Crane Market

The increasing demand from the construction sector boosts the growth of the market.

The market is witnessing growth, owing to the increasing demand from the construction sector. The evolving designs and the high load-lifting capacity are expected to serve the requirements of various industries, including, complex, manufacturing, telecommunication worksites, and shipbuilding.

The rapid expansion of the oil and gas, utilities, construction, manufacturing, and mining sectors across the globe is anticipated to propel the demand for hydraulic cranes. Cranes are required in these sectors mainly to lift heavy materials and transport them to other places. The increasing number of residential and commercial construction projects owing to the high demand for housing and offices is likely to fuel the market.

Increasing government focus on green building development is further expected to augment the market growth.

Moreover, oil & gas, mining, automotive, and other end-users are also utilizing cranes in their overall transportation process, which in turn, is creating a positive impact on the growth of the market

However, to cater to the demand there have been significant advances in the construction industry. For instance, the demand for Cranes in the construction industry is likely to boost the growth of the market and drive the growth of the Crane market revenue.

Gantrex Spain S.A., in January 2022, signed an agreement to acquire Bravo Silva Consultoría Técnica, S.L.’s entire share capital. This acquisition is set to enable Gantrex to execute its first strategic plan, 4.0.

Hyva unveiled a range of stiff boom cranes at the Yangzhou location in China in August 2021. The HST8 E4, HST12 E4 and HST14 E4 models were launched with other crane accessories and models. A market that is set to grow due to the continuous release of cutting-edge products by leading players in China.

The global construction boom is a significant factor propelling the Global Crane Market Industry. With emerging economies investing in large-scale construction projects, the demand for cranes is surging. Countries in Asia-Pacific, particularly China and India, are witnessing rapid urbanization and infrastructure expansion, which necessitates the use of cranes for various applications. This construction surge is expected to sustain the market's growth trajectory, as evidenced by the anticipated market value of 32.5 USD Billion in 2024. The ongoing development of residential, commercial, and industrial facilities underscores the critical role of cranes in modern construction.

The Global Crane Market Industry is projected to experience robust growth, with a market value reaching 51.2 USD Billion by 2035. This growth trajectory is underpinned by various factors, including infrastructure development, technological advancements, and rising demand in renewable energy. The anticipated CAGR of 4.22% from 2025 to 2035 indicates a sustained upward trend, reflecting the industry's resilience and adaptability to changing market dynamics. As global economies continue to recover and expand, the crane market is likely to benefit from increased investments in construction and infrastructure projects.

The ongoing global infrastructure development initiatives are a primary driver of the Global Crane Market Industry. Governments worldwide are investing heavily in transportation, energy, and urban development projects. For instance, the United States has allocated substantial funds for infrastructure upgrades, which necessitate the use of cranes for construction and maintenance. This trend is expected to contribute to the market's growth, with projections indicating a market value of 32.5 USD Billion in 2024. As urbanization continues to rise, the demand for cranes in building skyscrapers and bridges is likely to increase, further bolstering the industry's expansion.

Technological advancements in crane design and operation are significantly influencing the Global Crane Market Industry. Innovations such as telematics, automation, and advanced safety features enhance operational efficiency and reduce downtime. For example, the integration of IoT technology allows for real-time monitoring of crane performance, leading to improved maintenance practices. These advancements not only increase productivity but also attract new investments in crane technology. As a result, the market is poised for growth, with a projected CAGR of 4.22% from 2025 to 2035, reflecting the industry's adaptation to modern construction demands.

Increased safety regulations in construction and industrial sectors are shaping the Global Crane Market Industry. Stricter compliance requirements necessitate the use of advanced cranes equipped with safety features to minimize accidents and ensure worker safety. Regulatory bodies are emphasizing the importance of safety standards, leading to a higher demand for cranes that meet these criteria. This trend is likely to drive innovation in crane technology, as manufacturers strive to produce safer and more efficient equipment. Consequently, the market is expected to experience steady growth, supported by the evolving regulatory landscape.

The shift towards renewable energy sources is driving the Global Crane Market Industry, particularly in sectors such as wind and solar energy. The construction of wind farms and solar plants requires specialized cranes for the installation of large components, such as turbines and solar panels. As countries commit to reducing carbon emissions, the demand for cranes in these projects is expected to rise. This trend aligns with the broader market growth, with forecasts suggesting a market value of 51.2 USD Billion by 2035. The increasing focus on sustainable energy solutions presents a lucrative opportunity for crane manufacturers and operators.

By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. North America comprises potential economies such as the US, Canada, and Mexico. Government initiatives such as the Build America Investment Initiative, the National Infrastructure Plan (NIP), Canada's Economic Action Plan, and others are aimed at developing regional infrastructure through private investments, which is significantly increasing market demand. The use of cranes in a variety of applications, the adaptability of fuel in lowering operating costs, and developed infrastructure investments are the drivers propelling the crane market in this region.

Further, the major countries studied are US., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  CRANE MARKET SHARE BY REGION 2021 (%)Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Europe Crane market accounts for the second-largest market share due to the rise in the renting and leasing of construction equipment across the region. Due to this, end users across a range of application segments can now easily access and use construction equipment. Additionally, the market for cranes has seen significant investment due to the construction industry's rapid development. Further, the Germany Crane market held the largest market share, and the UK Crane market was the fastest-growing market in the European region.

The Asia-Pacific Crane Market is expected to grow at a CAGR of 23.10 % from 2022 to 2030. During the forecast period, which will end in 2030, the region is also expected to be the fastest-growing market. The APAC region is driven by increasing construction and infrastructural activities.  As a result, the demand for cranes has increased in a number of nations, including China, India, and Australia. The market is expanding due to the widespread use of cranes in sectors like petrochemical, oil and gas, civil engineering, construction, and power.

In addition to this, market growth has been accelerated by the ongoing construction of smart cities in emerging regions, particularly in India and China. Moreover, China Crane market held the largest market share, and the India Crane market is the fastest-growing market in the Asia-Pacific region, because of these countries has increased the demand for the construction industry in the region.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Crane market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Crane industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the Crane industry to benefit clients and expand the Crane market sector is to manufacture locally to reduce operating costs. In recent years, Crane has provided medicine with some of the most significant benefits.

Hyva is one of the world’s leading providers of innovative and highly efficient transport solutions for the commercial vehicle and environmental service industries. In August 2021, Hyva introduced a new line of stiff boom cranes at its Yangzhou location, in China. The three new models, namely HST14 E4, HST12 E4, and HST8 E4 have launched alongside other crane accessories and models. This consistent development of cutting-edge products by key players in China is a crucial factor that is set to fuel the market. This approval has further broadened the growth opportunity for the Crane industry.

Also, XCMG is a Chinese multinational state-owned heavy machinery manufacturing company with headquarters in Xuzhou, Jiangsu. In November 2022, XCMG launched 10 new electric machines including XCA60EV, the world's first plug-in hybrid crane at BAUMA 2022.