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.
Urbanization and infrastructure development are major drivers for the crane market. With the expansion and development of urban areas, there has been a surge in construction projects, including high-rise buildings, bridges, roads, and other infrastructure. Cranes are essential for lifting and moving heavy materials, equipment, and prefabricated components in these projects. Urbanization and infrastructure development have driven innovation in crane technology, including automation, remote operation, real-time monitoring, and predictive maintenance, enhancing safety, efficiency, and productivity, and making cranes more versatile and cost-effective.
Also, with urbanization and infrastructure development, there is a growing need for skilled personnel capable of operating specialized equipment such as cranes to handle complex construction tasks efficiently and safely. Thus, urbanization and infrastructure development are increasing the demand for cranes as well as crane operators. Additionally, government initiatives for infrastructure development are also supporting the growth of the cranes market. For instance, in March 2023, the Government of India launched the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), including two initiatives, namely the Urban Infrastructure Development Scheme for Small and Medium Towns (UIDSSMT) and Urban Infrastructure and Governance (UIG). The UIDSSMT initiative aims to accelerate infrastructure development with Central Assistance (CA) in small and medium-sized towns (UTs), whereas UIG focuses on infrastructure development with central assistance in large cities across Indian States/Union Territories.
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Also, the integration of telematics and Internet of Things (IoT) technologies has enabled real-time monitoring of crane performance and other technical parameters. This data-driven approach helps optimize maintenance, detect potential issues before they lead to breakdowns, and improve overall operational efficiency. Some of the major advancements in crane technology are as follows:
Smart cities require modern infrastructure with advanced technologies such as IoT sensors, smart grids, and communication networks. The construction of these infrastructure components often involves heavy lifting tasks that require advanced machinery for materials handling, equipment installation, and structural assembly. Also, the integration of digital technologies such as Building Information Modeling (BIM) and real-time project management systems improves coordination and communication among stakeholders in smart city construction projects. These projects require various types of cranes, including tower cranes for high-rise construction and mobile cranes for site logistics, contributing to the growth of the cranes market. Cranes equipped with advanced technologies such as automation, telematics, and remote operation enable faster, safer, and more precise construction processes, aligning with the goals of smart city development.
Moreover, smart city initiatives often involve large-scale urban development projects such as the construction of skyscrapers and transportation hubs. These projects require a diverse range of cranes, including tower cranes for high-rise construction and mobile cranes for site logistics, contributing to the growth of the cranes market. Thus, smart city & infrastructure projects are generating growth opportunities for market stakeholders.
The rising demand for renewable energy has accelerated advances in renewable energy technologies and boosted the construction of renewable energy infrastructure, such as wind farms, solar parks, hydropower dams, and geothermal plants, which require heavy lifting equipment like cranes for the installation of turbines, solar panels, dam components, and other structures. The scale and complexity of these projects necessitate significant investments in crane services, driving the crane market.
Moreover, renewable energy projects are typically large-scale endeavors that involve extensive construction and installation activities, requiring cranes throughout the project lifecycle, from initial site preparation to ongoing maintenance and repair. Moreover, technological advancements in renewable energy systems, such as the development of larger and more efficient wind turbines and advanced solar panel designs, often require innovations in crane technology to support their installation and maintenance. Thus, the rising demand for renewable energy is generating opportunities for the players operating in the cranes market.
The shortage or unavailability of skilled operators is a significant challenge in the cranes market. Cranes are complex machinery requiring precise operation to ensure safety and efficiency. Inexperienced operators may not fully understand the operational nuances of different crane types, leading to safety risks for both personnel and materials. Also, it can lead to longer project durations and increased costs due to delays and accidents.
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.
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.
The report offers a competitive analysis based on an extensive assessment of the product portfolios and geographic presence of leading market players and the key growth strategies adopted by them over the past 3–4 years. Some of the key players operating in the cranes market are 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).
In February 2024, the U.S. government announced plans to invest billions in the domestic manufacturing of cargo cranes, seeking to counter fears that the prevalent use of China-built cranes with advanced software at many U.S. ports poses a potential national security risk.
In July 2023, Tata Steel (India) manufactured the crane used for the successful launch of the LVM3-M4 rocket, dubbed ‘Fat Boy’, in the Chandrayaan-3 mission.
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Particulars |
Details |
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Number of Pages |
250 |
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Format |
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Forecast Period |
2024–2031 |
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Base Year |
2023 |
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CAGR |
4.6% |
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Market Size |
USD 51.7 Billion by 2031 |
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Segments Covered |
By Type
By Class
By Lifting Mechanism
By Control Method
By End-use Industry
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Countries Covered |
Europe (Germany, U.K., France, Italy, Spain, Netherlands, Switzerland, Sweden, Denmark, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia & New Zealand, Indonesia, Thailand, Vietnam, Malaysia, Singapore, and Rest of Asia-Pacific), North America (U.S., Canada), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (UAE, Israel, and Rest of Middle East & Africa) |
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Key Companies Profiled |
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) |
The cranes market study focuses on market assessment and opportunity analysis based on the sales of cranes across different geographies and market segments. This study also provides a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies.
The cranes market is expected to reach $51.7 billion by 2031, at a CAGR of 4.6% from 2024–2031.
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 due to tower cranes’ versatility in handling heavy lifting tasks at construction sites, such as lifting steel, concrete, and other materials to great heights.
The electric cranes segment is projected to register the highest CAGR during the forecast period due to their high adoption across industries attributed to their zero emissions and sustainability.
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.
Furthermore, the growth in smart city & infrastructure projects and the rising demand for renewable energy are expected to generate significant market growth opportunities.
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).
The Asia-Pacific region is projected to register the highest CAGR of ~6.0% during the forecast period. The growth of this regional market can be attributed to the region’s accelerated infrastructure development and major investments in the transportation, energy, and construction sectors, which have boosted the demand for larger, more specialized cranes in the region.
This report provides pre & post COVID-19 market estimates.
This report provides pre & post COVID-19 market estimates.
This report provides pre & post COVID-19 market estimates.
Published Date: May-2024
Published Date: Jan-2024
Published Date: Apr-2022
