Cranes Market to be Worth $51.7 Billion by 2031

Cranes Market by Type (Tower Cranes, Mobile Cranes, Overhead Cranes), Class (Class A {Standby Service}, Class B {Light Service}, Class C), Lifting Mechanism, Control Method, End-use Industry (Construction, Oil & Gas), and Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Cranes Market by Type (Tower Cranes, Mobile Cranes, Overhead Cranes), Class (Class A {Standby Service}, Class B {Light Service}, Class C), Lifting Mechanism, Control Method, End-use Industry (Construction, Oil & Gas), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the cranes market is expected to reach $51.7 billion by 2031, at a CAGR of 4.6% from 2024 to 2031. The growth of the cranes market is driven by rapid urbanization and infrastructure development, growing global trade & the consequent increase in port and shipyard operations, and advancements in crane technology. However, the high initial investment requirements and operational costs of cranes restrain the growth of this market.

Furthermore, growth in smart city & infrastructure projects and the rising demand for renewable energy are expected to generate significant growth opportunities for the stakeholders in this market. However, the lack of skilled operators is a major challenge impacting the market’s growth.

The cranes market is segmented by type (tower cranes, mobile cranes, overhead cranes, telescopic cranes, crawler cranes, railroad cranes, floating cranes, aerial cranes, jib cranes, gantry cranes, and other crane types), class (class A {standby or infrequent service}, class B {light service}, class C {moderate service}, class D {heavy service}, class E {severe service}, and class F {continuous severe service}), lifting mechanism (hydraulic cranes, electric cranes, diesel cranes, and other lifting mechanisms), control method (manual cranes, remote-controlled cranes, and automated cranes), and end-use industry (construction, ports & shipping, oil & gas, aerospace & defense, and other end-use industries). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, the cranes market is segmented into tower cranes, mobile cranes, overhead cranes, telescopic cranes, crawler cranes, railroad cranes, floating cranes, aerial cranes, jib cranes, gantry cranes, and other crane types. In 2024, the tower cranes segment is expected to account for the largest share of ~22.0% of the cranes market. This segment’s significant market share can be attributed to the various benefits of tower cranes. They are incredibly versatile and can handle heavy lifting tasks at construction sites, such as lifting steel, concrete, and other materials to great heights. Their efficiency in various construction projects, including high-rise buildings and infrastructure projects, makes them indispensable in the construction industry. Also, advancements in technology have led to the development of tower cranes with features such as increased lifting capacities, improved safety systems, and better energy efficiency. These technological innovations drive the adoption of tower cranes among construction companies looking to optimize their operations.

Furthermore, various key players are launching advanced tower cranes. For instance, in January 2023, The Manitowoc Company, Inc. (U.S.) announced the launch of the Potain MCT 1005 M50, the largest topless tower crane manufactured at its Zhangjiagang facility in China. Also, in October 2022, KenzFigee (Netherlands) launched its first up-tower crane solution for offshore wind.

However, the mobile cranes segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the benefits of mobile cranes. These cranes are highly versatile and can be easily transported between sites. Their mobility allows them to access a wide range of locations, making them suitable for various applications such as construction, infrastructure development, industrial projects, and disaster response. Also, mobile cranes offer high efficiency in lifting and moving heavy loads. They are equipped with telescopic booms or hydraulic arms that provide significant reach and lifting capacity, enabling them to handle a wide range of tasks with precision and speed.

Based on class, the cranes market is segmented into class A, class B, class C, class D, class E, and class F. In 2024, the class D segment is expected to account for the largest share of the cranes market. This segment’s significant market share can be attributed to the benefits of class D (heavy service) cranes. These cranes are designed to lift and move substantial loads in a variety of industries, including construction, manufacturing, mining, and oil & gas. Their versatility allows them to be used in diverse applications, making them indispensable in various end-use industries.

Additionally, the class D segment is projected to register the highest CAGR during the forecast period.

Based on lifting mechanism, the cranes market is segmented into hydraulic cranes, electric cranes, diesel cranes, and other lifting mechanisms. In 2024, the hydraulic cranes segment is expected to account for the largest share of ~44.0% of the cranes market. This segment’s significant market share can be attributed to the benefits of hydraulic cranes. These cranes are efficient and offer versatility in terms of lifting capacity and maneuverability. Hydraulic cranes are relatively easier to operate compared to some other types of cranes. They often feature intuitive controls and ergonomic designs, reducing the time required for training operators. This ease of operation increases the accessibility of hydraulic cranes for a broader range of users, further driving their demand in the market.

However, the electric cranes segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the benefits of electric cranes. These cranes produce zero emissions during operation, making construction and other industries more sustainable. Electric cranes typically feature advanced safety systems and precise control mechanisms, enhancing overall safety for operators and bystanders. With fewer moving parts and simplified maintenance requirements compared to diesel-powered cranes, electric cranes offer increased reliability and uptime, contributing to higher productivity on job sites.

Based on control method, the cranes market is segmented into manual cranes, remote-controlled cranes, and automated cranes. In 2024, the manual cranes segment is expected to account for the largest share of ~33.0% of the cranes market. This segment’s significant market share can be attributed to the better affordability and lower maintenance costs of manual cranes compared to automated cranes. Manual cranes have fewer components and less sophisticated technologies, resulting in lower initial investment requirements. Manual cranes can be easily maneuvered and adapted to different tasks and environments. Their flexibility allows them to handle a wide range of loads, making them suitable for various industries such as construction, manufacturing, and shipping.

However, the automated cranes segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the benefits of automated cranes. These cranes can perform repetitive tasks with high precision and consistency, leading to improved efficiency in material handling operations. They can operate continuously without fatigue, resulting in higher productivity and throughput. Automated cranes reduce the need for manual labor in material handling tasks. By automating repetitive and physically demanding tasks, they allow human workers to focus on more complex or value-added activities, ultimately reducing labor costs. Furthermore, automated cranes are increasingly being implemented at ports around the world. For instance, in November 2023, the Port of Colombo (POC) implemented ABB’s (Switzerland) automated stacking cranes to enhance the operational efficiency of its new larger terminals.

Based on end-use industry, the cranes market is segmented into construction, ports & shipping, oil & gas, aerospace & defense, and other end-use industries. In 2024, the construction segment is expected to account for the largest share of ~35.0% of the cranes market. This segment’s significant market share can be attributed to the wide use of cranes at construction sites. Cranes significantly enhance productivity at construction sites by streamlining material handling processes. They can lift and transport materials to various locations within the site quickly, reducing manual labor requirements and accelerating construction timelines.

Furthermore, the key players in the cranes market are focused on developing advanced cranes for construction applications. For instance, in October 2023, Potain (France) launched a brand-new self-erecting crane, the Potain Evy 30-23 4 t. It is the first model from the new Evy range of self-erecting tower cranes and is designed for home construction and residential building construction up to three stories in height. Also, in February 2023, Action Construction Equipment (India) introduced several products at the Bauma Conexpo 2023, including India’s first fully electric mobile crane, the country’s most substantial indigenous crane capable of lifting 180 tons, and India’s inaugural self-propelled aerial work platforms.

Additionally, the construction segment is projected to register the highest CAGR during the forecast period.

Based on geography, the cranes market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of ~46.0% of the cranes market. Asia-Pacific’s large share can be attributed to the region’s accelerated infrastructure development and major investments in the transportation, energy, and construction sectors. These factors have boosted the demand for larger, more specialized cranes in the region. Cranes are widely utilized in the region’s manufacturing facilities for material handling, assembly, and logistics.

The adoption of advanced crane technologies such as automation, remote monitoring, and IoT-enabled systems is increasing in the Asia-Pacific region. These technologies enhance the operational efficiency, safety, and productivity of cranes. Also, the Asia-Pacific region is witnessing significant growth in renewable energy projects, including wind farms and solar parks. Cranes are used in the installation and maintenance of renewable energy infrastructure.

Additionally, the Asia-Pacific region is projected to register the highest CAGR of ~6.0% during the forecast period.

Key Players

The key players operating in the cranes market include Liebherr Group (Switzerland), Terex Corporation (U.S.), Tadano Ltd. (Japan), Caterpillar Inc. (U.S.), Gorbel Inc. (U.S.), Konecranes Plc (Finland), The Manitowoc Company, Inc. (U.S.), XCMG Group (China), Zoomlion Heavy Industry Science and Technology Co., Ltd. (China), SANY Heavy Industry Co., Ltd. (China), Pelloby Ltd. (U.K.), Demag Cranes & Components GmbH (Germany), Street Crane Company Limited (U.K.), Hitachi Construction Machinery Europe NV (Netherlands), and Komatsu Ltd. (Japan).

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Key Questions Answered in the Report:

What are the high-growth market segments in terms of type, class, lifting mechanism, control method, and end-use industry?
What is the historical market size for the global cranes market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global cranes market?
Who are the major players in the global cranes market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global cranes market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the global cranes market, and how do they compete with the other players?

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