Market Size of Crane Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 42.64 Billion |
| Market Size (2029) | USD 57.76 Billion |
| CAGR (2024 - 2029) | 6.26 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Crane Market Analysis
The Crane Market size is estimated at USD 42.64 billion in 2024, and is expected to reach USD 57.76 billion by 2029, growing at a CAGR of 6.26% during the forecast period (2024-2029).
Manufacturers are implementing contingency plans to mitigate future business uncertainties to retain continuity with clients in the critical sectors of the automobile industry.
- In 2020, Liebeherr Group focussed its R&D efforts on alternative drivetrain technologies. The Group launched the world's first battery-powered crawler cranes and the LR 1250.1 unplugged. The Group also focused on the remote production of tits cranes by remotely assembling a mobile harbor crane of the LHM 420 type in Argentina through Liebherr Remote Service App operated from Germany to mitigate the effects of the lockdown on its regular production in May 2020.
- Over the forecast period, the crane industry is expected to benefit from automated technology deployment to decrease human involvement in manufacturing facilities and offices. The fast expansion of the infrastructure and building industry to various new construction and restoration projects creates strong demand for these types of equipment.
- The crane industry is expanding due to increased government and private expenditures on new construction and development projects to offer improved infrastructural amenities. The requirement for improved structures in several industry verticals, such as telecommunications, oil and gas, and manufacturing, also supports marketing. These machines are gaining popularity in various sectors due to their superior performance and efficiency over traditional choices. The market is also anticipated to display healthy growth due to the construction of high-rise buildings like the Jeddah Tower in Saudi Arabia and the Merdeka 118 Tower in Malaysia.
- October 2022: Liebherr Group launched a new 520 EC-B crane with fiber rope. The crane has a lifting capacity of 20 ton, and its flat top design makes it versatile for many applications.
- October 2022: Manitowoc Cranes, a subsidiary of Manitowoc Company Inc., won an order for 12 Potain Igo MA 21 and three Igo 32 self-erecting cranes from Dutch crane manufacturing, sales, and rental company Montarent.
- Asia-Pacific is predicted to be the largest market for cars in the world due to the large number of high-rise buildings under construction, rapid infrastructure development, high number of ports, and presence of many crane OEMs.
