Crane Market Emerging Trends, Investment Opportunities and Competitive Benchmarking

Crane Market Size, Growth and Investment Trends

The crane market is expected to increase from USD 46.16 billion in 2025 to USD 75.95 billion by 2034, growing at a CAGR of 5.69% throughout the forecast period from 2025 to 2034.

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Introduction

The crane market is a crucial branch of the heavy equipment industry. This industry deals in manufacturing and distribution of cranes in different parts of the world. There are various types of cranes developed in this industry consisting of crawler crane, rough terrain crane, monorail crane, stiff leg crane, tower crane and some others. These cranes are capable of carrying loads ranging between 20 tons and 200 tons. Most of the cranes are powered by traditional diesel engines while some cranes are equipped with electric motors. It finds application in numerous end-use sectors including construction, mining, industrial, oil & gas and some others. The growing adoption of cranes in mining sector has contributed to the industrial expansion. This market is expected to rise significantly with the growth of the automotive industry around the globe.

• According to the World Gold Council, in 2023, around 128.8 tons of gold was mine in Peru followed by Brazil (86.3 tons) and Argentina (39.1 tons). (Source: World Gold Council)

Highlights of the Crane Market

• North America held the highest share of the crane market.
• Asia Pacific is expected to grow with a significant CAGR during the forecast period.
• By product, the mobile cranes segment held the largest share of the market.
• By product, the fixed cranes segment is anticipated to rise with a notable CAGR during the forecast period.
• By application, the construction segment dominated this industry.
• By application, the industrial segment is predicted to rise with a significant CAGR during the forecast period.

Key Metrics and Overview

What are the Trends of Crane Market in 2025?

The major trends in this industry consists of collaborations, rapid adoption of hydrogen-powered cranes, ongoing demand for electric cranes and increased use of cranes for undersea operations.

Collaborations

Several crane manufacturers have started collaborating with each other for developing mobile crane simulators. For instance, in May 2025, Liebherr collaborated with Tenstar Simulation. This collaboration is done for developing an advanced mobile crane simulator.(Source: Liebherr)

Rapid Adoption of Hydrogen-Powered Cranes

Numerous ports are adopting hydrogen cranes to enhance their material handling capabilities. For instance, in May 2024, Yusen Terminals announced to deploy hydrogen-powered rubber-tired gantry (RTG) crane in the Port of Los Angeles. (Source: Yusen Terminals)

Ongoing Demand for Electric Cranes

The demand for electric cranes is increasing rapidly due to numerous strict regulations put forwarded by government in several countries such as China, U.S., Germany and some others. For instance, in February 2025, Marchetti launched Trio 0e. Trio 0e is an electric crane powered by Lithium battery to deliver superior performance. (Source: Cranes Today)

Increased Use of Cranes for Undersea Operations

The application of cranes for undersea operations has gained traction due to their mobility and flexibility. For instance, in October 2023, Huisman launched a new range of knuckle boom cranes. These cranes are designed for enhancing various subsea operations. (Source: Offshore Energy.biz)

Product Insights

The mobile cranes segment held the largest share of the market. The growing demand for rough terrain cranes in mining sector has boosted the market expansion. Additionally, the increasing application of crawler cranes in construction sites for several activities such as heavy lifting and erection is playing a vital role in shaping the industrial landscape. Moreover, the rising sales of loader cranes for weighing loads of above 200 tons is expected to propel the growth of the crane market.

• In April 2025, Tadano launched CC 78.1250-1. CC 78.1250-1 is a crawler crane that comes with a loading capacity of around 1250 tons. (Source: Cranes Today)

The fixed cranes segment is anticipated to rise with a notable CAGR during the forecast period. The growing adoption of monorail cranes in manufacturing industries has boosted the market growth. Additionally, the rising application of gantry cranes in shipbuilding sector along with increased use of stiffleg cranes in construction sector is contributing to the overall industrial expansion. Moreover, surge in demand for tower cranes due to their adaptability and versatility is anticipated to foster the growth of the crane market.

• In May 2025, Handling Systems International launched Rover. Rover is an electrically-powered gantry crane that finds application in numerous industrial sectors. (Source: Overhead Crane and Hoist)

Application Insights

The construction segment dominated this industry. The rise in number of residential constructions in developing nations such as India, Hong Kong, Thailand and some others has driven the market growth. Additionally, the growing use of aerial cranes and overhead cranes in construction sites for enhancing the lifting capabilities is playing a crucial role in shaping the industry in a positive direction. Moreover, numerous partnerships among local players and industry giants for developing advanced cranes for the construction sector is likely to propel the growth of the crane market.

• In April 2025, Indo Farm announced partnership with Sichuan Hongsheng. This partnership is done for developing advanced construction cranes in India. (Source: Infra Junction)

The industrial segment is predicted to rise with a significant CAGR during the forecast period. The growing adoption of electric cranes in heavy industries to lower emission has boosted the market expansion. Also, the rising use of jib cranes in warehouses and assembly centers along with numerous applications of overhead cranes in oil and gas industry is contributing to the overall industrial growth. Moreover, the increasing demand for bridge cranes and workstation cranes to operate critical applications is anticipated to foster the growth of the crane market.

• In March 2024, Konecranes launched Konecranes X. Konecranes X is a new range of industrial crane equipped with TRUCONNECT remote monitoring capabilities to enhance tracking capabilities. (Source: Konecranes)

Geographical Insights

North America held the highest share of the crane market. The rising adoption of advanced equipment in manufacturing sector for enhancing the operational capabilities has boosted the market growth. Additionally, numerous government initiatives aimed at lowering industrial emission coupled with rapid investment in oil and gas industry by public companies for deploying advanced equipment is playing a vital role in shaping the industry in a positive direction. Moreover, the presence of several market players such as CERTEX USA, Caterpillar Inc., Manitowoc, Terex Corporation and some others is expected to boost the growth of the crane market in this region.

• In April 2025, Manitowoc launched MR 819 in North America. MR 819 is a jib crane that finds application in construction of bridges and nuclear power plants. (Source: The Manitowoc Company, Inc.)

U.S. dominated the market in this region. The rising adoption of electric cranes in heavy industries along with rise in number of office construction has driven the market growth. Additionally, the rapid adoption of overhead cranes and gantry cranes in the automotive sector coupled with presence of several coal mines is contributing to the overall industrial growth.

• In March 2023, Manitex launched ECSY in the U.S. ECSY is an electric crane powered by a 480-volt electric motor that delivers superior performance in the industrial sector. (Source: KHL Group)

Asia Pacific is expected to grow with a significant CAGR during the forecast period. The growing investment in the mining sector by public companies has driven the market expansion. Additionally, the rise in number of infrastructural projects in several countries such as India, China, Japan and some others has increased the demand for hammerhead cranes, thereby contributing to the overall industrial growth. Moreover, the presence of various crane manufacturers such as SANY Group, XCMG, Komatsu Limited and some others is projected to drive the growth of the crane market in this region.

• In May 2025, Komatsu launched PC220LCi-12 in Japan. PC220LCi-12 is a hydraulic crane equipped with intelligent machine control technology to enhance handle material handling operations. (Source: Equipment India)

China is the major contributor in this region. In China, the market is generally driven by the rising emphasis on gold mining along with increase in number of residential constructions. Moreover, rapid development in the oil and gas industry coupled with presence of local crane manufacturers is driving the market growth.

• According to the U.S. Energy Information Administration, petroleum and other liquids fuel production in China reached 5.3 million barrels per day in 2024. (Source: U.S. Energy Information Administration)

Industry Leader Announcement

• In April 2025, Andreas Hofmann, the Executive Vice President of Research & Development at Tadano made an announcement stating that, “The CC 78.1250-1 represents a significant step forward in Tadano’s crawler crane development, Customer feedback played a crucial role in its design, ensuring that this crane delivers not only superior lifting capacity but also transport-optimized components and efficient assembly sequences.”

Competitive Landscape

The crane market is a highly competitive industry with the presence of several dominating players. Some of the prominent companies in this industry consists of Demag Cranes & Components GmbH; GORBEL INC.; Hitachi Construction Machinery Europe NV; BUCKNER HEAVYLIFT CRANES, LLC; CARGOTEC CORPORATION; Caterpillar; CERTEX USA; KITO CORPORATION; Komatsu Ltd; Konecranes; LIEBHERR; PALFINGER AG; Pelloby Premier Cranes; SANY Group; Street Crane Company Limited; Tadano Ltd; Terex Corporation; The Manitowoc Company, Inc.; XCMG; and some others. These companies are constantly engaged in developing advanced cranes and adopting numerous strategies such as business expansions, acquisitions, joint ventures, collaborations, launches, partnerships, and some others to maintain their dominance in this industry.

• In May 2025, Sany Group launched SCC2000A-EV. SCC2000A-EV is an electric crane that has a lifting capacity of around 220 tons. (Source: Charged Electric Vehicles Magazine)

• In January 2025, Hitachi launched ZX350H-7G. ZX350H-7G is powerful crane that comes with a load capacity of around 33,600 - 35,400 kgs. (Source: Hitachi Construction Machinery Middle East Corporation FZE)

Recent Developments

• In May 2025, JMG Cranes launched MC250. MC250 is a hydrogen-powered crane that delivers superior performance in various sectors including mining and construction. (Source: JMG Cranes)

• In April 2025, Manitowoc launched a plug-in hybrid all-terrain crane. This crane finds application in the mining sector. (Source: OEM Off-Highway)

• In February 2025, Wolffkran launched WOLFF 8095. WOLFF 8095 is a compact trolley jib crane that comes with a lifting capacity of around 10.5 tons. (Source: Infra Junction)

Crane Market Segments

By Product

• Mobile Crane
  • Type
    • All Terrain Crane
    • Crawler Crane
    • Rough Terrain Crane
    • Truck Loader Crane
  • Load Capacity
    • Below 20 ton
    • 20 To 50 Ton
    • 50 To 200 ton
    • Above 200 ton
  • Fixed Crane
    • Type
    • Monorail Crane
    • Stiff Leg Crane
    • Tower Crane
    • Gantry Crane
  • Load Capacity
    • Below 25 ton
    • 26-50 Ton
    • 51-80 Ton
    • Above 80 Ton

By Application

• Construction
• Mining
• Industrial
• Oil & Gas
• Others

By Region

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