Crane Market Size, Share, Growth & Forecast By 2033

(MENAFN- IMARC Group) Market Overview:

The crane market is experiencing rapid growth, driven by infrastructure development boom, expansion of renewable energy projects, and urbanization and industrial growth in emerging economies. According to IMARC Group's latest research publication,“ Crane Market Size, Share, Trends and Forecast by Product Type, Application, and Region, 2025-2033 “ , the global crane market size reached USD 53.6 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 77.9 Billion by 2033, exhibiting a growth rate (CAGR) of 3.82% during 2025-2033.

This detailed analysis primarily encompasses industry size, business trends, market share, key growth factors, and regional forecasts. The report offers a comprehensive overview and integrates research findings, market assessments, and data from different sources. It also includes pivotal market dynamics like drivers and challenges, while also highlighting growth opportunities, financial insights, technological improvements, emerging trends, and innovations. Besides this, the report provides regional market evaluation, along with a competitive landscape analysis.

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Our report includes:

• Market Dynamics
• Market Trends And Market Outlook
• Competitive Analysis
• Industry Segmentation
• Strategic Recommendations

Growth Factors in the Crane Market

• Infrastructure Development Boom

A major driver of the crane market is the surge in infrastructure development worldwide. Governments are funneling billions into projects like highways, bridges, airports, and urban transit systems, which require cranes for heavy lifting and construction efficiency. For example, the U.S. Infrastructure Investment and Jobs Act supports over $1.2 trillion in investments, fueling demand for advanced and specialized cranes. Similarly, large-scale initiatives such as China's Belt and Road and India's Smart Cities and industrial corridor projects push up crane requirements for massive construction and modernization works.

• Expansion of Renewable Energy Projects

The growing focus on renewable energy installations, such as wind farms and solar power plants, is another core factor. Cranes with enhanced capacity and safety features are essential for installing tall wind turbine towers and solar panels. Technological advancements like automation and hybrid power cranes make installations more cost-effective and eco-friendly. For instance, innovative equipment like hydrogen-powered cranes is operational in the U.S., reducing emissions while supporting clean energy infrastructure. This trend aligns with global energy transition efforts and contributes significantly to market growth.

• Urbanization and Industrial Growth in Emerging Economies

Rapid urbanization and industrial expansion, especially in Asia-Pacific, Africa, and parts of South America, are expanding crane usage. Countries like India and China see extensive construction of residential, commercial, and industrial buildings, boosting demand for mobile, tower, and crawler cranes. Government schemes such as India's Production Linked Incentive (PLI) scheme aid domestic manufacturing of advanced cranes, helping meet rising project demands at competitive costs. Additionally, growing manufacturing hubs diversify crane applications beyond construction into logistics and heavy industry sectors.

Key Trends in the Crane Market

• Automation and Smart Crane Technology

Modern cranes are increasingly equipped with automation, AI, and IoT-enabled features that improve safety, precision, and operational efficiency. Examples include remote operation, sensors for load monitoring, and telematics for fleet management. Manufacturers like Liebherr recently introduced powerful multi-axle cranes with advanced setup and control capabilities. This smart technology also enhances compliance with safety standards, reducing accidents and downtime on sites, thereby making cranes more attractive to construction and industrial clients.

• Sustainability and Electric/Hybrid Cranes

Sustainability is gaining prominence, with manufacturers developing electric and hybrid cranes to reduce fuel consumption and emissions. The debut of zero-emission hydrogen-powered cranes at major ports illustrates the market's shift toward eco-friendly solutions. Governments and companies aiming to meet strict environmental regulations and carbon reduction targets are increasing investments in greener crane models. These innovations lower operating costs and environmental impact, appealing to clients focused on corporate social responsibility and long-term resource efficiency.

• Rise of Rental and Managed Service Models

There is a growing preference for crane rentals and managed service solutions, where operators and maintenance teams handle the equipment instead of buyers. This trend reduces upfront costs and complexity for construction firms, allowing them flexibility and access to the latest crane technologies without owning the assets. Rental companies are expanding their fleets with diverse crane types and providing integrated services like training and maintenance, supporting smaller contractors and large infrastructure projects alike. Ask analyst of customized report: https://www.imarcgroup.com/request?type=report&id=1077&flag=E

Leading Companies Operating in the Global Crane Industry:

• Broderson Manufacturing Corporation (Lanco International Inc.)
• Hiab Corporation
• IHI Corporation
• Kobelco Construction Machinery Co. Ltd
• Konecranes
• Link-Belt Cranes (Sumitomo Heavy Industries Ltd.)
• Tadano Ltd
• Terex Corporation
• The Liebherr Group
• The Manitowoc Company Inc.
• XCMG Group

Crane Market Report Segmentation:

Analysis by Product Type:

• Mobile Cranes
• Marine and Port Cranes
• Fixed Cranes

Analysis by Application:

• Construction and Infrastructure
• Mining
• Oil and Gas
• Others

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Research Methodology:

The report employs a comprehensive research methodology, combining primary and secondary data sources to validate findings. It includes market assessments, surveys, expert opinions, and data triangulation techniques to ensure accuracy and reliability.

Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.

About Us:

IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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