Cranes Market Report 2025

The cranes market size has grown steadily in recent years. It will grow from $39.97 billion in 2024 to $41.92 billion in 2025 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to construction boom, industrialization, infrastructure development, port and shipyard expansion, power plant construction, manufacturing sector expansion.

The cranes market size is expected to see strong growth in the next few years. It will grow to $52.55 billion in 2029 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to renewable energy projects, e-commerce growth, focus on safety, rise of prefabrication, harbor and shipyard modernization, focus on eco-friendly solutions. Major trends in the forecast period include integration of telematics and IoT, eco-friendly and energy-efficient cranes, compact and mobile crane models, crane automation and robotics, advanced hydraulic systems.

The surge in global construction expenditure is propelling growth within the cranes market. This uptick is fueled by rapid industrialization, urbanization, and robust economic expansion in emerging economies, leading to heightened investment in construction activities worldwide. This increased expenditure in construction is anticipated to drive the demand for cranes, as construction teams seek faster and more efficient material handling equipment to ensure safe operations and minimize human risk on site. For instance, as per the U.S. Census Bureau's April 2022 report on monthly construction spending, the projected construction spending was $1.74 trillion, indicating a 0.8% increase from the revised March estimate of $1.74 trillion. Consequently, the escalating investment in construction is poised to fuel a surge in crane demand throughout the forecast period.

Anticipated growth in crude oil demand is poised to drive expansion within the cranes market. These heavy-duty lifting machines play a crucial role in the exploration, extraction, and transportation of crude oil. For instance, as of October 2023, projections from the International Energy Agency (IEA) indicate an estimated consumption of 25 billion cubic meters of natural gas in India by 2024, showing an annual growth rate of 9%. Additionally, the Indian Brand Equity Foundation (IBEF) forecasts a substantial 50% surge in oil demand in India by 2030, compared to a 7% global demand growth. As a result, the escalating demand for crude oil supply is expected to significantly bolster the need for cranes throughout the forecast period.

Leading companies in the crane market are prioritizing the development of advanced solutions, such as wireless upgrade capabilities, to enable cranes to receive software updates over the air. This technology allows devices or equipment to be remotely upgraded via Wi-Fi or mobile networks, enhancing flexibility and future-proofing the equipment. For example, in August 2024, Konecranes, a Finland-based material handling solutions company, introduced the Konecranes X-series industrial crane. This crane, designed for lifting capacities of up to 20 tons, integrates a wireless upgrade capability that enables it to adapt to evolving customer needs. It also features an ergonomic control system for improved operator comfort, an upgraded hoisting motor for greater efficiency, and environmentally friendly components. Additionally, the crane is equipped with TRUCONNECT Remote Monitoring, offering real-time insights into crane usage to optimize performance and maintenance.

Leading crane manufacturers are developing innovative solutions like hydraulic quick coupling systems to streamline the setup process and minimize time to operational readiness. Hydraulic quick coupling allows for easy, tool-free connection and disconnection of hydraulic lines, automating the boom’s securement and enhancing assembly efficiency. For instance, in June 2024, Liebherr, a Germany-based heavy machinery and construction equipment manufacturer, introduced the LTM 1400-6.1. This 6-axle crane, equipped with a 70-meter telescopic boom, is designed with a simplified setup process and innovative features. The LTM 1400-6.1 offers higher lifting capacities and improved efficiency, making it ideal for demanding construction site applications.

In February 2022, American Equipment Holdings, a manufacturer in the USA specializing in industrial overhead cranes, crane services, and inspections, completed the acquisition of Kistler Crane & Hoist. The specific amount involved in the acquisition was not disclosed. This strategic move by American Equipment aims to broaden its geographical presence within the overhead crane systems and hoists sector, both in terms of production and maintenance, repair, and overhaul (MRO) services. Kistler Crane & Hoist, a USA-based company, specializes in offering overhead crane systems and provides services for maintenance, repair, and overhaul within the industry.

Major companies operating in the cranes market include Liebherr Group, Xuzhou Heavy Machinery Co. Ltd (XCMG), Marmon Crane Services, Zoomlion India Pvt. Ltd., Zhenhua Heavy Industries Co. Ltd (ZPMC), SANY Heavy Equipment Co. Ltd, Mammoet Americas, Terex Corporation, Cargotec Oyj, PALFINGER AG, The Manitowoc Company Inc., Tadano Ltd, Maxim Crane Works, American Crane & Equipment Corporation, Bigge Crane and Rigging Co., Action Construction Equipment Ltd., Yongmao Holdings Limited, WOLFFKRAN International AG, Kobelco Cranes Co. Limited, Favelle Favco Group, Barnhart Crane & Rigging, Lampson International, JASO Tower Cranes, Eng Cranes Srl, Konecranes PLC, Sumitomo Heavy Industries Construction Cranes Co. Ltd, HKTC LLC, Shandong Huaxia Group Co. Ltd., Buckner HeavyLift, SENNEBOGEN Maschinenfabrik GmbH.

Asia-Pacific was the largest region in the cranes market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the cranes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cranes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cranes, machines equipped with hoisting mechanisms, lift and transport heavy objects using lift and wire ropes, sheaves, levers, and pulleys for mechanical advantage.

Cranes come in three primary types: mobile, fixed, and marine. Mobile cranes are adept at lifting and maneuvering goods over short distances, utilizing fundamental machinery. Known for their lightweight and easy mobility, these cranes offer a cost-effective solution for construction firms. Their applications span across construction, mining, industrial, oil & gas, and various other sectors where their versatility and mobility are advantageous.

The cranes market research report is one of a series of new reports that provides cranes market statistics, including cranes industry global market size, regional shares, competitors with a cranes market share, detailed cranes market segments, market trends and opportunities, and any further data you may need to thrive in the cranes industry. This cranes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The crane market consists of sales of deck cranes, crawler cranes, floating cranes, rough terrain cranes, truck-mounted cranes, bridge/overhead cranes, bulk-handling cranes, and hammerhead cranes among others. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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