Born in Douglas in 1930, Kneale studied at the Douglas School of Art in 1947 before being awarded a scholarship to the Royal Academy for the next five years.
He taught at the Royal Academy of Art for almost 30 years, holding the position of head of sculpture and professor of drawing.
He was made an MBE for services to the arts in 2019.
His most well-known works on the island include a large bronze triskelion at the entrance to Isle of Man Airport at Ronaldsway, and busts of Captain John Quilliam in Castletown and Manx martyr Illiam Dhone in Malew Church.
“Manx National Heritage is proud to see Yn Arreyder brilliantly restored and returned to its place overlooking Douglas Bay,” said Chris Weeks, from Manx National Heritage.
“This important work is a powerful symbol of Manx creativity and identity, and we are delighted that it can continue to be enjoyed by the public for many years to come.”
He added: “The conservation of Yn Arreyder has been carried out to an exceptional standard, and we are sincerely grateful for the outstanding workmanship.”