Cranes Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts

"The Cranes Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Current Cranes Market Size and Its Estimated Growth Rate?
In recent times, we've seen a steady escalation in the size of the cranes market. It is projected to expand from $39.97 billion in 2024 to $41.92 billion in 2025, indicating a compound annual growth rate (CAGR) of 4.9%. Factors contributing to this historic growth include the construction boom, industrialization, developments in infrastructure, expansion of ports and shipyards, construction of power plants, and the broadening of the manufacturing sector.

The cranes industry is projected to experience significant expansion in the upcoming years, with its market size expected to reach $52.55 billion in 2029, growing at a 5.8% compound annual growth rate (CAGR). The advancement during the forecast period could be due to factors such as renewable energy projects, the expansion of e-commerce, emphasis on safety measures, the rising popularity of prefabricated construction, harbor and shipyard modernization efforts and consideration for eco-friendly solutions. The forecast period is also likely to witness some major trends, including the incorporation of telematics and the Internet of Things (IoT), environmentally friendly and energy-efficient cranes, the emergence of compact and portable crane models, crane automation and robotics, as well as improvements in hydraulic systems.

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How Are Emerging Segments Shaping the Cranes Market Landscape?
The cranes market covered in this report is segmented -

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

Subsegments:
1) By Mobile: Truck-mounted Cranes, All-terrain Cranes, Rough Terrain Cranes, Crawler Cranes, Telescopic Cranes
2) By Fixed: Tower Cranes, Gantry Cranes, Overhead Cranes (Bridge Cranes), Jib Cranes, Monorail Cranes
3) By Marine: Ship-mounted Cranes, Offshore Cranes, Knuckle Boom Marine Cranes, Pedestal Cranes

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Which Growth Factors Are Influencing Cranes Market Expansion?
Global construction expenditure is on the rise and this is having a positive impact on the cranes market. Factors like speedy industrialization, fast-paced urbanization, and robust economic progress in developing nations are influencing the expansion of construction activities worldwide. This, in turn, bolsters the use or need for cranes as construction sites increasingly look for swift, effective, and secure material handling tools to prevent operational mishaps and reduce human casualties. In line with this, the U.S. Census Bureau's 2022 monthly report on construction expenses predicted construction spending to reach $1,744.8 billion in April 2022, marking a 0.8% increase from the revised estimate of $1,740.6 billion in March. Consequently, the escalating expenditure on construction activities is projected to spur the demand for cranes during the forecasted timeline.

Who Are the Dominant Players Across Different Cranes Market Segments?
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, 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 GmbH

What Cranes Market Trends Are Gaining Traction Across Different Segments?
Prominent enterprises in the crane market are focusing on creating cutting-edge solutions, like wireless upgrade capability, to augment its novel features permitting the crane to obtain software upgrades via airwaves. Wireless upgrade capability signifies the feature of a device, system or equipment to accept and implement software improvements or augmentations over a wireless network like Wi-Fi or mobile data networks. For instance, Konecranes, a material handling solutions firm based in Finland, in August 2024, introduced the leading Konecranes X-series industrial crane, with an aim to revamp industrial lifting norms. This features a space-saving design coupled with state-of-the-art technology, facilitating lifting capacities up to 20 tons. Standout features comprise of a distinctive wireless upgrading capability which allows customers to customize the crane to future needs, and a user-friendly control setup which boosts operator experience. The crane also includes an overhauled hoisting motor and components created for improved efficacy and minimized environmental impact, in conjunction with TRUCONNECT Remote Monitoring offering valuable insights into crane utilization.

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Which Geographic Regions Are Expected to Dominate the Cranes Market in the Coming Years?
Asia-Pacific was the largest region in the cranes market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the cranes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Cranes Market?
2. What is the CAGR expected in the Cranes Market?
3. What Are the Key Innovations Transforming the Cranes Industry?
4. Which Region Is Leading the Cranes Market?

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