Market Overview

Crane Market Size Was Valued at USD 40.13 Billion in 2023 and is Projected to Reach USD 69.84 Billion by 2032, Growing at a CAGR of 6.35% From 2024-2032

Cranes are machines used to lift and move heavy objects. They are essential in the construction, manufacturing, and shipping industries. There are many different types of cranes, each designed for specific tasks. Some common types of cranes include mobile cranes, tower cranes, and overhead cranes. Mobile cranes are mounted on trucks and can be moved to different locations. Tower cranes are tall, stationary cranes often used in construction projects. Overhead cranes are suspended from the ceiling in buildings and factories. Cranes are essential tools for many modern industries. They allow workers to move heavy objects safely and efficiently. Without cranes, many construction projects would be impossible.

• The energy sector also plays a crucial role in the growth of the crane market. The development of renewable energy projects, such as wind and solar farms, demands specialized cranes for the installation and maintenance of equipment. Additionally, the oil and gas industry relies heavily on cranes for tasks like lifting heavy machinery and transporting materials in offshore and onshore operations. As the global focus on renewable energy intensifies and traditional energy sectors continue to evolve, the demand for cranes is expected to remain robust.
• Furthermore, infrastructure projects, including the construction of bridges, highways, and railways, contribute significantly to the expansion of the crane market. Governments worldwide are investing in infrastructure development to stimulate economic growth and enhance connectivity. Cranes are indispensable in these projects for tasks such as lifting and placing heavy construction materials, facilitating faster and more efficient project completion. As infrastructure investments increase, the crane market experiences a corresponding surge in demand.
• Technological advancements are also playing a pivotal role in the growth of the crane market. Modern cranes are equipped with sophisticated features such as telematics, automation, and IoT connectivity, enhancing their efficiency, safety, and overall performance. These technological innovations attract industries looking to optimize their operations and improve workplace safety standards, further driving the adoption of advanced crane solutions.

Crane Market Trend Analysis

Increasing Infrastructure Investments

• The global crane market is witnessing a significant surge in demand, and one of the key driving forces behind this momentum is the increasing infrastructure investments across various regions. As countries strive for economic development and urbanization, there is a growing need for robust and modern infrastructure to support the expanding population and businesses. This trend is reshaping the crane market landscape, with manufacturers and stakeholders gearing up to meet the rising demand for lifting solutions. In this article, we will delve into the factors contributing to the increased infrastructure investments and their implications for the crane market. ​

• As populations migrate from rural to urban areas, cities face the challenge of accommodating this influx. Urban development projects, such as high-rise buildings, commercial complexes, and smart city initiatives, demand advanced lifting solutions for construction and maintenance. Cranes, with their versatility and efficiency, play a pivotal role in these projects, driving the demand for innovative crane technologies. ​
• Moreover, governments worldwide are recognizing the role of infrastructure in economic development. Investments in infrastructure have a multiplier effect, stimulating various sectors of the economy and creating job opportunities. Consequently, there is a concerted effort to enhance transportation networks, energy infrastructure, and other key components that form the backbone of a thriving economy. The crane market, being an integral part of construction and infrastructure development, stands to benefit significantly from these investments.
• The global push for sustainability is another factor contributing to increased infrastructure investments. Many governments are channeling funds into eco-friendly projects, such as renewable energy facilities, green buildings, and sustainable transportation systems. Cranes are instrumental in the construction of wind farms, solar power plants, and other green infrastructure projects. The shift towards sustainability is not only influencing the choice of projects but also the type of cranes used, with a growing demand for energy-efficient and environmentally friendly crane technologies.

Technological Development in Construction Machinery

• Cranes, traditionally seen as robust yet somewhat conventional equipment, are now becoming increasingly sophisticated through the incorporation of sensors, telematics, and Internet of Things (IoT) devices. These technologies enable real-time monitoring of crane performance, allowing for predictive maintenance and minimizing downtime.
• The integration of automation and robotics is another transformative aspect of technological development in construction machinery. Automated cranes equipped with robotic arms and advanced control systems can perform precise and repetitive tasks with higher accuracy and speed than traditional manual methods. This not only improves productivity but also reduces the reliance on skilled labor, addressing challenges related to workforce shortages in the construction industry.
• Technological developments in materials and design have also contributed to the evolution of construction machinery, including cranes. The use of lightweight yet durable materials, such as high-strength alloys and composite materials, has enabled the construction of cranes with improved lifting capacities without compromising structural integrity. This not only enhances the performance of cranes but also reduces fuel consumption, contributing to environmental sustainability.

Crane Market Segment Analysis:

Crane Market Segmented on the basis of type, operation, and application.

By Type, Mobile Cranes segment is expected to dominate the market during the forecast period

• The increasing demand for construction and infrastructure development projects globally is driving the need for versatile and mobile lifting solutions. Mobile cranes offer high mobility and flexibility, allowing them to navigate various job sites easily. Moreover, advancements in technology have led to the development of more efficient and sophisticated mobile crane models. These cranes now come equipped with features such as telescopic booms, enhanced load capacity, and improved maneuverability, making them indispensable in diverse construction applications. Truck-mounted cranes decrease the need for a dedicated transport vehicle to carry the crane. Another advantage with this crane is its flexibility to adjust to going concerning the dragline, with the expansion of a winch drum at the front.

By Operation, Hydraulic segment held the largest share of 58.6% in 2022

• Hydraulic systems offer superior efficiency and reliability in crane operations compared to traditional mechanical systems. These systems provide precise control and smooth movements, allowing operators to handle heavy loads with increased accuracy and safety. Moreover, hydraulic cranes are known for their versatility and flexibility in various applications, such as construction, manufacturing, and logistics. The ability to adjust the crane's movement speed and control the load precisely makes hydraulic systems ideal for tasks requiring intricate maneuvering and positioning. As industries continue to prioritize efficiency and safety in material handling operations, the demand for hydraulic cranes is expected to rise, contributing to the notable growth in the hydraulic crane.

Crane Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• The Asia-Pacific region remained the largest market for all types of cranes, led by China and India. China is the largest segment of the market studied and has also emerged as the largest manufacturer of cranes, globally. Fuel economy and low emissions are the key trends that are shaping the Chinese segment. The real estate sector and infrastructure construction are the major drivers of the demand for cranes. Infrastructure projects, such as bridges, metro rail, elevated road corridors, power projects, etc., are the major drivers for the demand for cranes in India's market, especially tower cranes.
• In North America region, new declared tariffs by the United States on aluminum and steel are anticipated to grow the costs of cranes rapidly and affect the production and markets of new cranes, pushing customers to the rental market, for securing low operating costs.

Crane Market Top Key Players:

• Manitowoc (USA)
• Terex Corporation (USA)
• Liebherr Group (Switzerland)
• Tadano Ltd. (Japan)
• XCMG Group (China)
• Konecranes (Finland)
• Cargotec Corporation (Finland)
• Sany Group (China)
• Kobelco Construction Machinery Co., Ltd. (Japan)
• Palfinger AG (Austria)
• Komatsu Ltd. (Japan)
• SENNEBOGEN Maschinenfabrik GmbH (Germany)
• TIDD Crane & Rigging (USA)
• Link-Belt Cranes (USA)
• Kobelco Cranes Co., Ltd. (Japan)
• Broderson Manufacturing Corp. (USA)
• Jekko s.r.l. (Italy)
• Fassi Gru S.p.A. (Italy)
• National Oilwell Varco (USA)
• Shanghai Zhenhua Heavy Industries Co., Ltd. (China)
• KATO Works Co., Ltd. (Japan)
• Bonfiglioli Group (Italy)
• Elliott Equipment Company (USA)
• Demag Cranes & Components GmbH (Germany)

Key Industry Developments in the Crane Market:

• In June 2023 - Manitowoc Company, Inc. acquired Texas Crane & Rigging, expanding their presence in the growing Texas market and strengthening their crane rental and service offerings.
• In October 2023 - Zoomlion Heavy Industry Science & Technology Co., Ltd. acquired a majority stake in Raimondi Cranes SpA. This move positioned Zoomlion as a major player in the European tower crane market.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   11. ECOSYSTEM
6. CRANE MARKET BY TYPE (2016-2030)
   1. CRANE MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. MOBILE CRANES
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2016 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2016 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. FIXED CRANES
   5. MARINE AND OFFSHORE CRANES
7. CRANE MARKET BY OPERATION (2016-2030)
   1. CRANE MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. HYDRAULIC
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2016 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2016 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. ELECTRIC
   5. HYBRID
8. CRANE MARKET BY APLLICATION (2016-2030)
   1. CRANE MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. CONSTRUCTION & INFRASTRUCTURE
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2016 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2016 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. MINING AND EXCAVATION
   5. MARINE AND OFFSHORE
   6. INDUSTRIAL APPLICATIONS
9. COMPANY PROFILES AND COMPETITIVE ANALYSIS
   1. COMPETITIVE LANDSCAPE
      1. Competitive Positioning
      2. CRANE Market Share By Manufacturer (2022)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
   2. MANITOWOC (USA)
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
   3. TEREX CORPORATION (USA)
   4. LIEBHERR GROUP (SWITZERLAND)
   5. TADANO LTD. (JAPAN)
   6. XCMG GROUP (CHINA)
   7. KONECRANES (FINLAND)
   8. CARGOTEC CORPORATION (FINLAND)
   9. SANY GROUP (CHINA)
   10. KOBELCO CONSTRUCTION MACHINERY CO., LTD. (JAPAN)
   11. PALFINGER AG (AUSTRIA)
   12. KOMATSU LTD. (JAPAN)
   13. SENNEBOGEN MASCHINENFABRIK GMBH (GERMANY)
   14. TIDD CRANE & RIGGING (USA)
   15. LINK-BELT CRANES (USA)
   16. KOBELCO CRANES CO., LTD. (JAPAN)
   17. BRODERSON MANUFACTURING CORP. (USA)
   18. JEKKO S.R.L. (ITALY)
   19. FASSI GRU S.P.A. (ITALY)
   20. NATIONAL OILWELL VARCO (USA)
   21. SHANGHAI ZHENHUA HEAVY INDUSTRIES CO., LTD. (CHINA)
   22. KATO WORKS CO., LTD. (JAPAN)
   23. BONFIGLIOLI GROUP (ITALY)
   24. ELLIOTT EQUIPMENT COMPANY (USA)
   25. DEMAG CRANES & COMPONENTS GMBH (GERMANY)
10. GLOBAL CRANE MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Type
       4. Historic And Forecasted Market Size By Operation
       5. Historic And Forecasted Market Size By Application
       6. Historic And Forecasted Market Size By Country
          1. USA
          2. Canada
          3. Mexico
    3. EASTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Russia
          2. Bulgaria
          3. The Czech Republic
          4. Hungary
          5. Poland
          6. Romania
          7. Rest Of Eastern Europe
    4. WESTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Germany
          2. United Kingdom
          3. France
          4. The Netherlands
          5. Italy
          6. Spain
          7. Rest Of Western Europe
    5. ASIA PACIFIC
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. China
          2. India
          3. Japan
          4. South Korea
          5. Malaysia
          6. Thailand
          7. Vietnam
          8. The Philippines
          9. Australia
          10. New-Zealand
          11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    7. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
11. INVESTMENT ANALYSIS
12. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies