Crane Market (2024-2030) | Analysis, Growth, Size, Trends, Outlook, Revenue, Forecast, Value, Companies, Industry & Share

Crane Market Highlights

Report Name	Crane Market
Report Category / Coverage	Global
Forecast Period	2024-2030
CAGR	6%
Market Size	USD 55 Billion by 2030
Growing Sector	Commercial

Topics Covered in Crane Market Report

The Crane Market report thoroughly covers the market by Types, Applications, and Regions. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics. 

Crane Market Size Analysis

The Global Crane Market has been experiencing significant growth over the past few years. As of 2024, the market is valued at approximately USD 50 billion. Further, the market is projected to expand at a CAGR of 7.3% from 2024 to 2030. Additionally, by 2030, the market size is expected to reach around USD 55 billion.

Crane Market Synopsis

The crane market represents a dynamic and expanding segment of the construction and infrastructure industry. With a focus on technological innovation and evolving customer needs, the market is adapting to demands for more efficient operations and safer construction practices. Regionally, emerging markets in Asia-Pacific and increased renovation activities in North America are pivotal in driving growth. 

According to 6Wresearch, Crane Market revenue is expected to reach a significant CAGR of around 6% during the forecast period 2024-2030. Continued improvements in infrastructure, especially in developing nations, and breakthroughs in crane technology that raise safety and performance standards are important motivators. This growth trajectory is expected to be supported by the growing trend of automation in construction processes. Furthermore, it is anticipated that the need for speciality cranes utilized in harsh areas such as offshore oil and gas sectors would support Crane market growth.

There are a number of obstacles facing the Crane Market that could affect the speed at which it grows. A significant problem is the fluctuation of raw material prices, including those of steel, which can have an impact on businesses' pricing strategies and production costs. Furthermore, strict safety requirements and environmental laws necessitate ongoing compliance, which could raise the price of research and development.

Crane Market Trends

Several new developments in the crane business are changing the face of the industry. The incorporation of sustainability initiatives and green technology into crane designs is one of the most notable trends, indicating a global shift towards ecologically conscious construction techniques. Energy-efficient cranes with electric or hybrid engines are becoming more and more popular since they save operating expenses and carbon emissions. The growing use of data analytics and the Internet of Things (IoT) to improve crane operations is another noteworthy trend. These technologies enable real-time monitoring and predictive maintenance, which maximizes productivity and minimizes downtime.

Investment Opportunities in the Crane market 

As the crane industry changes dramatically to satisfy changing industrial and construction needs, there are several investment opportunities available. The creation of smart cranes, which make use of cutting-edge technology like artificial intelligence and machine learning to increase efficiency and safety, is one important area for investment. These developments offer significant improvements in dynamic load control, precise lifting, and automated operation. Furthermore, the transition to more environmentally friendly building methods presents an opportunity to invest in eco-friendly crane technology, like electric and hybrid engines that follow worldwide sustainability trends. 

Leading Players of the Crane market 

Leading companies in the sector that continuously push the boundaries of crane design and technology include Manitowoc Cranes, Konecranes, Terex Corporation, Liebherr Group, and Cargotec Corporation. In order to improve their capabilities and increase their market position, these top manufacturers concentrate on strategic activities including collaborations, acquisitions, and mergers.

Government Regulations Introduced in the Crane Market 

Government regulations play a pivotal role in shaping the crane market, ensuring safety, environmental compliance, and operational efficiency. A major regulatory focus is on health and safety standards, with agencies mandating stringent guidelines to prevent workplace accidents and injuries. Operators must adhere to specific training and certification requirements, ensuring that only qualified personnel manage crane operations. 

Future Insights of the Crane Market

The crane industry is set to undergo revolutionary shifts propelled by technological progress and changing worldwide requirements. The Internet of Things (IoT) and blockchain technology integration is a major trend that will transform supply chain management and operational transparency. Cranes equipped with Internet of Things (IoT)-enabled sensors will provide real-time data collecting and analytics, offering insights into performance indicators that improve safety procedures and maintenance schedules. 

Market Segmentation Analysis

The report offers a comprehensive study of the subsequent market segments and their leading categories.

Construction Sector to Dominate the Market - By Applications

According to Ravi Bhandari, Research Head, 6wresearch, Due to continuous worldwide investments in infrastructure and urban expansion, the construction industry will continue to lead crane demand. The construction sector is the largest application segment for cranes, accounting for around 40-50% of the total crane market.

Asia Pacific to Dominate the Market - By Region

Asia Pacific is the largest market for cranes due to increasing demand from various industries, a growing population, and increasing investments in infrastructure projects in this region. Around USD 15-18 billion in 2024, contributing to over 40% of the Crane Market.

Key Attractiveness of the Report

• 10 Years of Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Crane Market Overview.
• Crane Market Outlook.
• Historical Data of Crane Market Revenues & Volume for the Period 2020-2030.
• Crane Market Size and Crane Market Forecast of Revenues and Volume, until 2030.
• Historical Data of Crane Market Revenues and Volume, By Applications, for the Period 2020-2030
• Market Size & Forecast of Crane Market Revenues and Volume, By Applications, until 2030
• Historical Data of Crane Market Revenues and Volume, By Types, for the Period 2020-2030
• Market Size & Forecast of Crane Market Revenues and Volume, By Types, until 2030
• Historical Data of North America Crane Market Revenues and Volume, for the Period 2020-2030
• Market Size & Forecast of North America Crane Market Revenues and Volume, until 2030
• Historical Data of Latin America Crane Market Revenues and Volume, for the Period 2020-2030
• Market Size & Forecast of Latin America Crane Market Revenues and Volume, until 2030
• Historical Data of Europe Crane Market Revenues and Volume, for the Period 2020-2030
• Market Size & Forecast of Europe Crane Market Revenues and Volume, until 2030
• Historical Data of Asia Pacific Crane Market Revenues and Volume, for the Period 2020-2030
• Market Size & Forecast of Asia Pacific Crane Market Revenues and Volume, until 2030
• Historical Data of the Middle East & Africa Crane Market Revenues and Volume, for the Period 2020-2030
• Market Size & Forecast of the Middle East & Africa Crane Market Revenues and Volume, until 2030
• Market Drivers and Restraints
• Crane Market Trends and Industry Life Cycle
• Porter's Five Force Analysis
• Market Opportunity Assessment
• Crane Market Share, By Players
• Crane Market Share, By Regions
• Crane Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Markets Covered

The report provides a detailed analysis of the following market segments:

By Types

• Mobile Crane
• Fixed Crane
• Marine And Offshore Crane

By Applications

• Industrial Applications
• Marine And Offshore
• Mining And Excavation
• Construction

By Regions

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa