The global crane market is anticipated at USD 44 billion in 2022. Demand is likely to remain high for cranes during the assessment period. This is due to the increased application in mining operation and garnering USD 67.6 billion in 2033, recording a CAGR of 4.0% from 2023 to 2033. The market is likely to secure USD 45.7 billion in 2023.
| Data Points | Key Statistics |
|---|---|
| Crane Market Size Value in 2023 | USD 45.7 billion |
| Crane Rental Market Forecast Value in 2033 | USD 67.6 billion |
| Global Growth Rate | 4.0% |
| Forecast Period | 2023 to 2033 |
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| Historical CAGR (2018 to 2022) | 3.5% |
|---|---|
| Forecasted CAGR (2023 to 2033) | 4.0% |
The crane market is expected to grow at a 4.0%CAGR between 2023 and 2033, up from the 3.5% CAGR recorded during 2018 to 2022, predicts Future Market Insights (FMI).
Rising investments by government and private agencies in the infrastructure sector worldwide are a significant factor that is set to accelerate the demand for crane machines. The Public Authority for Special Economic Zones and Free Zones (OPAZ), Oman, for instance, signed an agreement with Liebherr for the delivery of 12 rubber tire gantry cranes and four fully automated ship-to-shore container cranes worth RO 27.9 million.
The agency is aiming to improve the cargo handling capabilities of the Port of Duqm with this agreement. The growing government support to enhance various operations is likely to drive the market.
Many companies are also establishing smart factories to increase their manufacturing capacities to cater to the growing demand for portable cranes. In May 2021, China-based Zoomlion Heavy Industry Science & Technology Co., Ltd. started operating its smart tower crane plant located in Changde City.
This development would aid the company to become the world’s largest and strongest tower crane producer in the forthcoming years. The market is expected to grow at a considerable pace throughout the forecast period spurred by the aforementioned factors.
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Expansion of The Construction Sector Boosting Sales Of Cranes
The rapid expansion of the oil and gas, utilities, construction, manufacturing, and mining sectors across the globe is anticipated to propel the demand for hydraulic cranes. Cranes are required in these sectors mainly to lift heavy materials and transport them to other places.
An increasing number of residential and commercial construction projects owing to the high demand for housing and offices is likely to fuel the market. For instance, in February 2022, Findorff installed a new tower crane on Lincoln Memorial Drive at the site of the future Couture building, which is worth USD 188 million. The crane will help in the construction of the 44-story building’s concrete structure. The usage of these cranes in the construction industry is set to boost the market.
Emergence of Rental Services Bode Well for The Crane Market
The growing popularity of hydraulic and tower crane rental services is a novel trend which is expected to augment the growth in the market. Many rental companies are trying to improve their existing product lines to offer premium crane rental services. They are offering monthly or weekly rental services by covering maintenance charges.
In January 2022, Bay Crane announced that it has acquired Gatwood Crane Rental Service to better serve its customers. This acquisition would also help in broadening the company’s presence into several key markets with the addition of Gatwood’s experienced team.
Rising number of mergers and acquisitions among key players in various countries is estimated to push the demand for hydraulic cranes over the forecast period.
Manufacturers are Rapidly Developing Innovative Portable Cranes
The presence of many prominent portable crane manufacturers in China, such as Sym Hoist & Tower Crane, Xuzhou Jiufa Construction Machinery, Dahan Construction Machinery, and Katop Group is projected to drive the market. According per FMI, the China crane market is anticipated to account for about 29% of the total market share in 2023.
In August 2021, Hyva introduced a new line of stiff boom cranes at its Yangzhou location, in China. The three new models, namely HST14 E4, HST12 E4, and HST8 E4 were launched alongside other crane accessories and models. The consistent development of cutting-edge products by key players in China is a crucial factor that is set to fuel the market.
Demand for Hydraulic Cranes to Surge in the Power Generation Sector
The ongoing expansion of the power generation sector and the surging development of novel infrastructure are set to accelerate the sales of hydraulic cranes in India. Asia Pacific excluding China (APEC) crane market is likely to hold approximately 21.2% of the share in 2023, finds FMI.
For instance, in January 2022, Sany India handed over the key to the country’s first-ever crawler crane with 800 tons lifting capacity to Dwarkesh Transport Corporation. The crane called Sany SCC8000A is India’s largest crawler crane with safety features and distinct design. It will be used by Dwarkesh for the installation of wind turbines. Driven by similar other product launches and deliveries, the market is projected to expand at a steady pace in India.
Rising Number of Acquisitions to Propel the Sales of Crane Machines
The growing focus of major manufacturers on acquisition strategies to remain at the forefront of the industry is expected to drive the market in Spain. The Europe crane market is estimated to account for around 17.6% of the total market share in 2023.
In January 2022, Gantrex Spain S.A. signed an agreement to acquire 100% of the shares of Bravo Silva Consultoría Técnica, S.L. This acquisition would enable the company to execute its first Gantrex 4.0 strategic plan.
It is looking forward to developing a more intimate customer relationship with the addition of new digital solutions and mechanical services to improve sales. The engagement of key players in similar other strategies is projected to propel the sales of crane machines in Spain.
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Tower Cranes Are Exhibiting High Demand from the Construction Industry
By type, the tower crane segment is expected to remain dominant over the forecast period. Increasing construction of high-rise buildings and skyscrapers worldwide is expected to drive sales in this segment.
These cranes outperform the lifting and loading capacity of any other crane. They can also bear the most complex lifting operations and have immense stability. Their height cannot be matched by any other type of crane, though these are very expensive.
The Construction Industry is Preferring Mobile Floor Cranes
In terms of application, the construction segment is expected to expand at a considerable pace over the forecast period. Growing demand for environmentally friendly buildings and the ongoing technological advancements in infrastructure development is expected to spur demand in the segment.
The increasing usage of mobile floor cranes and floating cranes for the construction of waterways and bridges is likely to fuel sales. They also have a robust steel boom fitted to a transportable platform which makes them more convenient and efficient.
1,500 to 3,000 MT Stiff Boom Mobile Floor Cranes Will Showcase Exponential Demand
Based on capacity, sales in the 1,500 to 3,000 MT segment are projected to gain momentum over the forecast period. Mobile floor cranes of this capacity are required for performing complicated tasks in numerous industries. They are also utilized in the railway industry for accident recovery work and maintenance work.
Stiff Boom Segment to Generate High Revenue
By design, the stiff boom segment is projected to lead the global crane market in the forthcoming years. Growth is attributable to the ability of these cranes to eliminate idle time at construction sites, thereby enabling site personnel to complete and work on a project very quickly. These are ideal for urban sites where there are multiple overhead obstructions and limited spaces.
Leading players operating in the global crane market are focusing on capitalizing on the high demand for reliable crane machines in the industrial, mining, and construction sectors. Some of the other key players are investing in research and development activities to launch innovative products. They are also engaging in mergers and acquisitions to strengthen their global presence. For instance:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.0% from 2023 to2033 |
| Market Value in 2023 | USD 45.7 billion |
| Market Value in 2033 | USD 67.6 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Application, Capacity, Design, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel, Rest of MEA |
| Key Companies Profiled | Liebherr Group; Terex Corporation; XCMG Construction Machinery Co. Ltd.; The Manitowoc Company; Cargotec Oyj, Tadano Ltd.; Zoomlion Heavy Industry Science & ; Technology Co., Ltd.; Kobelco; Sany Group; Kato; Tadano Ltd. |
The CAGR of the crane market is 4% through 2033.
The market is valued at USD 45.7 billion in 2023.
From 2018 to 2022, the global market exhibited 3.5% CAGR.
The global market size to reach USD 67.6 billion by 2033.
Rise in construction development promotes crane sales.
Over the projected period, the tower crane segment is anticipated to maintain its dominance by type.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Rough Terrain Cranes (RTCs) 5.2. All Terrain Cranes (ATCs) 5.3. Truck Cranes 5.4. Mobile Harbors 5.5. Off-shore Ship Cranes 5.6. Loader Cranes 5.7. Railroad Cranes 5.8. Crawler Cranes 5.9. Tower Cranes 5.10. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Aerospace and Defense 6.2. Automotive & Railways 6.3. Heavy Engineering 6.4. General Engineering 6.5. Mining 6.6. Construction 6.7. Marine 6.8. Shipping & Material Handling 6.9. Energy (Power & Gas) 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Capacity 7.1. Up to 5 MT 7.2. 5 to 50 MT 7.3. 50 to 250 MT 7.4. 250 to 500 MT 7.5. 500 to 1,500 MT 7.6. 1,500 to 3,000 MT 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Design 8.1. Stiff Boom 8.2. Knuckle Boom/Telescopic Boom 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Liebherr Group 19.2. Terex Corporation 19.3. XCMG Construction Machinery Co. Ltd. 19.4. The Manitowoc Company 19.5. Cargotec Oyj, Tadano Ltd. 19.6. Zoomlion Heavy Industry Science & Technology Co., Ltd. 19.7. Kobelco 19.8. Sany Group 19.9. Kato 19.10. Tadano Ltd. 20. Assumptions & Acronyms Used 21. Research Methodology
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