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Cranes Market Report: Size, Share & Trends 2032

  • Writer: Pallavi Garudkar
    Pallavi Garudkar
  • Jan 5
  • 3 min read
Cranes Market
Cranes Market

According to Fortune Business Insights the global cranes market size was USD 34.95 billion in 2020 and is projected to grow from USD 36.36 billion in 2021 to USD 49.64 billion in 2028 at a CAGR of 4.5% during the 2021-2028 period. The Cranes Market encompasses the global industry for lifting and material-handling equipment designed to move heavy loads vertically and horizontally in construction, manufacturing, transportation, mining, energy, and other industrial sectors. Cranes are critical assets at job sites and plants, improving productivity, safety, and operational efficiency. Types include overhead cranes, tower cranes, mobile cranes, crawler cranes, and others tailored to specific applications and environments.

Market Drivers

  • Infrastructure Development & Urbanization: Growing investment in infrastructure projects — including bridges, highways, airports, and commercial complexes — significantly increases demand for cranes, particularly tower cranes and mobile cranes.

  • Industrial Expansion & Manufacturing: Increasing factory automation, warehousing, and industrial construction boost the utilization of overhead, gantry, and jib cranes for material handling in manufacturing environments.

  • Technological Advancements: Integration of automation, telematics, sensor systems, remote-control features, and safety enhancements contributes to increased efficiency, reliability, and operator safety in crane operations.

  • Energy & Mining Sector Activity: Activity in energy infrastructure, including renewable energy installations, oil & gas projects, and mining operations, continues to support demand for heavy-duty lifting equipment like crawler and all-terrain cranes.

Market Segmentation Analysis:

  • By Type:Mobile cranes dominate due to flexibility and ease of movement. Tower cranes are widely used in high-rise construction, while overhead and gantry cranes are essential for industrial and manufacturing facilities. Crawler cranes are preferred for heavy-duty infrastructure and mining projects.

  • By Operation:Hydraulic cranes hold a major share because of high lifting efficiency and precision. Electric cranes are gaining adoption due to energy efficiency and suitability for indoor operations.

  • By End-Use Industry:Construction leads the market, followed by manufacturing and infrastructure. Energy, utilities, and mining sectors contribute steadily through large-scale lifting requirements.

  • By Application:Material handling remains the primary application, supported by lifting, installation, and maintenance activities across industries.

Regional Insights

  • Asia Pacific: A key growth region owing to robust infrastructure spending, urban development projects, and industrial expansion in China, India, Southeast Asia, and other emerging economies.

  • North America: Strong demand driven by construction, energy, and manufacturing sectors, supported by modernization projects and renovation activities.

  • Europe: Steady market growth due to established industrial bases and ongoing investments in public infrastructure and logistics hubs.

  • Latin America & Middle East & Africa: Emerging growth supported by infrastructure initiatives, urbanization trends, and mining investments.

Competitive Landscape

The global cranes market is highly competitive, with several key players focusing on innovation, product portfolio expansion, regional market reach, and after-sales services. Industry participants emphasize strategic partnerships, local manufacturing footprints, and digital solutions to strengthen their market position.

Leading companies in the cranes market include:

  • XCMG Group (China)

  • Caterpillar (U.S.)

  • GORBEL INC. (U.S.)

  • Street Crane Company Limited (U.K.)

  • PALFINGER AG (Austria)

  • ZPMC (China)

  • Certex (U.K.)

  • Cargotec (Finland)

  • BUCKNER HEAVYLIFT CRANES, LLC (U.S.)

  • Pelloby Ltd. (U.K.)

Key Industry Development:

  • July 2021: Strabag, an Austrian client, installed Manitowoc’s Potain MDT 809 tower crane for facility construction in Germany, with a capacity of up to 40 t and 80 m of jib.

  • June 2021: SANY’s crawler crane SCC1000A is being used by Arab Potash Company in Jordan to prevent the leakage of potassium rich saltwater from the Dead Sea to the main dikes.

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