Global Cranes Market: Booming Construction and Industrialization Fuel Market Growth, Forecast 2024-2029

Cranes Market Set for Robust Growth: Major Trends Include IoT Integration, Energy Efficient Models, and Automation

What is the Projected Market Size of the Global Cranes Market and Its Growth Rate?

The cranes market witnessed steady growth in the recent years. Key market size and growth rate statistics include:
- The market size, which was $39.97 billion in 2024, is projected to grow to $41.92 billion in 2025 at a compound annual growth rate (CAGR) of 4.9%.
- This consistent growth was driven by factors such as booming construction, expansive industrialization, infrastructure development, port and shipyard expansion, power plant construction, and expansion of the manufacturing sector.
- Expectations for the future also suggest strong market growth, with predictions showing the market size reaching $52.55 billion in 2029 at a CAGR of 5.8%.
- Growth drivers in the forecast period include renewable energy projects, e-commerce growth, an emphasis on safety, the rise of prefabrication, harbor and shipyard modernization, and a focus on eco-friendly solutions.

What Is Driving The Growth in The Cranes Market?

The growth in the cranes market is driven by increasing spending on global construction activities. Rapid growth in industrialization, urbanization and robust economic growth in emerging countries have contributed to a surge in global construction spending. This increase boosts the demand for cranes as on-field construction teams invest in faster and efficient material handling equipment for safe operations and minimal human loss. For example, according to the U.S. Census Bureau report on monthly construction spending in 2022, spending was anticipated to be $1,744.8 billion in April 2022, an increase of 0.8% from the revised March estimate of $1,740.6 billion. Such an increase in construction spending is expected to propel demand for cranes during the forecast period.

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Who Are the Key Players Driving Cranes Market Growth?

Major companies operating in the cranes market include:
- Liebherr Group
- Xuzhou Heavy Machinery Co. Ltd (XCMG)
- Marmon Crane Services
- Zoomlion India Pvt. Ltd.
- Zhenhua Heavy Industries Co. Ltd (ZPMC)
- SANY Heavy Equipment Co. Ltd
- Mammoet Americas
- Tere*x Corporation
- Cargotec Oyj
- PALFINGER AG
- The Manitowoc Company Inc.,
- Tadano Ltd
- Maxim Crane Works
- American Crane & Equipment Corporation
- Bigge Crane and Rigging Co.
- Action Construction Equipment Ltd.
- Yongmao Holdings Limited
- WOLFFKRAN International AG
- Kobelco Cranes Co. Limited
- Favelle Favco Group
- Barnhart Crane & Rigging
- Lampson International
- JASO Tower Cranes
- Eng Cranes Srl
- Konecranes PLC
- Sumitomo Heavy Industries Construction Cranes Co. Ltd
- HKTC LLC
- Shandong Huaxia Group Co. Ltd.
- Buckner HeavyLift
- SENNEBOGEN Maschinenfabrik Gmb

What Are The Key Trends In The Cranes Market?

Major trends in the forecast period in the cranes market include:
- Integration of telematics and Internet of Things (IoT)
- Eco-friendly and energy-efficient cranes
- Compact and mobile crane models
- Crane automation and robotics
- Advanced hydraulic systems

What Are The Segments Of The Global Cranes Market?

Market segments in the cranes market include:
1) By Product Type: Mobile, Fixed, Marine
2) By Business Type: Original Equipment Manufacturers (OEM), Aftersales
3) By End-User: Construction, Mining, Industrial, Oil And Gas, Other End-Users

Which Region Leads The Cranes Market?

Asia-Pacific was the largest and fastest-growing region in the cranes market in 2024. The market report covers different regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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What Is Covered In The Cranes Market Global Market Report?

- Market Size Analysis: Analyze the Cranes Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Cranes Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Cranes Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Cranes Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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