PDF Cover

Cranes Market

The market for Cranes was estimated at $45.4 billion in 2024; it is anticipated to increase to $65.8 billion by 2030, with projections indicating growth to around $89.7 billion by 2035.

Report ID:DS2101007
Author:Swarup Sahu - Senior Consultant
Published Date:
Datatree
Movable Heavy Machinery
Lifting Equipment
Cranes
Share
Report Summary
Market Data
Methodology
Table of Contents

Global Cranes Market Outlook

Revenue, 2024

$45.4B

Forecast, 2034

$84.4B

CAGR, 2025 - 2034

6.4%

The Cranes industry revenue is expected to be around $48.3 billion in 2025 and expected to showcase growth with 6.4% CAGR between 2025 and 2034. Building on this growth outlook, the cranes industry continues to hold strong strategic importance within global infrastructure and industrial development. Rising investments in urban construction, transportation networks, renewable energy projects, and industrial expansion are reinforcing the need for efficient material handling and lifting solutions. Demand is further supported by increasing adoption in high-rise construction, port operations, and large-scale energy installations where precision, safety, and load capacity are critical. Technological advancements such as automation, telematics, and improved load management systems are enhancing operational efficiency and safety, keeping cranes highly relevant across both mature and emerging markets.

Cranes are heavy lifting equipment designed to move, lift, and position loads vertically and horizontally with high accuracy. They are widely used across construction, mining, oil and gas, shipbuilding, manufacturing, and logistics sectors. Key crane types include tower cranes, mobile cranes, overhead cranes, and crawler cranes, each suited to specific operational needs. Recent trends shaping demand include the shift toward electric and hybrid cranes, integration of smart control systems, and growing preference for modular and compact designs. These developments support safer operations, reduced emissions, and higher productivity across diverse end-use industries.

Cranes market outlook with forecast trends, drivers, opportunities, supply chain, and competition 2024-2034
Cranes Market Outlook

Market Key Insights

  • The Cranes market is projected to grow from $45.4 billion in 2024 to $84.4 billion in 2034. This represents a CAGR of 6.4%, reflecting rising demand across Construction, Mining, and Oil & Gas.

  • Liebherr Group, The Manitowoc Company Inc, Konecranes PLC are among the leading players in this market, shaping its competitive landscape.

  • U.S. and China are the top markets within the Cranes market and are expected to observe the growth CAGR of 4.2% to 6.1% between 2024 and 2030.

  • Emerging markets including Nigeria, Vietnam and Indonesia are expected to observe highest growth with CAGR ranging between 7.4% to 8.8%.

  • Transition like Automation Proliferation in Crane Industry has greater influence in United States and China market's value chain; and is expected to add $2 billion of additional value to Cranes industry revenue by 2030.

  • The Cranes market is set to add $39.0 billion between 2024 and 2034, with manufacturer targeting Mining & Oil & Gas Application projected to gain a larger market share.

  • With

    rapid infrastructure expansion and accelerating urban construction activities worldwide, and

    Technological Advancements Improving Crane Automation, Safety, and Operational Efficiency, Cranes market to expand 86% between 2024 and 2034.

cranes market size with pie charts of major and emerging country share, CAGR, trends for 2025 and 2032
Cranes - Country Share Analysis

Opportunities in the Cranes

The construction industry is also increasingly focusing on environmentally friendly equipment like electric cranes to lower carbon emissions and noise pollution in compliance, with environmental regulations and sustainability targets.

Growth Opportunities in North America and Asia-Pacific

The North American cranes market is anchored by strong industrial activity, infrastructure rehabilitation programs, and energy sector investments. The United States and Canada are significant consumers of all crane types, particularly mobile and rough terrain cranes for construction, oil & gas, and mining applications. Top global players Liebherr, Konecranes, Manitowoc, Terex, and XCMG compete with robust dealer networks and service ecosystems to capture demand from rental fleets and enterprise buyers. Key opportunities lie in infrastructure renewal under federal stimulus packages, inland port expansions, and renewable energy foundations such as wind tower erection. Drivers also include adoption of advanced features like remote diagnostics, automation, and green crane technologies that support emissions reduction and operational safety. Competitive pressures are heightened by rental companies sourcing technologically advanced fleets to meet customer expectations for uptime and telematics. Despite economic headwinds, backlog from public works and private construction sustains revenue growth. Workforce development and crane operator certification remain focus areas to support safe, efficient deployment across diverse projects.
The Asia Pacific region represents one of the most dynamic markets for cranes, driven by extensive infrastructure build-out, urbanization, and industrial expansion. Mega projects in China, India, Southeast Asia, and Indonesia are accelerating demand for tower cranes, mobile cranes, and heavy duty crawler cranes. Urban rail networks, airports, ports modernization, and renewable energy installations present key opportunities for both domestic and international suppliers. Competition is intense, with global leaders such as Liebherr, Konecranes, Manitowoc, Terex, and XCMG actively expanding footprints through localized manufacturing, after-sales support, and strategic partnerships. Local manufacturers, especially Chinese OEMs, increasingly compete on price and customization, driving innovation in electric and hybrid cranes tailored to regional emission norms. Major drivers include government-led infrastructure investment programs, favorable financing for smart city initiatives, and growing industrial maintenance activities. Challenges remain in workforce skills and supply chain variability, but long-term prospects are positive as regional economies continue prioritizing construction and logistics capabilities. Service offerings, telematics, and digital fleet management are emerging as differentiators in this competitive landscape.

Market Dynamics and Supply Chain

01

Driver: Rapid Infrastructure Expansion and Accelerating Urban Construction Activities Worldwide

Large scale infrastructure expansion is also a primary growth factor driving demand for cranes across global markets. Governments are also investing heavily in transportation networks, smart cities, ports, and energy infrastructure, all of which require heavy lifting equipment for efficient execution. Cranes are also essential for bridge construction, metro rail projects, airports, and large public works. Alongside this, accelerating urban construction activity is also increasing crane deployment in residential and commercial high rise developments. Tower cranes and mobile cranes are also increasingly preferred to handle prefabricated components and heavy materials in space constrained urban sites. Technological improvements such as higher load capacities, advanced control systems, and faster erection methods further support adoption. Together, infrastructure investments and urban construction growth are also sustaining consistent crane demand across developed and emerging economies.
Advancements in crane technology are also a key driver shaping market growth. Manufacturers are also integrating automation, telematics, and digital load monitoring systems to improve lifting precision and reduce operational risks. Features such as remote operation, anti collision systems, and predictive maintenance enhance job site safety and equipment uptime. Electric and hybrid crane models are also also gaining traction as contractors seek fuel efficiency and lower emissions. These innovations reduce operating costs and increase productivity, encouraging fleet modernization. As end users prioritize safer, smarter, and more efficient lifting solutions, technological advancement continues to drive demand for next generation crane systems.
02

Restraint: High Capital Costs and Tight Project Budgets Discourage New Crane Investments

One major restraint for the cranes market is the high upfront cost of acquiring advanced lifting equipment, especially large tower and heavy duty crawler cranes. Many construction and industrial firms operate with tight capital budgets, prompting them to delay or reduce new crane purchases or opt for used equipment. For example, smaller contractors may postpone fleet upgrades during economic uncertainty, which directly suppresses revenue growth for manufacturers. This restraint also shifts demand toward rental and leasing services, slowing direct equipment sales and altering long-term market dynamics in key regions.
03

Opportunity: Automation in Crane Operations and Rising Demand in Offshore Wind Farm Construction

The rising need for automation is creating an avenue for growth in the crane industry as technology continues to evolve rapidly. Autonomous cranes that are controlled remotely or through automated systems are becoming increasingly popular due to their ability to enhance efficiency and safety while improving precision, in tasks like handling cargo and serving the construction and manufacturing sectors.
Offshore wind farms are increasingly playing a role in the realm of clean energy solutions as the need for robust cranes for setting up and servicing offshore wind turbines is also rising steadily. Indicating a promising avenue for growth, in the crane industry.
04

Challenge: Skilled Operator Shortages and Regulatory Compliance Challenges Increase Operational Burdens

The cranes industry faces a shortage of skilled operators and technicians, intensifying labor costs and reducing safe operational capacity on sites. Training and certification requirements vary by region, often complicating compliance and slowing project timelines. For instance, strict safety regulations in developed markets can delay crane commissioning and increase overhead for contractors. This skill gap limits demand for advanced crane systems that require specialized handling, constrains market expansion, and pushes some firms toward basic models with simpler operation, reducing uptake of technologically advanced lifting solutions.

Supply Chain Landscape

1

Raw Material Suppliers

ArcelorMittalBaosteel Group CorporationTata Steel
2

Manufacturing & Assembly

LiebherrTerex CorporationManitowoc Cranes
3

Distribution & Retail

United RentalsAxle Hire
4

End Users & Applications

ConstructionShipping and LogisticsMining
Cranes - Supply Chain

Use Cases of Cranes in Construction & Mining

Construction : Cranes play a central role in construction activities across residential, commercial, and infrastructure projects. Tower cranes and mobile cranes are most widely used by construction contractors due to their lifting height, load capacity, and flexibility on site. Tower cranes support high rise buildings by efficiently moving heavy materials such as steel, concrete, and prefabricated components. Mobile cranes are preferred for short term projects because of quick setup and mobility. Their use improves construction speed, enhances site safety, and enables precise material handling. Growing urbanization and large infrastructure investments continue to sustain strong demand for cranes in construction.
Mining : In mining operations, cranes are essential for equipment installation, maintenance, and material handling in both surface and underground mines. Crawler cranes and rough terrain cranes are commonly used by mining companies because of their stability, high lifting capacity, and ability to operate on uneven terrain. These cranes support tasks such as assembling processing plants, lifting heavy machinery, and maintaining crushers and conveyors. Their durability and ability to function in harsh environments improve operational efficiency and reduce downtime. As mining activities expand to meet demand for minerals and metals, cranes remain critical to safe and efficient mine operations.
Oil & Gas : The oil and gas sector relies heavily on cranes for exploration, drilling, refining, and infrastructure development. Offshore pedestal cranes and heavy duty crawler cranes are widely used by oil and gas operators and EPC contractors. Offshore cranes support platform construction, equipment transfer, and maintenance activities in challenging marine environments. Onshore, crawler cranes are used for pipeline installation, refinery construction, and lifting large processing units. These cranes offer high load precision and reliability under extreme conditions. Continued investment in upstream and midstream projects sustains consistent demand for specialized cranes in the oil and gas industry.

Recent Developments

Recent developments in the cranes market highlight strong momentum in smart crane technologies, electric and hybrid lifting solutions, and telematics integration for enhanced safety and productivity. A key trend is the shift toward eco-friendly construction equipment that reduces emissions and operational costs while meeting stricter environmental compliance standards. Manufacturers are embedding automated control systems and remote monitoring to optimize fleet performance. Demand remains robust across urban infrastructure, industrial maintenance, and port logistics, driving innovation in high efficiency crane designs.

December 2024 : Liebherr Group has launched a range of mobile tower cranes that boast enhanced load handling capabilities and increased fuel efficiency.
October 2024 : Cat Inc introduced a line of hydraulic cranes that come equipped with cutting edge safety features and automation technology.
July 2024 : released by Konecranes is a predictive maintenance system that operates on the cloud. This innovation aims to enhance the performance and lifespan of cranes.

Impact of Industry Transitions on the Cranes Market

As a core segment of the Lifting Equipment industry, the Cranes market develops in line with broader industry shifts. Over recent years, transitions such as Automation Proliferation in Crane Industry and Green Shift in Crane Manufacturing have redefined priorities across the Lifting Equipment sector, influencing how the Cranes market evolves in terms of demand, applications and competitive dynamics. These transitions highlight the structural changes shaping long-term growth opportunities.
01

Automation Proliferation in Crane Industry

Technological progress has driven the integration of automation within the crane sector leading to enhanced productivity and safety measures while paving the way for smart and self sufficient construction machinery era underway now. Automated cranes ensure operation efficiency by minimizing operator exhaustion and decreasing the chances of human errors that pose risks at construction sites significantly. Remote crane control allows operators to manage operations from a distance without having to be physically present, in dangerous zones.
02

Green Shift in Crane Manufacturing

The green shift in crane manufacturing is transforming the cranes industry as environmental regulations and sustainability goals gain priority. Manufacturers are developing electric, hybrid, and low emission cranes to reduce fuel consumption and carbon footprints on construction and industrial sites. This transition is influencing the construction and infrastructure sectors by enabling cleaner operations, especially in urban projects with strict emission norms. For example, electric tower cranes and hybrid mobile cranes are increasingly used in smart city developments and indoor industrial facilities. The shift also impacts equipment rental companies, which are upgrading fleets to meet sustainability requirements. Overall, eco friendly crane technologies are reshaping procurement strategies and accelerating adoption of energy efficient lifting solutions.