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Cranes Market

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:December 2024
Datatree
Movable Heavy Machinery
Lifting Equipment
Cranes
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Report Summary
Table of Contents
Methodology
Market Data

Global Cranes Market Outlook

Revenue, 2024

$45.4B

Forecast, 2034

$84.4B

CAGR, 2024 - 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.

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

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.
  • The market leaders in this sector include Liebherr Group and The Manitowoc Company Inc and Konecranes PLC which determine the competitive dynamics of the industry.
  • 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%.
  • The Cranes market will experience a $5.5 billion growth boost through 2030 because of the expanding use of automation in the crane industry.
  • 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.
cranes market size with pie charts of major and emerging country share, CAGR, trends for 2025 and 2032

Opportunities in the Cranes

The construction industry is 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

North America Outlook

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.

Asia-Pacific Outlook

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

ArcelorMittal

Baosteel Group Corporation

Tata Steel

2
Manufacturing & Assembly

Liebherr

Terex Corporation

Manitowoc Cranes

3
Distribution & Retail

United Rentals

Axle Hire

4
End Users & Applications

Construction

Shipping and Logistics

Mining

*The illustration highlights the key stakeholders within the supply chain ecosystem.

Applications of Cranes in Construction, Shipping & Energy Sector

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

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.

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.

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. This industry transition is expected to add $5.5 billion in the industry revenue between 2024 and 2030.
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.

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