The global crane market is projected to reach USD 45.7 billion in 2023, driven by increasing demand for infrastructure development and construction projects. By 2033, the market is expected to grow to USD 67.6 billion, achieving a compound annual growth rate (CAGR) of 4.0% from 2023 to 2033.
Key factors propelling the demand for cranes include rapid urbanization and the construction of high-rise buildings, bridges, roads, and other infrastructure projects. Additionally, the use of cranes in various industries such as material handling, shipbuilding, manufacturing, and construction is expected to further boost market growth.
The crane market is also expanding due to its growing applications in the oil and gas industry, where cranes are used for exploration, production activities, and offshore and onshore operations, including rig installation, pipeline construction, and maintenance.
Technological advancements are enhancing crane performance and safety, contributing to market growth. Innovations such as telematics, anti-collision systems, remote control operations, and load monitoring sensors are improving crane capabilities and operational efficiency.
North America features a well-established crane market, bolstered by ongoing infrastructure projects, industrial activities, and urban development. The growth of the oil and gas sector and investments in renewable energy projects in the United States and Canada are also driving market expansion in the region.
The Asia Pacific region is anticipated to capture a significant share of the crane market due to extensive construction of high-rise buildings, transportation infrastructure, and energy projects. Increased investments in manufacturing in countries like China and India are further fueling market demand in the region.
Full Market Assessment: Comprehensive Report
Key Takeaways from the Market Study
- From 2018 to 2022, the crane market demand expanded at a CAGR of 3.5%
- Based on crane type, the tower crane segment accounts for a CAGR of 3.8%
- By application, the construction segment is expected to expand at a CAGR of 3.9% during the forecast period
- North America to emerge as a promising crane market, capturing a CAGR of 3.9%
- The crane industry in the United Kingdom is predicted to reach US$ 4 billion by 2033
- South Asia and the Pacific to be an opportunistic crane market, expected to capture a CAGR of 3.5 % during the forecast period.
Competitive Landscape
The global crane market is fragmented with the presence of several large and medium-scale players. The leading players in the crane market are investing in strategic agreements in order to capture market share.
Some of the development by prominent players in the crane market are:
- Liebherr is a prominent player in the crane market, known for its wide range of mobile and crawler cranes. In recent years, Liebherr has focused on innovation and product development. For example, they introduced the Liebherr LTM 1650-8.1 mobile crane, which has one of the longest telescopic booms in its class. This crane offers high lifting capacities and advanced safety features, catering to the needs of heavy lifting applications.
- Terex Corporation is a leading manufacturer of cranes, including rough terrain cranes, tower cranes, and truck-mounted cranes. In recent years, Terex has made advancements in technology and safety features. They launched the Terex CTT 472-20 flat-top tower crane, featuring an increased lifting capacity and advanced control systems for improved efficiency and productivity. This crane incorporates automation features for ease of use and enhanced safety.
Top Key Players
- Liebherr Group
- Terex Corporation
- XCMG Construction Machinery Co. Ltd.
- The Manitowoc Company
- Cargotec Oyj, Tadano Ltd.
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- Kobelco
- Sany Group
- Kato
- Tadano Ltd.
Know More about What the Crane Market Report Covers
Future Market Insights offers an unbiased analysis of the global crane market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the crane market, the market is segmented based on type, application, capacity, and design across six major regions.
Key Segmentations
By Type:
- Rough Terrain Cranes (RTCs)
- All Terrain Cranes (ATCs)
- Truck Cranes
- Mobile Harbors
- Off-shore Ship Cranes
- Loader Cranes
- Railroad Cranes
- Crawler Cranes
- Tower Cranes
- Others
By Application:
- Aerospace and Defense
- Automotive & Railways
- Heavy Engineering
- General Engineering
- Mining
- Construction
- Marine
- Shipping & Material Handling
- Energy (Power & Gas)
By Capacity:
- Up to 5 MT
- 5 to 50 MT
- 50 to 250 MT
- 250 to 500 MT
- 500 to 1,500 MT
- 1,500 to 3,000 MT
By Design:
- Stiff Boom
- Knuckle Boom/Telescopic Boom
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
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