The global crane market attained a value of USD 33.73 Billion in 2023. Cranes are versatile and applicable in various sectors, such as construction and shipping. Although they require a significant initial investment, they offer long-term cost savings through enhanced productivity. The industry is expected to grow at a CAGR of 5.30% during the forecast period of 2024-2032 to attain a value of USD 53.69 Billion by 2032. Many contemporary cranes now incorporate telematics, which allows for real-time performance monitoring and load management.
Base Year
Historical Year
Forecast Year
A crane is a machine primarily used for lifting, lowering, and transporting heavy objects. They are equipped with cables, ropes, and pulleys to assist in the lifting process. The growth of the crane market is driven by their portability; some cranes are fixed in place for extended periods, while others operate like mobile vehicles with a control cabin. They are predominantly used in the construction, manufacturing, and transport sectors for lifting heavy cargo containers and freight. Cranes come in various sizes and shapes, each designed for specific tasks. In March 2023, DEF Machinery launched the MaxLift 700 crane at the Global Construction Expo. Featuring a rotating boom for enhanced manoeuvrability, it is designed for cramped urban construction sites. This innovative crane improves versatility and is engineered for both performance and safety in demanding environments.
The crane market is characterised by a variety of trends, with several types available, including tower cranes, mobile cranes, telescopic cranes, crawler cranes, and floating cranes, each designed for specific purposes. A typical crane includes a boom (the long telescopic or fixed arm), a jib (a secondary lifting arm), a hoist (for lifting), and a hook, and may also feature outriggers for stability. Skilled operators control the crane’s movement and lifting process, requiring precise coordination and a thorough understanding of load limits and safety protocols. In April 2023, GHI Heavy Equipment introduced the UltraReach crane, specifically designed for high-rise construction. It boasts a remarkable lifting height and advanced stability features, ensuring efficiency and safety on skyscraper projects. The UltraReach is aimed at meeting the demands of contemporary urban infrastructure.
Value in USD Billion
2024-2032
Crane Market Outlook
*this image is indicative*
The crane market dynamics and trends are influenced by numerous advantages, including increased efficiency from faster lifting, and transporting of heavy materials, which reduces construction time. They also enhance safety by minimising the risks of injury associated with manual handling. Cranes are versatile and applicable in various sectors, such as construction and shipping. Although they require a significant initial investment, they offer long-term cost savings through enhanced productivity.
Modern cranes employ advanced technology to enhance safety and efficiency. The rising demand in construction and infrastructure supports crane industry growth, while energy-efficient models encourage sustainability. Additionally, the industry creates substantial job opportunities across various fields. In February 2023, ABC Construction Equipment unveiled the Titan 3000 crane, which features advanced hydraulic technology for exceptional lifting performance. Perfect for large-scale projects, this crane prioritises reliability and safety, addressing the evolving needs of the construction sector and boosting operational efficiency.
Rising demand in mining and oil & gas, rising construction activities, and technological advancements are some of the key trends propelling the crane market value.
The rising demand in the mining and oil & gas sectors is significantly boosting the global crane market. According to the International Energy Agency (IEA), in 2023, the global oil demand is expected to increase by 2.3 mb/d to 101.7 mb/d, highlighting the industry's sustained growth. These industries require cranes for a variety of tasks, including the extraction, transportation, and installation of heavy equipment in remote and challenging environments. In oil and gas, cranes are essential for offshore drilling platforms and oil rigs, where precision and reliability are paramount. Mining operations, especially in mountainous and underground settings, also rely on cranes for lifting and transporting large mining equipment. As these sectors continue to grow and face more complex challenges, the demand for advanced, high-capacity cranes capable of handling heavy lifting in tough conditions will continue to rise.
Rising construction activities worldwide are significantly driving the demand for cranes. According to the World Bank, global infrastructure investment is projected to reach USD 94 trillion by 2040, as countries increase spending on roads, bridges, housing, and commercial buildings to meet the needs of growing urban populations. As pet a data by Mckinsey, global construction spending is projected to escalate from USD 13 trillion in 2023 to a striking USD 22 trillion in 2040. As cities expand and infrastructure development accelerates, cranes are indispensable for handling heavy lifting tasks, from high-rise construction to complex civil engineering projects. Cranes are essential for building large-scale residential, commercial, and industrial structures, as well as for lifting materials, equipment, and machinery on construction sites. The push towards modernisation and sustainability in construction, including the adoption of green buildings and eco-friendly designs, also requires cranes to handle innovative materials and heavier components. As construction activities increase globally, the need for cranes to manage such demanding tasks continues to grow, further driving market demand.
Technological advancements are in high demand in the crane market, with automation and smart features becoming increasingly prevalent. Many contemporary cranes now incorporate telematics, which allows for real-time performance monitoring and load management. Improved safety features, such as collision avoidance systems and automated controls, help reduce the risk of accidents. These innovations not only enhance operational efficiency but also lower maintenance costs. As industries work to maximise productivity, the adoption of advanced technology in crane design is expected to rise, shaping the future of heavy lifting equipment. According to INVEST India, a significant recipient of foreign direct investment in the country, construction activities have drawn USD 33 billion in inflows from April 2000 to December 2023. Furthermore, it is projected that by 2030, approximately 600 million people will reside in urban areas, resulting in a demand for 25 million additional mid-range and affordable housing units.
Emerging economies are experiencing significant growth in the crane industry, spurred by rising urbanisation and infrastructure development. Countries in Asia, Africa, and South America are making substantial investments in construction projects, creating demand for a variety of crane types. This trend offers manufacturers opportunities to enhance their presence in these regions. As economic growth continues, local companies are also emerging, fostering increased competition and innovation. The expansion of the crane market in these developing areas is expected to influence global trends, shaping product offerings and investment strategies. According to the International Trade Administration, China’s 14th Five-Year Plan focuses on new infrastructure projects in transportation, energy, water systems, and urbanisation. Estimates indicate that investment in new infrastructure during this period (2021-2025) will amount to approximately 27 trillion yuan (USD 4.2 trillion).
The crane market is increasingly prioritising sustainability, driven by a rising demand for energy-efficient models. Manufacturers are developing cranes that employ hybrid or electric technologies to reduce emissions and lower fuel consumption. These environmentally friendly cranes not only meet stricter regulatory standards but also attract companies seeking green certification. This shift towards sustainable practices is fostering investment in research and development to create innovative solutions that improve operational efficiency while minimising environmental impact, making sustainability a significant factor in crane industry revenue. According to the Office for National Statistics, new orders in the UK rose by 11.4% in 2022, reaching a record high of £80.837 billion. The primary contributors to this growth were the private infrastructure, private commercial, and public non-housing sectors, with increases of 85.1%, 10.2%, and 17.5% respectively.
The global crane market faces several significant constraints. High initial costs can be a barrier for many companies, especially smaller businesses in emerging markets, limiting accessibility and growth. Stringent regulatory requirements regarding safety and emissions necessitate further investment in technology and training, which can strain resources and delay market entry.
A shortage of skilled operators and technicians hampers project timelines and increases operational risks. Economic instability can also adversely affect demand for cranes, as companies may postpone investments during uncertain times. The complexity of advanced technologies may deter companies from adopting new crane models.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
The EMR’s report titled “Crane Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Mobility
Market Breakup by Type
Market Breakup by Business Type
Market Breakup by Region
Market Analysis by Mobility
Static cranes are perfect for heavy lifting, providing exceptional stability and the ability to manage large loads. Their demand in the crane market is increasing, as they excel in precision tasks and are typically fixed in place for long-term projects, minimising setup time. With fewer moving parts, maintenance costs are generally lower. Moreover, static cranes can achieve greater lift heights, making them suitable for a range of construction applications. In October 2023, Liebherr launched the LTM 1500-8.1, a static crane with a 500-ton lifting capacity. Designed for urban construction, it includes advanced safety systems and precision controls, boosting stability and efficiency for complex projects.
Mobile cranes offer remarkable versatility, easily transported between job sites to meet various project needs. This crane demand growth is also rising due to their quick setup and dismantling, which saves time and improves efficiency on construction schedules. Their mobility allows them to reach remote locations, and they come in various models, including truck-mounted and all-terrain options. This flexibility makes them ideal for a wide range of applications, from construction to maintenance. In October 2023, Tadano launched the AC 100-4L, an all-terrain mobile crane designed for use in diverse environments. Its enhanced lifting capacity and manoeuvrability make it particularly well-suited for challenging terrains, thereby improving job site efficiency.
Market Analysis by Type
Transporter cranes are extremely mobile, designed to efficiently relocate materials across expansive areas, thereby enhancing workflow in manufacturing and warehouses. Capable of handling heavy loads, they are ideal for industrial applications. Their flexible configurations improve operational efficiency, while minimising manual transportation enhances worker safety and productivity, ultimately leading to significant cost savings and reduced downtime, creating several opportunities in the crane market. In October 2023, Konecranes launched the CXT Ultra, an advanced overhead travelling crane aimed at high-capacity lifting in industrial settings. With improved safety systems and smart technology integration, it seeks to enhance operational efficiency and decrease downtime in manufacturing environments.
Transporter, gantry, and bridge cranes each present distinct advantages in industrial contexts. Transporter cranes boost mobility and workflow by efficiently moving heavy materials, enhancing safety and productivity while minimising downtime. Gantry cranes offer versatility and stability for various applications, with straightforward installation and adjustable features. Bridge cranes optimise vertical space and load capacity, facilitating smooth material movement and ensuring operator safety, all while requiring minimal maintenance, thus contributing to the crane industry revenue. In October 2023, Gorbel introduced the G-Force bridge crane, designed for ergonomic lifting in warehouses. This model prioritises user comfort and efficiency, featuring advanced automation to streamline material handling processes, reduce worker fatigue, and increase productivity.
Market Analysis by Business Type
As per crane market analysis, OEMs deliver cranes with rigorous quality control, ensuring reliability and performance. They provide customised solutions tailored to specific operational requirements, enhancing efficiency. Moreover, OEMs usually offer warranties and technical support for rapid issue resolution. By integrating the latest technology, they enhance safety and functionality. Investing in OEM products often leads to lower long-term costs due to their durability and reduced maintenance needs. In September 2023, Konecranes launched a new range of OEM cranes featuring smart technology for predictive maintenance. This innovation allows operators to monitor performance in real-time, improving reliability and minimising downtime, thus maximising operational efficiency in industrial settings.
Aftermarket services offer cost-effective alternatives to OEM products, making them budget-friendly options for crane maintenance. A broad selection of readily available aftermarket parts reduces downtime during repairs. Many aftermarket components are compatible with various crane models, providing flexible maintenance solutions. Additionally, these parts often include performance upgrades, enhancing the capabilities of existing cranes. Using aftermarket components can extend the lifespan of cranes and optimise operational efficiency, impacting the growth of the crane market. In August 2023, Link-Belt improved its aftermarket support programme, providing enhanced training and resources for service technicians. This initiative aims to increase customer satisfaction by ensuring that maintenance and repairs are conducted efficiently and effectively, optimising crane performance.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Europe Crane Market Analysis
Europe is witnessing a notable increase in crane demand, particularly in Germany, Italy, and France. Cranes are employed in multiple sectors, such as construction, manufacturing, shipping, and logistics, which facilitates a diverse array of applications and boosts demand. According to The Federal Statistical Office, in Germany, national lorries transported 3.1 billion tonnes of goods by road in 2022.
North America Crane Market Trends
The North American crane market value is set for substantial growth, supported by major companies such as Caterpillar Inc., Terex Corporation and Konecranes. Rising investment in infrastructure projects, encompassing transportation and urban development, stimulates demand for cranes, thus aiding market growth. In February 2024, Dafang Crane launched electromagnetic overhead cranes, a type of engineering machinery designed to lift and handle various magnetic materials using the principles of electromagnetism.
Asia Pacific Crane Market Insights
In India brands such as L&T (Larsen & Toubro), TIL Limited (Tata International Limited) and Bharat Earth Movers Limited (BEML)highlight the growing crane market share in the Asia-Pacific region. The expanding construction sector in India, driven by urbanisation and housing demand, increases the requirement for various cranes. Domestic manufacturers provide affordable solutions while maintaining quality and accessibility. According to Invest India, in 2023, India's construction market was valued at USD 884.72 billion and is projected to reach USD 2,134.43 billion by 2030.
Latin America Crane Market Analysis
Key markets in the region include Brazil, Mexico, and Argentina, where there is significant demand for crane market. The market features the integration of advanced technologies like IoT and automation, improving operational efficiency, safety, and real-time monitoring. According to IBGE, Brazil's construction industry is expected to grow by 5.1% in 2024, reaching BRL 707.59 billion, with 2.3 million individuals employed in the sector in 2022.
Middle East and Africa Crane Market Driving Factors
The African crane market is growing, especially in Niger, Chad, Egypt, Ethiopia, and Morocco. The increasing focus on sustainability encourages the creation of eco-friendly cranes, aligning with global environmental objectives. Furthermore, flexible financing and leasing options provide businesses with easier access to essential equipment. According to industry reports, the construction market in Africa was valued at USD 196.77 billion in 2023 and is projected to reach USD 239.99 billion by 2030.
Innovative startups in the crane market offer numerous benefits, such as leveraging advanced technologies like automation and IoT to enhance efficiency and safety. They focus on cost-effective solutions, making high-tech cranes accessible to small businesses. Sustainability is a key priority, with many designing eco-friendly machinery. Startups also provide customisation and agility, enhanced safety features, and data-driven insights to optimise operations. By introducing disruptive business models, they foster competition and improve market standards. Emphasising user experience and collaboration with established firms, these startups adapt rapidly to changes, driving innovation and improving operational effectiveness across the industry.
Skyhook Technologies
Skyhook Technologies unveiled a modular crane system tailored for urban construction. This innovative design enables rapid assembly and disassembly, enhancing flexibility and efficiency on construction sites, especially in densely populated urban areas.
LiftSmart
LiftSmart introduced an AI-powered crane monitoring platform that improves safety and operational effectiveness. The platform offers real-time analytics and predictive maintenance notifications, assisting operators in optimising performance and minimising downtime, making it an essential resource for contemporary construction projects.
The crane market key players specialise in construction and industrial machinery. These companies are recognised for their innovative designs and high-quality products, which include cranes, excavators, and other heavy equipment. They emphasise advanced technology and sustainability, aiming to improve operational efficiency and minimise environmental impact. Committed to customer satisfaction, they offer extensive support and maintenance services. These firms have established a solid reputation in the global market, making significant contributions to various industries while prioritising safety, reliability, and state-of-the-art engineering in their product offerings.
Headquartered in Osaka, Japan, KUBOTA Corporation was established in 1890. The company is renowned for its manufacturing of agricultural machinery, construction equipment, and engines. KUBOTA focuses on innovation and sustainability, delivering high-quality products that enhance productivity and efficiency across various sectors globally.
Founded in 1888 and based in Pune, India, Kirloskar Brothers Ltd. is a leading manufacturer of pumps and pumpi...
Established in 1910 and headquartered in Hyvinkää, Finland, is a global leader in manufacturing cranes and l...
Founded in 1949 and based in Bulle, Switzerland, is a prominent manufacturer of construction machinery and equ...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other market key players in the crane market report are Sulzer Ltd., and Honda Kiko Co. Ltd., among others.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Get in touch with us for a customized solution tailored to your unique requirements and save upto 35%!
In 2023, the crane market reached an approximate value of USD 33.73 Billion.
The market is assessed to grow at a CAGR of 5.30% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 53.69 Billion by 2032.
The major market drivers include the heightened demand for crane in the construction and infrastructure sector, increasing use of cranes in cargo handling, and rapid urbanisation.
The key trends guiding the market include the expanding usage of crane in various industry verticals, technological advancements and innovations, and surging mining activities.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major segments based on mobility considered in the market report are static and mobile.
The significant types of the product are overhead travelling crane, transporter crane, gantry crane and bridge crane, and tower crane and portal or pedestal jib crane.
The major segments based on business types considered in the market report are original equipment manufacturer and aftermarket.
The major players in the market are KUBOTA Corporation, Kirloskar Brothers Ltd., KoneCrane Plc, Liebherr-International AG, Sulzer Ltd., Honda Kiko Co. Ltd., and others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Mobility |
|
| Breakup by Type |
|
| Breakup by Business Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
Purchase Full Report
Datasheet
Single User License
One User
Five User License
Five Users
Corporate License
Unlimited Users
How To Order
Our step-by-step guide will help you select, purchase, and access your reports swiftly, ensuring you get the information that drives your decisions, right when you need it.
Select License Type
Choose the right license for your needs and access rights.
Click on ‘Buy Now’
Add the report to your cart with one click and proceed to register.
Select Mode of Payment
Choose a payment option for a secure checkout. You will be redirected accordingly.
Gain insights to stay ahead and seize opportunities.
Get insights & trends for a competitive edge.
Track prices with detailed trend reports.
Analyse trade data for supply chain insights.
Leverage cost reports for smart savings
Enhance supply chain with partnerships.
Connect For More Information
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
We employ meticulous research methods, blending advanced analytics and expert insights to deliver accurate, actionable industry intelligence, staying ahead of competitors.
Our skilled analysts offer unparalleled competitive advantage with detailed insights on current and emerging markets, ensuring your strategic edge.
We offer an in-depth yet simplified presentation of industry insights and analysis to meet your specific requirements effectively.
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
Share