The global crane market size was estimated at USD 35.58 billion in 2023 and is anticipated to grow at a CAGR of 4.8% from 2024 to 2030. Growing demand for cranes is high in construction projects, where they are essential for lifting heavy materials and equipment. Besides, the growing trend of urbanization has led to an uptick in the construction of residential and commercial buildings, further fueling the demand for cranes. Technological advancements have led to developing more efficient and versatile crane models, enhancing their appeal to a wider range of industries. In addition, adopting advanced technologies such as IoT and automation enhances the efficiency and safety of crane operations, further propelling the market growth.

The increased emphasis on renewable energy sources has increased demand for cranes to install wind turbines and other renewable energy infrastructure. The global energy sector, including renewable energy sources such as wind and solar, requires cranes to install, maintain, and repair power plants and associated infrastructure. In April 2024, China continued expanding its solar energy infrastructure, building upon significant growth witnessed in 2023. According to the National Energy Administration of China, new solar installations soared to 216.88 GW in 2023, marking an increase of 148.12% compared to 2022. Moreover, in the first quarter of 2024, China augmented its solar PV capacity by 45.74 GW, a rise from the 33.66 GW added in the same quarter of the previous year. The surging popularity of wind and solar power as viable alternatives to traditional energy sources has spurred the development and deployment of renewable energy projects on a global scale. However, the successful implementation of these projects heavily relies on efficiently using cranes that can handle the unique challenges associated with installing and maintaining the renewable energy infrastructure.

Gather more insights about the market drivers, restrains and growth of the Crane Market

Key Crane Company Insights

The market participants are entering into strategic collaborations, mergers & acquisitions, new product developments, and partnerships to expand business and customer base. For instance, in April 2024, Liebherr launched the third generation LTM 1300-6.4, 300-tonne crane at the Intermat 2024 in Paris. The cranes operate through a LICCON3 control system, which will improve operation efficiency by making it easy to operate and prepared for telemetry and fleet management systems.

Key Crane Companies:

The following are the leading companies in the crane market. These companies collectively hold the largest market share and dictate industry trends.

• BUCKNER HEAVYLIFT CRANES, LLC

• CARGOTEC CORPORATION

• Caterpillar

• CERTEX USA

• Demag Cranes & Components GmbH

• GORBEL INC.

• Hitachi Construction Machinery Europe NV

• KITO CORPORATION

• Komatsu Ltd

• Konecranes

• LIEBHERR

• PALFINGER AG

• Pelloby Premier Cranes

• SANY Group

Recent Development

• In April 2024, LOCATELLI CRANE S.R.L, an Italian crane manufacturer, launched a rough terrain crane of 100-tonne capacity Gril 110.100 in the Intermat 2024 trade show held in Paris, France. The cranes weigh 55 tonnes and have a 47-meter boom in the five sections. This product launch signifies a strategic initiative by the company to enhance its brand visibility and engage with customers.

• In March 2024, Konecranes launched the X-series industrial crane, a compact, safe, and comfortable crane integrated with a compact and efficient motor to improve the crane's overall performance. Furthermore, the crane’s design is based on the Design for Environment (DfE) approach to reduce the environmental impact.

• In April 2023, Liebherr launched a narrow track crawler crane named LR 1700-1.0W for the assembly of wind turbines. The crane has a lifting capacity from 73 to 120 tons and an option of luffing jib. Liebherr’s product launches are strategically planned to showcase its product offering globally and maintain company’s market share globally.

• In February 2023, Action Construction Equipment Ltd. announced the launch of an electric crane with a lifting capacity of 180 tons. The electric crane is built to give optimum power and productivity and keep the equipment adaptable to Indian circumstances as part of the company's commitment to promoting sustainable technologies.

Global Crane Market Report Segmentation

The report forecasts volume & revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the crane market report based on product, application, and region:

Product Outlook (Volume, Units; Revenue, USD Billion, 2018 - 2030)

• Mobile Crane

o Type

o Load Capacity

• Fixed Crane

o Type

o Load Capacity

Application Outlook (Volume, Units; Revenue, USD Billion, 2018 - 2030)

• Construction

• Mining

• Industrial

• Oil & Gas

• Others

Region Outlook (Volume, Units; Revenue, USD Billion, 2018 - 2030)

• North America

o U.S.

o Canada

• Europe

o UK

o Germany

o France

o Italy

o Spain

• Asia Pacific

o China

o India

o Japan

o Australia

o South Korea

• Latin America

o Brazil

o Mexico

o Argentina

• Middle East & Africa (MEA)

o UAE

o Saudi Arabia

o South Africa 

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