any construction activity in marine environments. Apart from these applications, maritime cranes are also widely used in salvage and rescue operations, maritime research, and fishing.
The maritime cranes market is witnessing an Increased demand owing to a rise in offshore construction activities, such as the construction of various offshore wind farms across the world. For example, the government of the UK is significantly investing in offshore oil & gas projects. For instance, Murlach oil field project located in the Central North Sea around 203 km east of the Aberdeenshire coastline, Scotland, is being developed and is expected to become operational by the second quarter of 2025. This project will make significant use of maritime cranes. Moreover, Increasing demand for oil and gas for producing petrol, diesel, jet fuel, and others is expected to drive growth in offshore oil and gas rigs, thereby positively affecting the maritime cranes market.
However, the high cost of maritime cranes and expensive maintenance is anticipated to limit the market growth. Contrarily, advancements in technology such as the Incorporation of robotics, remote controls, and other technologies in maritime cranes are expected to provide lucrative growth opportunities to the market players.
Furthermore, due to rising inflation mainly driven by Ukraine -Russia war, the price of oil & gas, as well as the price of raw materials are experiencing Increased volatility across the world. This has led to slow-paced growth of the maritime cranes market and its related industries.
The maritime cranes market is segmented on the basis of boom type, capacity, application, and region. By boom type, the market is bifurcated into lattice boom, and telescopic boom. Depending upon the capacity, the market is categorized into up to 10 tons, 10 tons to 100 tons, 100 tons to 300 tons, and above 300 tons. On the basis of application, it is divided into oil & gas rigs, construction vessels, fishing vessels, other. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The maritime cranes market is witnessing an Increased demand owing to a rise in offshore construction activities, such as the construction of various offshore wind farms across the world. For example, the government of the UK is significantly investing in offshore oil & gas projects. For instance, Murlach oil field project located in the Central North Sea around 203 km east of the Aberdeenshire coastline, Scotland, is being developed and is expected to become operational by the second quarter of 2025. This project will make significant use of maritime cranes. Moreover, Increasing demand for oil and gas for producing petrol, diesel, jet fuel, and others is expected to drive growth in offshore oil and gas rigs, thereby positively affecting the maritime cranes market.
However, the high cost of maritime cranes and expensive maintenance is anticipated to limit the market growth. Contrarily, advancements in technology such as the Incorporation of robotics, remote controls, and other technologies in maritime cranes are expected to provide lucrative growth opportunities to the market players.
Furthermore, due to rising inflation mainly driven by Ukraine -Russia war, the price of oil & gas, as well as the price of raw materials are experiencing Increased volatility across the world. This has led to slow-paced growth of the maritime cranes market and its related industries.
The maritime cranes market is segmented on the basis of boom type, capacity, application, and region. By boom type, the market is bifurcated into lattice boom, and telescopic boom. Depending upon the capacity, the market is categorized into up to 10 tons, 10 tons to 100 tons, 100 tons to 300 tons, and above 300 tons. On the basis of application, it is divided into oil & gas rigs, construction vessels, fishing vessels, other. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competition Analysis
Competitive analysis and profiles of the major players in the maritime cranes market are provided in the report. Major companies in the report Include, Cargotec Corporation (MacGregor), Heila Cranes Ltd., Huisman Equipment B.V., Kenz Figee, Liebherr-International AG, NOV Inc., PALFINGER AG, PLM Cranes B.V., Seatrax Inc., Sormec s.r.l.Key Benefits for Stakeholders
- The report provides an extensive analysis of the current and emerging maritime cranes market trends and historic data.
- In-depth maritime cranes market analysis is conducted by constructing market estimations for key market segments between 2022 and 2032.
- Extensive analysis of the maritime cranes market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The maritime cranes market revenue and volume forecast analysis from 2023 to 2032 is Included in the report.
- The key players within the maritime cranes market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the maritime cranes industry.
Key Market Segments
By Capacity
- 100 tons to 300 tons
- Above 300 tons
- Up to 10 tons
- 10 tons to 100 tons
By Application
- Oil and gas rigs
- Construction vessels
- Fishing vessels
- Other
By Boom Type
- Lattice boom
- Telescopic
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Cargotec Corporation (MacGregor)
- Heila Cranes S.p.A.
- Huisman Equipment B.V.
- Kenz Figee
- Liebherr-International AG
- NOV Inc.
- PALFINGER AG
- PLM Cranes B.V.
- Seatrax, Inc.
- Sormec s.r.l.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MARITIME CRANES MARKET, BY BOOM TYPE
CHAPTER 5: MARITIME CRANES MARKET, BY CAPACITY
CHAPTER 6: MARITIME CRANES MARKET, BY APPLICATION
CHAPTER 7: MARITIME CRANES MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Maritime Cranes Market,' The maritime cranes market was valued at $2.8 billion in 2020, and is estimated to reach $4.6 billion by 2032, growing at a CAGR of 3.8% from 2023 to 2032.Maritime cranes are commonly found on ships, offshore platforms, barges, and offshore platforms, and are widely used for loading and unloading cargo and transferring supplies and equipment between two vessels or offshore platforms. There are various types of cranes primarily having two types of booms including lattice boom, and telescopic boom.Key factors driving the growth of the maritime cranes market include a rise in demand for oil & gas, increasing off-shore wind turbine fields, and various advantages of maritime cranes. Maritime cranes are one of the most important offshore equipment used for various light and heavy lifting operations. These cranes can withstand the harsh conditions of marine environments, including corrosion, high waves, storms, and other extreme weather conditions; thereby ensuring reliable performance. Waterbodies such as oceans, large lakes, and others present challenging environments for ships, boats, and other vessels, and can cause serious damage to them such as capsizing or drowning ships or tossing over their containers and other goods from decks into the water. In such situations, maritime cranes are used for recovering or salvaging stranded ships, goods, and other equipment; thereby reducing the scale of total financial loss to the ship company. In addition to this, maritime cranes are widely used for the construction, maintenance, & repair of offshore oil & gas rigs, offshore wind farms, and pipelines. Such activities involving heavy material handling cannot be performed by any other equipment with high efficiency, other than maritime cranes. However, heavy lift helicopters are used for lifting relatively lighter loads as compared to what a maritime crane can lift. Furthermore, transshipment activities, which include the loading and unloading of goods from one ship to another to reduce the overall cost of shipment of any goods, is also performed using maritime cranes. In addition, transport ships, research ships, and fishing vessels are installed with maritime cranes so that goods and equipment can safely be handled on the deck or can easily be lowered and lifted to and from the ocean. Thus, since maritime cranes provide essential support to sectors such as shipping, offshore oil & gas, renewable energy, fishing, and other sectors that have witnessed rapid growth are expected to have a positive influence on the maritime cranes market growth.
Over the past few years, the need for digital transformation in all industrial sectors has become crucial. The maritime sector has experienced noteworthy technological innovations. Marine cranes are increasingly being equipped with advanced digital technologies to make them more efficient, while lowering their overall operation cost. In recent years, one of the significant developments in maritime crane technology is the incorporation of robotics technology in the cranes which significantly reduce the human effort required to operate and control the crane. By removing human efforts from the equation, a fast and reliable lifting operation of the crane can be achieved, while simultaneously reducing various occupational hazards that the operator can be subjected to. Moreover, the addition of robotics that completely automates crane activities is still to be adopted by most manufacturers; however, remote control technology is widely being adopted. For instance, in April 2022, Palfinger Marine received an order to build and further develop technology for remote-controlled cranes from Norway-based oil exploration and development company, Aker BP. Furthermore, other digital technologies such as the Internet of Things (IoT), artificial intelligence (AI), and cloud connectivity help in monitoring and analyzing the performance of the crane and scheduling maintenance for the same. This greatly reduces the cost of continuous monitoring by the operator. One of the major companies VOCA, provides similar solutions to the maritime industry including maritime cranes. In addition, the integration of intelligent automation technologies, such as artificial intelligence (AI) and machine learning (ML), has enabled maritime cranes to optimize their operations. AI and ML algorithms can analyze data from various sources, predict maintenance needs, optimize load distribution, and enhance overall crane performance. Such advancements in maritime cranes help manufacturers beat the competition and gain a significant market share. Thus, advancements in technology is expected to provide growth opportunities for the key players in the maritime cranes market.
The maritime cranes market is segmented on the basis of boom type, capacity, application, and region. By boom type, the market is bifurcated into lattice boom and telescopic boom. Depending upon the capacity, the market is categorized into up to 10 tons, 10 tons to 100 tons, 100 tons to 300 tons, and above 300 tons. On the basis of application, it is divided into oil & gas rigs, construction vessels, fishing vessels, and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competitive analysis and profiles of the major players in the maritime cranes market are provided in the report. Major companies in the report include Cargotec Corporation (MacGregor), Heila Cranes Ltd., Huisman Equipment B.V., Kenz Figee, Liebherr-International AG, NOV INC., PALFINGER AG, PLM Cranes B.V., Seatrax Inc., Sormec s.r.l. Major players to remain competitive adopt development strategies such as product launch, collaboration, and others. For instance, in December 2021, Dutch offshore crane manufacturer Huisman received orders to build two Leg Encircling Cranes (LEC) with lattice booms exceeding 2,000mt for Cadeler. These cranes feature a lattice boom measuring 155 meters in length and can reach heights of 180.5 meters above the deck.
Key Market Insights
- By boom type, the lattice boom segment was the highest revenue contributor to the market and is estimated to reach $3,393.5 million by 2032, with a CAGR of 3.7%.
- By capacity, the above 300 tons segment dominated the global market. However, the 100 tons to 300 tons segment is expected to be the fastest-growing segment with a CAGR of 4.4% during the forecast period.
- Based on application, the fishing vessels segment was the highest revenue contributor to the market, which is expected to grow at a CAGR of 3.9% during the forecast period.
- Based on region, Asia-Pacific garnered the largest revenue share in 2022, and LAMEA is anticipated to grow at the highest CAGR of 3.2% during the forecast period.
Companies Mentioned
- Cargotec Corporation (MacGregor)
- Heila Cranes S.p.A.
- Huisman Equipment B.V.
- Kenz Figee
- Liebherr-International AG
- NOV INC.
- PALFINGER AG
- PLM Cranes B.V.
- Seatrax, Inc.
- Sormec s.r.l.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 193 |
| Published | June 2023 |
| Forecast Period | 2020 - 2032 |
| Estimated Market Value ( USD | $ 2.79 Billion |
| Forecasted Market Value ( USD | $ 4.59 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
