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 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. Establishing their widespread presence and significant impact, on these sectors.
In shapes and sizes. Ranging from sturdy tower cranes to nimble mobile cranes. These majestic machines are shaping the global landscape of progress and growth with their remarkable features such as strong lifting capability long lasting build quality, versatility, in managing different equipment and impressive speed in operations.
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, Shipping and Energy Sector.
- 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 Urbanization and infrastructure development, and Technological advancements in crane industry, Cranes market to expand 86% between 2024 and 2034.
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 construction and logistics industries in North America are experiencing an increase in the need for cranes due to their growth trends in recent times. Key companies like Liebherr, Manitowoc and Terex are making the market more competitive. The advancement of technology. The shift towards automation present promising prospects, for expanding the market further.
The Asia Pacific region is a thriving market for cranes due to the rising infrastructure projects and urbanization trends in countries such as China and India The competition is intense with brands like Zoomlion and SANY leading the market scenario The demand for eco energy efficient cranes opens up exciting growth opportunities, in this region
Market Dynamics and Supply Chain
01
Driver: Urbanization and Infrastructure Development, and Expansion of Industrial & Manufacturing Sectors
The increasing trend of urbanization worldwide has also led to a growing need for cranes in the development of infrastructure projects like skyscrapers and bridges well as public utilities for tasks such, as heavy lifting and transportation. Ultimately boosting the crane markets demand and growth. The growing industries and manufacturing fields globally require the utilization of cranes for material handling and logistics purposes well as assembly tasks. This rising need, in industrial sectors greatly influences the crane market.
Advancements in technology such as integrating intelligence (AI) the Internet of Things (IoT) and automation into crane systems are also enhancing efficiency and safety while minimizing human errors, in the industry – driving the crane market forward.
02
Restraint: High Cost Investment
Large construction machinery, like cranes often require an upfront investment which can be challenging for small and medium sized businesses to afford. This initial cost barrier can make it difficult for companies to enter or expand in the market. The expenses related to maintaining and operating cranes can add up quickly. Hinder the growth of the crane market.
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: Emergence of Equipment Rental Services
The increasing trend of using services for equipment poses a new obstacle for the cranes industry sector as a whole. Numerous companies opt to lease equipment such as cranes than buy them outright due, to the substantial expenses associated with depreciation, maintenance and storage.
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
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
Use Cases of Cranes in Construction & Shipping
Construction : In construction work. Especially when building tall structures. Cranes play a role by lifting and moving heavy objects efficiently within urban and large construction sites that require their unique capabilities for transporting materials with ease to different locations. The industry is dominated by companies such, as Caterpillar and the Liebherr Group known for producing strong and powerful cranes designed to handle heavy loads reliably over time.
Shipping : In the shipping industry cranes are essential for loading and unloading cargo due to their strong structure and ability to carry heavy weights effectively moving containers in a smoother manner Companies like Konecranes and Cargotec are known for their cutting edge crane technology, in this field.
Energy Sector : In energy industry operations related to wind turbines and electricity pylons construction and upkeep rely heavily upon cranes for their height and flexibility that guarantee accuracy and safety measures in place. Specialized cranes designed for energy sector applications are provided by industry giants, like Manitowoc and Terex.
Recent Developments
In the crane industry these days there seems to be a move towards embracing new technologies and eco friendly practices due to the increasing need for safe and efficient construction machinery thats also kind, to the environment.
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 crane manufacturing industry is being impacted more and more by climate change and environmental concerns these days as manufacturers are shifting towards creating cranes thatre eco friendly, with low emissions and high energy efficiency.