GVR Report cover Crane Market Size, Share & Trends Report

Crane Market Size, Share & Trends Analysis Report By Product (Mobile Crane, Fixed Crane), By Application (Construction, Mining), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68040-168-4
  • Number of Pages: 120
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Crane Market Size & Trends

The global crane market size was estimated at USD 24.35 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 4.7% from 2023 to 2030. The need for cranes is primarily driven by their essential role in heavy lifting and material transportation during construction operations. Cranes are critical for lifting and moving bulky items such as construction materials, machinery, and equipment, enabling their transfer over various elevations and distances. Furthermore, the demand for cranes has been driven by rapid urbanization, population growth, and substantial investments in infrastructure projects across the globe. The expansion of cities and increasing population necessitate the construction of new residential and commercial buildings, bridges, roads, airports, and other projects are further anticipated to drive the market growth over the forecast period.

U.S. Crane Market size and growth rate, 2023 - 2030

The increased emphasis on renewable energy sources has increased demand for cranes used in the installation of wind turbines and other renewable energy infrastructure. The global energy sector, including renewable energy sources such as wind and solar, requires cranes to install, maintain, and repair power plants and associated infrastructure. The surging popularity of wind and solar power as viable alternatives to traditional energy sources has spurred the development and deployment of renewable energy projects on a global scale. However, the successful implementation of these projects heavily relies on the efficient utilization of cranes that can handle the unique challenges associated with installing and maintaining the renewable energy infrastructure.

The crane industry has witnessed a significant increase in the adoption of advanced technologies such as remote monitoring, telematics, and technologies related to lifting capacities, among others, which is expected to provide lucrative opportunities over the forecast period. Manufacturers operating in this sector have recognized the potential benefits that come with incorporating automation, remote control systems, and telematics into their crane designs. The advancements in crane technology have garnered the attention of infrastructure developers constantly focusing on enhancing their construction processes.

Therefore, integrating advanced technologies in cranes aligns with the industry's demand for equipment that can perform complex tasks efficiently, reduce labor-intensive activities, and enhance overall project productivity. Infrastructure developers can improve construction timelines, minimize risks, and achieve cost savings by using advanced cranes. For instance, in May 2023, ANDRITZ presented an autonomous logyard crane for the wood industry at LIGNA 2023 show held in Hanover, Germany. The crane is operated autonomously with the AI feature Metris ANDI, allowing real-time tracking and classification of wood received.

Furthermore, increased preference for electric and hybrid cranes, integration of smart technologies for enhanced operational efficiency, and a growing emphasis on sustainability are among the prominent trends that are shaping market dynamics. For instance, in October 2023, Mammoet, a crane service provider, purchased LTC 1050-3.1E, an electric mobile crane from Liebherr. It is a compact 50-ton crane that helps in CO2 reduction and meets the requirements for zero-emission operation on construction sites.

Application Insights

Amongst the application, the construction segment held the largest market share of over 34.0 in 2022 and is expected to register the fastest CAGR over the forecast period. Rapid urbanization and population growth in many regions globally have led to increased demand for residential and commercial buildings. Furthermore, the demand for cranes is also driven by the renovation and retrofitting of existing structures. As buildings and infrastructure grow older, the need for upgrades, modernization, and expansion arises, all of which frequently require cranes for tasks such as dismantling, reconstruction, and handling heavy loads.

Global Crane Market share and size, 2022

The industrial segment is anticipated to register a considerable CAGR over the forecast period. The industrial sector relies on cranes for material handling, assembly line operations, and equipment installation. One of the primary uses of cranes in the industrial sector is material handling. Cranes are employed to lift, move, and position raw materials, components, and finished products throughout the production process. Whether it's loading and unloading materials from trucks, transferring items between different stages of the assembly line, or storing products in warehouses, cranes provide the necessary lifting capacity and maneuverability to ensure efficient and safe material handling operations.

Product Insights

Amongst the product, fixed cranes segment held the largest market share of over 75% in 2022 and are also anticipated to register the fastest CAGR over the forecast period. One of the primary drivers of fixed cranes globally is infrastructure development. With the expansion of economies and rapid urbanization, there is a heightened demand for new infrastructure initiatives. Furthermore, the trend towards modular and versatile infrastructure allows fixed cranes to adapt to diverse construction requirements.

Moreover, the mobile cranes segment is anticipated to grow at a considerable CAGR over the forecast period. The rapid pace of urbanization and increased infrastructure projects worldwide is anticipated to drive the segment demand during the forecast period. Mobile cranes play a vital role in the oil & gas sector for tasks such as equipment installation and maintenance. With increasing exploration activities in regions such as Middle East and North America, the demand for mobile cranes is gaining traction during the forecast period.

Regional Insights

North America dominated the market with a revenue share of over 35.0% in 2022. North America is witnessing a surge in infrastructure development, with major investments being made in the transportation, energy, and construction sectors. This has led to a high demand for cranes in the region, particularly emphasizing larger, more specialized equipment. The renewable energy sector is also experiencing strong growth in North America, with wind turbines and solar farms becoming increasingly common. This has led to a demand for specialized cranes capable of lifting heavy components to height. For instance, in March 2022, Nestlé S.A., a food company, announced its investment in a solar project named Ganado. The project is developed and owned by Enel North America in Jackson County, Texas. The project will add 208 megawatts of solar-generated electricity to the U.S. power grid.

Crane Market Trends, by Region, 2023 - 2030

Asia Pacific is anticipated to register the fastest CAGR over the forecast period. One of the key drivers of the Asia Pacific is the rapid pace of infrastructure development across the region. Governments in countries such as China, India, and Japan are investing heavily in transportation infrastructure, including highways, railways, and airports. There is a significant demand for cranes to support construction projects. For instance, in China, the government has launched an initiative to modernize and upgrade the country's crane industry. The initiative aims to promote innovation, improve safety, and enhance the competitiveness of the industry.

Key Companies & Market Share Insights

The key market participants are entering into strategic collaborations, mergers & acquisitions, new product developments, and partnerships to expand business and customer base. For instance, in February 2023, Action Construction Equipment Ltd. announced the launch of electric crane. The lifting capacity of this electric crane is 180 tons. The electric crane is built to give optimum power as well as productivity and keep the equipment adaptable for Indian circumstances as part of the commitment to promote sustainable technologies. Furthermore, in April 2023, Liebherr launched a narrow track crawler crane named LR 1700-1.0W for assembly of wind turbines. The crane has a lifting capacity from 73 to 120 tons and an option of luffing jib.

Key Crane Companies:

  • Buckner Heavylift Cranes, Llc
  • Cargotec Corporation
  • Caterpillar
  • Certex USA
  • Demag Cranes & Components GmbH
  • Gorbel Inc.
  • Hitachi Construction Machinery Europe NV
  • Kito Corporation
  • Komatsu Ltd
  • Konecranes
  • Liebherr
  • Palfinger AG
  • Pelloby Premier Cranes
  • SANY Group
  • Street Crane Company Limited
  • Tadano Ltd
  • Terex Corporation
  • The Manitowoc Company, Inc.
  • XCMG
  • Zoomlion Heavy Industry Science & Technology Co., Ltd.

Crane Market Report Scope

Report Attribute


Market size value in 2023

USD 25.26 billion

Revenue forecast in 2030

USD 34.89 billion

Growth rate

CAGR of 4.7% from 2023 to 2030

Base year for estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; UK; Germany; France; Italy; Spain; China; India; Japan; Australia; South Korea; Brazil; Mexico; Argentina; U.A.E.; Saudi Arabia; South Africa

Key companies profiled

Buckner Heavylift Cranes, LLC; Cargotec Corporation; Caterpillar; Certex USA; Demag Cranes & Components GmbH; Gorbel Inc.; Hitachi Construction Machinery Europe NV; Kito Corporation; Komatsu Ltd; Konecranes; Liebherr; Palfinger AG; Pelloby Premier Cranes; SANY Group; Street Crane Company Limited; Tadano Ltd; Terex Corporation; The Manitowoc Company, Inc.; XCMG; Zoomlion Heavy Industry Science&Technology Co., Ltd.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Global Crane Market Report Segmentation

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the crane market report based on product, application, and region:

Global Crane Market Report Segmentation

  • Product Outlook (Revenue, USD Billion, 2018 - 2030)

    • Mobile Crane

      • Type

        • All Terrain Crane

        • Crawler Crane

        • Rough Terrain Crane

        • Truck Loader Crane

      • Load Capacity

        • 5 Ton

        • 10-20 Ton

        • 21-30 Ton

        • Above 30 Ton

    • Fixed Crane

      • Type

        • Monorail Crane

        • Stiff Leg Crane

        • Tower Crane

        • Gantry Crane

      • Load Capacity

        • Below 25 Ton

        • 26-50 Ton

        • 51-80 Ton

        • Above 80 Ton

  • Application Outlook (Revenue, USD Billion, 2018 - 2030)

    • Construction

    • Mining

    • Industrial

    • Oil & Gas

    • Others

  • Regional Outlook (Revenue, USD Billion, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa (MEA)

      • UAE

      • Saudi Arabia

      • South Africa

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