Crane Market Size To Worth USD 78.2 Billion in 2034 | Grow CAGR by 3.85%

Market Overview:

The crane market is experiencing rapid growth, driven by global infrastructure and urbanization initiatives, expansion of renewable energy projects, and government incentives and localization policies. According to IMARC Group's latest research publication, "Crane Market Size, Share, Trends and Forecast by Product Type, Application, and Region, 2026-2034", The global crane market size reached USD 55.6 Billion in 2025. Looking forward, IMARC Group expects the market to reach USD 78.2 Billion by 2034, exhibiting a growth rate (CAGR) of 3.85% during 2026-2034.

This detailed analysis primarily encompasses industry size, business trends, market share, key growth factors, and regional forecasts. The report offers a comprehensive overview and integrates research findings, market assessments, and data from different sources. It also includes pivotal market dynamics like drivers and challenges, while also highlighting growth opportunities, financial insights, technological improvements, emerging trends, and innovations. Besides this, the report provides regional market evaluation, along with a competitive landscape analysis.

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Our report includes:

● Market Dynamics
● Market Trends And Market Outlook
● Competitive Analysis
● Industry Segmentation
● Strategic Recommendations

Growth Factors in the Crane Market

● Global Infrastructure and Urbanization Initiatives

The primary driver for the crane industry remains the surge in large-scale infrastructure projects and rapid urbanization across emerging economies. In 2026, governments are allocating unprecedented budgets to modernize transportation networks, including highways, bridges, and metro-rail corridors. For instance, the Indian government has prioritized a substantial infrastructure investment of 11.21 lakh crore for the current fiscal year, supporting national programs like Gati Shakti. Similarly, in Southeast Asia and China, the expansion of smart cities and high-rise clusters is fueling a critical need for tower cranes, which currently dominate the construction segment with a market share exceeding 57%. This demand is further intensified by the United Nations' observation that urban populations are increasing rapidly, necessitating vertical expansion in city centers. Consequently, manufacturers like XCMG and SANY are scaling production to provide high-performance lifting solutions that can operate in these dense, high-stakes urban environments.

● Expansion of Renewable Energy Projects

The global transition toward non-fossil energy sources is creating a specialized niche for heavy-lift cranes, particularly within the wind energy sector. In 2026, the push to meet ambitious climate targets, such as India's 500 GW non-fossil capacity goal, has led to the deployment of massive 3 MW wind turbines that require 168-meter boom systems for installation. This trend is driving the adoption of super-heavy crawler cranes, with units exceeding 300 tons in capacity seeing a notable increase in utilization. In Europe and North America, offshore wind farm developments are further propelling the marine crane segment, as specialized vessels require high-stability lifting equipment for deep-sea installations. Companies like Liebherr are responding to this by developing lattice boom designs that offer the superior reach-to-weight ratios necessary for erecting tall turbines. These energy-related applications are diversifying the market beyond traditional construction, making utilities a major contributor to global fleet expansion.

● Government Incentives and Localization Policies

Strategic government interventions and "Make in India" style localization mandates are significantly reshaping the global manufacturing landscape for cranes. In early 2026, India announced an incentive package of approximately 16,000 crore specifically for the construction equipment sector to reduce import dependency and bolster domestic production. These policies often include performance-linked incentives requiring at least 50% domestic value addition, encouraging companies like Action Construction Equipment (ACE) to expand their local footprints. Furthermore, the recommendation of anti-dumping duties on certain imported crawler and truck cranes is protecting domestic manufacturers from unfair competition, allowing them to capture larger market shares. In the United States and Europe, similar reshoring efforts are driving investments in domestic steel and rare earth production facilities, creating a secondary wave of demand for cranes needed to build and upgrade these industrial plants, thereby stabilizing the market against global supply chain volatility.

Key Trends in the Crane Market

● Integration of IoT and Predictive Telematics

A dominant trend in 2026 is the transition of telematics from an optional add-on to an essential standard for crane operations. Modern fleets are increasingly equipped with Internet of Things (IoT) sensors that provide real-time data on load weights, boom angles, and environmental conditions such as wind speed. This connectivity allows for predictive maintenance, where AI-driven platforms analyze component-level data to identify potential faults before they lead to downtime. For example, SANY's E-Vision suite and Caterpillar's IoT platforms now offer health diagnostics that significantly extend equipment lifespan. On-site supervisors can access this information via mobile apps, enabling better coordination in multi-crane zones. By shifting maintenance from reactive to proactive, companies are reducing operational costs while ensuring that critical lifting hardware remains safe and reliable throughout the duration of complex, long-term infrastructure projects.

● The Rise of Semi-Autonomous and Remote Operations

The crane industry is rapidly adopting semi-autonomous technology to address chronic shortages of certified operators and to enhance safety in hazardous environments. In 2026, remote operator cabins and cableless control systems are becoming common, allowing technicians to manage lifts from a safe distance or a centralized ground-based station. These systems use computer vision and LiDAR sensors to assist with anti-collision and object detection, effectively standardizing lifting movements and reducing human error. Real-world applications are particularly visible in port modernization, where automated rail-mounted gantry cranes are being integrated to speed up cargo handling with high precision. While fully autonomous cranes are emerging in controlled environments like warehouses, the semi-autonomous segment remains the standard for construction sites, as it provides an optimal balance between automated efficiency and the necessary human oversight for unpredictable lifting tasks.

● Electrification and Hybrid Power Systems

Environmental sustainability is no longer a peripheral concern but a core market trend, as evidenced by the rapid adoption of electric and hybrid-powered cranes. In 2026, fully electric mobile cranes are recording high interest levels, particularly for urban projects and metro depots where noise and emission regulations are strictly enforced. Ports are leading this transition, with major facilities recently securing large orders of battery-powered RTG cranes that utilize zero-emission E-Hybrid technology. Beyond environmental compliance, these systems offer lower operating costs over time compared to traditional diesel engines, which are increasingly subject to fluctuating fuel prices and tightening emission standards. As power-plant developers and green building initiatives mandate lower carbon footprints for their contractors, manufacturers are accelerating the rollout of high-capacity electric models, signaling a long-term shift toward a decarbonized heavy-lifting ecosystem.

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Leading Companies Operating in the Global Crane Industry

● Broderson Manufacturing Corporation (Lanco International Inc.)
● Hiab Corporation
● IHI Corporation
● Kobelco Construction Machinery Co., Ltd
● Konecranes
● Link-Belt Cranes (Sumitomo Heavy Industries Ltd.)
● Tadano Ltd
● The Liebherr Group
● The Manitowoc Company Inc.
● XCMG Group
● Crane Market Report Segmentation

By Product Type:

● Mobile Cranes
● Marine and Port Cranes
● Fixed Cranes

Mobile cranes dominating the market with 78.6% share in 2024, mobile cranes are favored for their advanced hydraulic systems, versatility in various environments, and increased demand due to urbanization.

By Application:

● Construction and Infrastructure
● Mining
● Oil and Gas
● Others

Construction and Infrastructure leading with a 35.0% market share in 2024, this sector's need for specialized cranes stems from the complexity of projects and ongoing infrastructure maintenance and development.

Regional Insights:

● North America (United States, Canada)
● Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
● Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
● Latin America (Brazil, Mexico, Others)
● Middle East and Africa

Asia Pacific holding over 45.0% market share in 2024, this region's rapid infrastructure development and urbanization drive significant crane demand, supported by economic growth and favorable regulatory conditions.

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IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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This release was published on openPR.