Global Crane Market Size, Share & Trends Analysis Report By Product, By Fixed Crane Load Capacity, By Mobile Crane Load Capacity, By Application (Construction, Mining, Industrial, Oil & Gas, and Others), By Regional Outlook and Forecast, 2024 - 2031

Global Crane Market Size, Share & Trends Analysis Report By Product, By Fixed Crane Load Capacity, By Mobile Crane Load Capacity, By Application (Construction, Mining, Industrial, Oil & Gas, and Others), By Regional Outlook and Forecast, 2024 - 2031

The Global Crane Market size is expected to reach $43.5 billion by 2031, rising at a market growth of 4.7% CAGR during the forecast period.

Cranes are essential for material handling and logistics operations in manufacturing and production facilities. Thus, the industrial segment acquired $6,453.0 million revenue in 2023. Cranes also play a crucial role in port and shipyard operations, loading and unloading cargo from ships and transporting it to storage facilities or distribution centers.

The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In February 2024, Zoomlion Heavy Industry Science & Technology Co., Ltd. introduced RL165-10. The new crane would be used as a luffer or, with the jib horizontal, as a flat-top crane. Additionally, In December 2023, Komatsu Ltd. launched PW168-11 and PW198-11 models to expand its portfolio to operate in small areas or cramped construction sites.

Based on the Analysis presented in the KBV Cardinal matrix; Caterpillar, Inc. is the forerunner in the Crane Market. In May 2022, Caterpillar, Inc. unveiled Cat 906, 907, and 908, compact wheeled loaders. With the launch of these models, the company would serve the construction, industrial, and waste sectors. Additionally, the models would be equipped with a V-compliant C2.8 engine which would serve 55.7kW (74 hp) of power and deliver 13% extra torque. Companies such as Komatsu Ltd., Liebherr-International AG, and Zoomlion Heavy Industry Science & Technology Co., Ltd. are some of the key innovators in Crane Market.

Market Growth Factors

Cranes are essential for achieving dynamic and dramatic shots in film and television productions. Crane-mounted cameras allow filmmakers to capture sweeping aerial views, smooth tracking shots, and intricate camera movements, enhancing visual storytelling and cinematography. Therefore, the market is expanding significantly due to the rising film and entertainment industry.

Wind turbines, a key component of wind energy projects, require cranes for installation, maintenance, and repair. Cranes lift turbine components such as towers, nacelles, blades, and generators to considerable heights, facilitating the assembly process. Cranes are employed in constructing and maintaining hydropower infrastructure, including dams, spillways, penstocks, and turbine halls. Hence, integration of renewable energy projects has been a pivotal factor in driving the growth of the market.

Market Restraining Factors

The high initial investment is a barrier to entry for new players and smaller companies wishing to enter the market. The significant capital required for purchasing cranes, establishing infrastructure, and obtaining necessary certifications and permits can deter potential entrants, limiting competition and innovation in the market. Thus, high initial investment costs can slow down the growth of the market.

Product Outlook

On the basis of product, the market is bifurcated into fixed crane and mobile crane. The mobile crane segment garnered a significant 32.3% revenue share in the market in 2023. Mobile cranes come in a range of lifting capacities, from small hydraulic cranes capable of lifting a few tons to large all-terrain cranes capable of lifting hundreds of tons.

Fixed Crane Outlook

By fixed crane load capacity, the market is divided into below 25 ton, 25 to 80 ton, and above 80 tons. In 2023, the below 25 ton segment registered 34% revenue share in the market. Mobile cranes with a lifting capacity below 25 tons are versatile and accessible, making them suitable for various lifting tasks in various industries and applications.

Mobile Crane Outlook

Based on mobile crane load capacity, the market is segmented into 5 ton, 10–20-ton, 21-30 ton, and others. The 10–20-ton segment covered a considerable 33% revenue share in the market in 2023. Mobile cranes with a 10-20 ton lifting capacity are used in warehouses and distribution centers for material handling and logistics operations.

Application Outlook

On the basis of application, the market is fragmented into construction, mining, industrial, oil & gas, and others. In 2023, the construction segment held a 38.1% revenue share in the market. The growing population and rising demand for housing are driving the construction of residential buildings, including single-family homes, apartments, and condominiums. systems.

Regional Outlook

Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region led the market by generating 35% revenue share. The North American industrial sector, including manufacturing, oil and gas, and renewable energy, requires cranes for various lifting and material handling applications.

The competition in the crane market can vary depending on factors such as geographical location, the type of cranes being offered, and the specific market segment targeted. Generally, it's quite competitive as there are several established manufacturers and suppliers worldwide, each vying for market share.

Recent Strategies Deployed in the Market

• Feb-2024: Zoomlion Heavy Industry Science & Technology Co., Ltd. introduced RL165-10, a hydraulic luffing jib tower crane. The new crane would be used as a luffer or, with the jib horizontal, as a flat-top crane. Additionally, it would be unveiled at the factory in luffing mode and with a tower climbing cage around the mast to expand the height.
• Dec-2023: Komatsu Ltd. launched PW168-11 and PW198-11 models to expand its portfolio. With the launch of these models, the company would operate in small areas or cramped construction sites.
• Dec-2023: Liebherr-International AG launched LG 1800-1.0, a new Liebherr crane to expand its portfolio. With the launch of LG 1800-1.0, the company would serve the wind industry by climbing up gradients of 25% of the crane.
• Nov-2023: Liebherr-International AG announced an enhancement to its series with the launch of LTR 1150, a 50-tonne capacity telescopic boom crawler crane. With the launch of LTR 1150, the company would add its VarioBase system to maximize available capacity.
• May-2023: Zoomlion Heavy Industry Science & Technology Co., Ltd., launched R2000-720 tower crane. The R2000-720 employs a heavy-duty split structure and a high-load-carrying lightweight construction which minimizes the upper structure of tower cranes by more than 20% than traditional solutions.

List of Key Companies Profiled

• Caterpillar, Inc.
• Hitachi Construction Machinery Co., Ltd. (Hitachi, Ltd.)
• Komatsu Ltd.
• Liebherr-International AG
• SANY Group
• Terex Corporation
• Zoomlion Heavy Industry Science & Technology Co., Ltd.
• Gorbel Inc.
• Tadano Ltd.
• The Manitowoc Company, Inc.

Global Crane Market Report Segmentation

By Product

• Fixed Crane
• Fixed Crane Type

Tower Crane

Gantry Crane

Monorail Crane

Stiff Leg Crane

• Fixed Crane Load Capacity

25 to 80 Ton

Below 25 Ton

Above 80 Tons

• Mobile Crane
• Mobile Crane Type

Truck Loader Crane

Crawler Crane

All Terrain Crane

Rough Terrain Crane

• Mobile Crane Load Capacity

5 Ton

10-20 Ton

21-30 Ton

Others

By Application

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

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA