Cranes Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan, Germany, France - Size and Forecast 2024-2028

Crane Market Forecast Size 2024-2028

The crane market size is forecast to increase by USD 20.39 billion at a CAGR of 6.59% between 2023 and 2028. The market's growth depends on various factors, including the expansion of end-user industries propelled by urbanization, the introduction of new products, and an escalating global demand for oil and natural gas. Urbanization fosters the development of diverse sectors, stimulating market demand. Additionally, continual advancements and innovations through new product launches invigorate market dynamics, attracting consumers and driving growth. Furthermore, the surging global demand for oil and natural gas amplifies market prospects, as these resources remain integral to numerous industries worldwide, ensuring sustained market expansion. Our report examines historical data from 2018-2022, besides analyzing the current and forecasted market scenario.

Market Overview

Market  Forecast 2024-2028

To learn more about this report,  Request Free Sample

Crane Market Segmentation

In the market, various types of cranes cater to specific needs and applications in industries such as shipbuilding, construction, and material handling. Static cranes provide stability and support for heavy lifting operations, while tower cranes offer height and reach for construction projects. Overhead travelling cranes are essential for efficient material movement within warehouses and factories, while girder and bridge cranes offer versatility and precision in lifting tasks. Transporter cranes facilitate the transportation of heavy loads over short distances, ensuring safe material handling operations. Hydraulic cranes utilize hydraulic systems for lifting, while tower crane rental services offer flexibility for construction projects. Companies like Bay Crane and Gatwood Crane Rental Service provide rental services for various crane types. The wire ropes, sheaves, and hoist ropes form essential components of crane systems, along with sections for structural integrity. The hydraulic system and electric system power crane operations, while the boom system provides lifting capabilities. Operator cabins ensure safe and efficient crane operation.

By Product 

The mobile cranes segment is estimated to witness significant growth during the forecast period. The mobile cranes segment of the market includes all-terrain cranes, crawler, and city cranes. The increasing investments in the development of megacities are a major driver of this segment. Population growth and rapid urbanization have led to an uptick in demand for new cities with adequate transport and infrastructure facilities. As a result, the number of urban infrastructure projects is increasing globally, which is driving the demand for mobile cranes.

Customised Report as per your requirements!

The mobile cranes segment was the largest and was valued at USD 19.03 billion in 2018. The continuous increase in demand is intensifying the competition among mobile crane manufacturers. Furthermore, there are innovations related to lightweight in the segment. For instance, in December 2023, Liebherr announced the launch of the innovative LG 1800-1.0 in the lattice boom crane portfolio, which combines the mobility of a mobile crane with the load capacity of a crawler crane. Similarly, in June 2021, Konecranes announced the launch of a new generation of energy-efficient mobile harbor cranes. New cranes from Konecranes are designed to run on electricity, but they can also run on batteries, which lowers fuel and maintenance costs and helps clients reach their low-carbon goals. Such improvements are expected to drive the segment of the market during the forecast period.

By Application 

Based on the application, the market has been segmented into construction and mining, industrial, and utilities. The construction and mining?segment will account for the largest share of this segment.?The market is poised for significant growth in the construction and mining segments, driven by increased adoption of new and infrastructure investments. Rising infrastructure spending by governments worldwide, particularly in emerging economies like India and China, fuels demand for residential, commercial, and industrial projects. Additionally, expansion projects such as Chennai's new airport terminal and Singapore's Changi airport expansion contribute to increased crane usage. In the mining sector, expanding global demand for minerals and metals, coupled with significant investments in mining projects, notably in China, propels the need for this for material handling and transportation tasks. These factors collectively stimulate demand and foster growth in the market across the construction and mining segments.

By Region

For more insights on the market share of various regions Download Sample PDF now!

APAC is estimated to contribute 56% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The construction sector accounts for a significantly large share of the market in APAC. The advent of product innovations, along with other technological innovations, has significantly increased the demand from the utilities sector in the region. Countries such as China, Korea, and India are increasingly using these to set up wind turbines. China, India, Indonesia, Thailand, Vietnam, and Japan are the major countries driving the market in APAC. The construction industry in these countries is a major end-user. The rise in the number of construction activities in these countries drives the demand. The increase in government spending on infrastructure development also boosts its demand in the region.

Additionally, infrastructure projects such as metro lines, smart city schemes, and airport expansions in Vietnam further boost crane requirements. The increasing focus on rescue operations and transportation adds to the demand, particularly in the development of smart cities in China and India. With such developments driving the construction sector, the market is expected to witness substantial growth in the APAC region during the forecast period.

Market Dynamics

The market is driven by increasing demand for safe material handling operations across industries such as shipbuilding and construction. Various types, like tower cranes, overhead travelling, and hydraulic cranes offer versatile solutions for material loading and transportation. Rental services like Bay Crane and Gatwood Crane Rental Service cater to temporary needs, while advancements in hydraulic and electric systems enhance efficiency. Challenges include ensuring operator safety and addressing maintenance requirements. As demand rises for efficient material handling, the market faces the trend of innovative crane designs and the need for environmentally friendly solutions amidst increasing regulations. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.

Key Market Driver - Growth in end-user industries due to urbanization

Rapid urbanization fuels development in key end-user sectors like manufacturing, transportation, logistics, and utilities, spurring demand. The rise of megacities, expected to increase significantly by 2030, particularly in developing countries like China, India, and South Africa, amplifies this demand. Urban population growth, projected to increase by 1.5 times by 2045, accelerates construction and infrastructure development, further boosting the demand.

Moreover, as cities expand to accommodate migrating populations, construction of various facilities such as hotels, railways, roads, and hospitals escalates, intensifying the need for construction and industrial machinery, including cranes. Developing nations undergoing rapid urbanization, notably India, China, and South Africa, are poised to drive substantial demand in the forecast period, thereby fostering the growth of the market during the forecast period. 

Significant Market Trends - Development of autonomous cranes

Modern cranes leverage intelligent software and artificial intelligence (AI) for diverse functions, enabling autonomous operation and enhanced safety. AI-driven algorithms enable it to perform tasks independently by analyzing sensor inputs, optimizing load handling, and ensuring collision avoidance. Predictive analytics further streamline workflows, resulting in faster project completion and reduced labor costs. The adoption of autonomous cranes is on the rise in the construction industry, driven by advancements in sensor technology and customized hardware. These utilize computer vision and real-time data to improve precision and operational efficiency, reducing construction time by up to 30%.

Moreover, autonomous cranes contribute to sustainability efforts by optimizing energy consumption and minimizing environmental impact through AI-based energy management systems and predictive maintenance algorithms. As a result, the development of autonomous can positively impact the market, aligning with sustainability goals and regulatory requirements. Such factors are expected to drive the market growth during the forecast period. 

Major Market Challenge - Shortage of skilled workers in the construction industry

The shortage of skilled workers poses a significant challenge for the construction industry, particularly impacting the market. With a large portion of experienced laborers approaching retirement, there's a pressing need for skilled professionals to operate and maintain its safely and efficiently. The Bureau of Labor Statistics reported a substantial retirement rate among construction laborers in the US, resulting in a shortage of experienced personnel to handle technical work. This scarcity limits crane utilization on construction sites, leading to reduced productivity and project delays.

Additionally, intense competition within the industry prompts companies to focus on maximizing efficiency with fewer employees, exacerbating the shortage of skilled workers. Despite growing demand for construction activities worldwide, the employment of operating engineers and construction equipment engineers has seen minimal growth, further hindering project completion and dampening the demand. As a result, the shortage of skilled labor is anticipated to impede the growth of the market during the forecast period.

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Kobe Steel Ltd - The company offers cranes such as NK 200E v truck cranes, NK 250E v truck cranes, and NK 300E v truck cranes.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including Altec Inc., Columbus McKinnon Corp., Ebara Corp., FURUKAWA Co. Ltd., KATO WORKS CO. LTD., Kobe Steel Ltd., Konecranes, Liebherr International Deutschland GmbH, Manitex International Inc., PALFINGER AG, SANY Group, SENNEBOGEN Maschinenfabrik GmbH, Shanghai Zhenhua Heavy Industries Co. Ltd., Sumitomo Heavy Industries Ltd., Terex Corp., The Manitowoc Co. Inc., Xuzhou Construction Machinery Group Co. Ltd., Zoomlion Heavy Industry Science and Technology Co. Ltd., Fassi Gru S.p.A., and Tadano Ltd. 

Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments

• Product Outlook
  • Mobile cranes
  • Fixed cranes
  • Marine and port cranes

• Application Outlook 
  • Construction and mining
  • Industrial
  • Utilities

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview 

In the market, various types of cranes serve diverse industries, such as steel manufacturing, ports, and construction. Industrial cranes facilitate heavy lifting tasks with precision, while rough terrain cranes and all-terrain cranes offer versatility for challenging environments. Hoisting mechanisms and trolleys enable efficient material movement, supported by sturdy support structures. Original equipment manufacturers (OEM) provide reliable crane solutions, along with essential parts & accessories for maintenance. Renting and leasing options address economic challenges, while mobile hoists and truck-mounted hoists enhance mobility and accessibility. Service providers ensure the functionality and safety of crane operations, catering to the evolving needs of the market.

Furthermore, the market is diverse, offering various types such as girder cranes, gantry cranes, and crawler cranes, each designed for specific industrial needs. These cranes feature a hoisting mechanism and trolley for efficient material handling, supported by a sturdy support structure. All-terrain cranes and Sym Hoist & Tower Crane are known for their high load-lifting capacity and flexibility in various environments. The market includes industrial cranes with an operator cabin and chassis for mobility. With the rise of tower crane smart factories, the market is witnessing advancements in machine capabilities and efficiency. The mobile crane market is also expanding, catering to diverse industrial requirements.

Market Scope
Report Coverage	Details
Page number	170
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 6.59%
Market Growth 2024-2028	USD 20.39 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	5.65
Regional analysis	APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution	APAC at 56%
Key countries	US, China, Japan, Germany, and France
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Altec Inc., Columbus McKinnon Corp., Ebara Corp., FURUKAWA Co. Ltd., KATO WORKS CO. LTD., Kobe Steel Ltd., Konecranes, Liebherr International Deutschland GmbH, Manitex International Inc., PALFINGER AG, SANY Group, SENNEBOGEN Maschinenfabrik GmbH, Shanghai Zhenhua Heavy Industries Co. Ltd., Sumitomo Heavy Industries Ltd., Terex Corp., The Manitowoc Co. Inc., Xuzhou Construction Machinery Group Co. Ltd., Zoomlion Heavy Industry Science and Technology Co. Ltd., Fassi Gru S.p.A., and Tadano Ltd.
Market dynamics	Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Request Sample PDF 

What are the Key Data Covered in Crane Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the size of the market growth and trends and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Market growth and forecasting across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market  companies

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch