Crane Market Size By Product (Mobile Crane [All Terrain Crane, Crawler Crane, Rough Terrain Crane, Truck Loader Crane], Fixed Crane [Monorail Crane, Stiffleg Crane, Tower Crane, Gantry Crane], By Application (Construction & Mining, Utility [Electric, Telecom, Water], Manufacturing, Transport/Shipping, Oil & Gas/Energy), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019 - 2025

Published Date: Jun 2019 |    |  Report ID: GMI2398  |  Authors: Ankita Bhutani, Pallavi Bhardwaj

Report Format: PDF   |   Pages: 890   |   Base Year: 2018

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Crane Market size valued at USD 19 billion in 2018 and will grow at a CAGR of 6% from 2019 to 2025. The global shipments are expected to exceed 35 thousand units by 2025.

North America mobile crane market, by application, 2018 & 2025 (USD Million)
North America mobile crane market, by application, 2018 & 2025 (USD Million)

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The rising global population and the requirement of new commercial & residential structures to address the population demand serve as major factors, driving the crane market growth. The rapid development of the infrastructure & building sector due to several new construction & refurbishment projects is creating a high demand for these machines. Increasing government and private investments in the new construction & building projects to provide better infrastructure facilities are supporting the crane market expansion. Additionally, the need for enhanced structures across various industry verticals including telecommunication, oil & gas, manufacturing, etc. is further supporting the market. These machines at gaining demand across application industries owing to the enhanced performance and efficiency benefits compared to the conventional options. Moreover, the increased automated safety features added in newly developed machines will add up to the product demand.

A major factor impacting the market share is high initial cost required in purchasing these new machines. The maintenance & servicing cost associated with these cranes is high due to the costly replacement of parts and unavailability of certified servicing facilities in several regions. High initial investments in procuring these machines have discouraged several businesses, manufacturers, and enterprises in purchasing them. As a result, customers are moving toward rental & leasing options that provide machines on daily, weekly, and monthly rents along with well-maintained products. These rental options reduce equipment maintenance and servicing cost, allowing customers to procure advanced machines whenever required.

Crane Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 19 Billion (USD)
Historical Data for: 2014 to 2018 Forecast Period: 2019 to 2025
Forecast Period (2019 to 2025) CAGR: 6% 2025 Value Projection: 28 Billion (USD)
Pages: 890 Tables, Charts & Figures: 2142
Geographies covered (16): U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa
Segments covered: Product and Region
Companies covered (32): Altec Inc., Broderson Manufacturing Corp, Cargotec Corporation, Columbus Mckinnon Corporation, Effer S.P.A, Elliott Equipment Company, Fassi Gru S.p.A., Fushun Yongmao Construction Machinery Co. Ltd, Hitachi Sumitomo Heavy Industries Construction Crane Co. Ltd., Ingersoll Rand, plc, JASO Industrial Cranes, Kato Works Co. Ltd., Kito Corporation, Kobelco Construction Machinery Co. Ltd., Komatsu Ltd., Konecranes Plc, Liebherr Group, Linden Comansa (Construcciones Metálicas Comansa S.A.), Locatelli crane S.R.L, Mammoet, Manitex International, Inc, Manitowoc, O.M.V. Officine Meccaniche VICARIO S.P.A., Palfinger AG, Raimondi Cranes S.p.a, Sany Group, Tadano Ltd., Terex Corporation, Weldco Beales Manufacturing, Wolffkran International AG, Xuzhou Construction Machinery Group Co. Ltd. (XCMG), Zoomlion Heavy Industry Science and Technology Co. Ltd.,
Growth Drivers:
  • Global increase in construction spending
  • Rising demand for telematics cranes in the U.S.
  • Rapid urbanization in the U.S.
  • Growing demand for cranes in the utility sector in Europe and Asia Pacific
  • Rapid infrastructure development in BRIC countries
  • Growing urbanization and safety concerns in India
  • Growth in transportation and logistics industry in MEA
Pitfalls & Challenges:
  • High initial costs
  • Lack of skilled and qualified crane operators

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Crane Market, By Product

In the crane market, mobile models had a revenue share of over 70% in 2018 and are gaining a high demand across various applications due to technical & safety features offered in new machines. These machines have several benefits such as high material handling & lifting capacities, fast set up operations, and easy handling features compared to other models. Recently developed mobile machines offer compact & energy-efficient features that support high adoption in every application. Intelligent crane models save several sensing and connected systems, allowing users to change features depending on business needs. Sensing components alert operators in potential system failures and save them from workplace fatalities. The market participants are experiencing a high demand for mobile models from the manufacturing and oil & gas industries due to intelligent machine control and powerful boom technologies.

The crane market products are experiencing an increased demand from the construction & energy sectors due to high material lifting capacities in rough terrains. These machines have the ability to travel and move around work sites, carrying heavy loads and requiring less set up time. The tracks in crawler models provide increased stability & support by eliminating the need for outriggers. Additionally, enhanced mobility & flexibility offered by these models in complex work areas is supporting their adoption in the global market. Manufacturers are developing new machines & systems that enhance operator safety & emission control features. For instance, in January 2019, Liebherr announced the launch of its new crawler cranes LR 1300 SX consisting of simplified handling & safety features. These new machines have a new assistance system that stops operations automatically in case of entry into unsafe zones.

Crane Market, By Application

Global crane industry, by application, 2025 (Units)
Global crane industry, by application, 2025 (Units)

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Construction sector in the crane market is expected to reach over USD 13 billion by 2025. The growth in this sector is attributed to the rapid development in the construction industry and the establishment of several infrastructure transformation projects globally. The European and North American countries are witnessing huge government & private infrastructure investments and have low labor availability, creating the need for efficient equipment. Additionally, the construction of complex residential & commercial structures to address the increasing consumer demand requires operationally complaint machines, supporting the market growth. Major construction companies and contractors procure a large number of equipment from various manufacturers, increasing their adoption in a variety of projects.

Crane Market, By Region

The North America crane market is expected to grow at a CAGR of over 6% by 2025 and is witnessing a high equipment demand due to the expansion of utility and infrastructure sectors. The increasing disposable income and high spending capacities of the U.S. citizens are fueling the smart city developments in the country. Additionally, the growing consumer awareness related to digitization and enhanced broadband network is creating a high demand for cranes to set up new telecommunication infrastructures. The region is witnessing a high utilization of the mobile & fixed cranes due to the availability of trained operators and the presence of several enhanced training providers.

Competitive Market Share

The prominent players operating in the crane market include Liebherr Group, Komatsu Ltd., Comansa, XCMG Ltd., Zoomlion Heavy Industry Science and Technology Co., Ltd., Terex Corporation, Sany Group, Tadano Ltd., Manitowoc, Palfinger AG, etc. The companies are continuously launching new products with connectivity & safety technologies to offer operational safety at worksites. The manufacturers are focused on developing highly efficient products to cater to various application industries. Moreover, these players are engaged in providing cost-efficient equipment to gain a competitive advantage and a major market share. For instance, in November 2018, Comansa announced the launch of its two new luffing jib machines at Bauma’ 18. With the launch of CML310 and CML280, the company aims at addressing the demand for 18- & 24-ton machines, mainly in Asia Pacific and the Middle East regions.

Crane Industry Background

Crane Market Segmentation

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The crane industry is highly competitive with the presence of several manufacturers across the globe that offer a variety of mobile & fixed cranes. The industry players are undergoing new product developments and launching strategies to cater to the increasing demand from various application industries. The companies are focusing on launching machines with high lifting capacities and stabilization features to be utilized in complex construction applications. Additionally, the manufacturers are engaged in providing machines with sensing features to enhance performance. The rapid development of manufacturing and oil & gas sectors in various regions is creating a high demand for these machines, further driving the industry growth.


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