Core Insights - The global crane vessel market is expanding, with a projected market size of $11.55 billion in 2023 and expected to grow to approximately $12.3 billion in 2024 [7][9] - Full rotation crane vessels are becoming essential equipment for offshore platforms and marine engineering due to their operational mobility and safety [9][21] - China is leading in the shipbuilding sector, with significant growth in shipbuilding completion, new orders, and backlog orders, accounting for 55.7%, 74.1%, and 63.1% of the global totals respectively [5][7] Group 1: Crane Vessel Overview - Crane vessels, also known as floating cranes, are equipped with lifting devices for offshore operations and are widely used in offshore wind power construction, heavy lifting, salvage, bridge engineering, and port construction [1][2] - There are two main types of crane vessels: rotary crane vessels and fixed boom crane vessels, with rotary vessels being more versatile for narrow areas despite generally having lower lifting capacities [1][2] Group 2: Market Trends - The full rotation crane vessel market is experiencing rapid growth due to the increasing complexity and heaviness of offshore engineering tasks [7][9] - Several full rotation crane vessels are scheduled for delivery in 2024, including the 4000-ton "Ocean Wind Power 76" and the 5000-ton "Iron Construction 5000" [9][10] Group 3: Industry Chain - The full rotation crane vessel industry has developed a comprehensive supply chain, with upstream components including marine cranes, internal combustion engines, and raw materials like steel [11][13] - The demand for full rotation crane vessels is significantly driven by the growth of offshore wind power and marine oil and gas sectors, with China's offshore wind capacity increasing from 4.533 million kW in 2018 to 43.31 million kW in 2024 [19][21] Group 4: Future Development Trends - The industry is moving towards greener and low-carbon development, with policies aimed at enhancing energy efficiency and reducing emissions in shipbuilding [21][22] - There is a trend towards increased automation and intelligence in crane vessels, improving operational efficiency and safety [22][23] - The demand for larger crane vessels is rising, driven by the need for higher lifting capacities and the expansion of offshore operations [23]