Crane Market to Surpass USD 70.4 Billion by 2035

The global Crane Market is projected to witness significant growth in the coming years, driven by rapid urbanization, large-scale infrastructure projects, and increasing industrial activity across various regions. Cranes, essential for lifting and transporting heavy materials, are pivotal in construction, mining, shipping, and manufacturing sectors. As global demand for construction and industrial machinery rises, the crane market is well-positioned for expansion.

In 2025, the crane industry’s market was valued at approximately USD 49.4 billion. By 2035, it would increase at a compound annual growth rate of 3.6% to reach USD 70.4 billion. It has been calculated using energy-efficient construction and crane technology, such as automation and smart sensors. Aside from that, suppliers are being forced to create more responsive and effective products due to strict security regulations and the growing need for clean equipment.

The market for cranes is anticipated to rise rapidly between 2025 and 2035 as a result of increased investments in renewable energy projects, factory buildings, and infrastructure construction. Cranes are an antiquated tool used to lift and move large cargo, and their use is growing in a variety of industries, including shipping, mining, oil and gas, and building construction. The need for technologically sophisticated and capacity-based cranes is always increasing due to the rising worldwide urbanization, which propels the market’s future growth.

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Key Takeaways:

• Infrastructure Development Fuels Growth: Massive investments in infrastructure projects such as roads, bridges, ports, and urban development are driving demand for cranes, particularly in emerging markets across Asia-Pacific and the Middle East.
• Technological Advancements in Crane Design: The integration of advanced technologies, such as automation, telematics, and fuel-efficient systems, is enhancing the operational efficiency of cranes and reducing downtime, attracting more buyers.
• Growing Demand from Energy and Power Sectors: Cranes are playing a critical role in the construction and maintenance of energy infrastructure, particularly in renewable energy sectors like wind and solar farms, further bolstering market growth.

Applications of Cranes:

• Construction Industry: Cranes are indispensable in the construction of residential and commercial buildings, bridges, and infrastructure projects. Tower cranes and mobile cranes are widely used for lifting and placing heavy materials at construction sites.
• Mining and Excavation: The mining sector relies on heavy-duty cranes for material handling, transport of large equipment, and loading operations. Rough terrain and crawler cranes are particularly suited for rugged mining environments.
• Shipping and Ports: In the shipping industry, cranes such as gantry and overhead cranes are essential for loading and unloading cargo from ships. Port infrastructure development and increasing global trade are driving demand for cranes in this sector.

Competitive Landscape

The global crane market is fragmented with the presence of several large and medium-scale players. The leading players in the crane market are investing in strategic agreements in order to capture market share.

Some of the development by prominent players in the crane market are:

• Liebherr is a prominent player in the crane market, known for its wide range of mobile and crawler cranes. In recent years, Liebherr has focused on innovation and product development. For example, they introduced the Liebherr LTM 1650-8.1 mobile crane, which has one of the longest telescopic booms in its class. This crane offers high lifting capacities and advanced safety features, catering to the needs of heavy lifting applications.

Top Key Players

• Liebherr Group
• Terex Corporation
• XCMG Construction Machinery Co. Ltd.
• The Manitowoc Company
• Cargotec Oyj, Tadano Ltd.

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Future Outlook:

The Crane Market is poised for strong growth, with demand driven by ongoing urbanization, the rise of mega infrastructure projects, and advancements in crane technology. The construction and energy sectors, particularly in emerging economies, will continue to play a pivotal role in the market’s expansion. With manufacturers increasingly focusing on sustainability, safety, and technological innovation, the crane market is expected to remain a key component of the global industrial landscape.

Key Segmentations 

By Type:

• Rough Terrain Cranes (RTCs)
• All Terrain Cranes (ATCs)
• Truck Cranes
• Mobile Harbors
• Off-shore Ship Cranes
• Loader Cranes
• Railroad Cranes
• Crawler Cranes
• Tower Cranes
• Others

By Application:

• Aerospace and Defense
• Automotive & Railways
• Heavy Engineering
• General Engineering
• Mining
• Construction
• Marine
• Shipping & Material Handling
• Energy (Power & Gas)

By Capacity:

• Up to 5 MT
• 5 to 50 MT
• 50 to 250 MT
• 250 to 500 MT
• 500 to 1,500 MT
• 1,500 to 3,000 MT

By Design:

• Stiff Boom
• Knuckle Boom/Telescopic Boom

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• Middle East & Africa