Heavy Lifting Equipment Market

Heavy Lifting Equipment Market Size

According to a recent study by Global Market Insights Inc., the global heavy lifting equipment market was estimated at USD 25 billion in 2024. The market is expected to grow from USD 26.3 billion in 2025 to USD 44.6 billion in 2034, at a CAGR of 5.8%.

The rapid expansion of infrastructure development, encompassing highways, bridges, metro systems, and smart cities, is significantly driving the demand for heavy lifting equipment. According to the Global Infrastructure Outlook by the G20, global infrastructure investment needs are projected to reach USD 94 trillion by 2040, with Asia accounting for over 50% of this demand. This growth underscores the critical role of advanced lifting solutions in supporting large-scale construction projects.

These projects require high-capacity and precise lifting equipment to handle materials such as steel beams, concrete segments, and prefabricated modules. Tower cranes, mobile cranes, and gantry systems are indispensable for ensuring the timely and safe execution of these operations. For instance, tower cranes are widely used for vertical construction due to their ability to lift heavy loads to significant heights, while mobile cranes offer flexibility and mobility for diverse construction sites. Gantry systems, on the other hand, are essential for handling oversized and heavy components in confined spaces.

Manufacturers are increasingly focusing on developing versatile, durable, and easily mobilized machinery to meet the evolving needs of the construction sector. For example, Liebherr, a leading crane manufacturer, reported a 7.2% increase in its construction machinery segment revenue in 2022, driven by rising demand for its advanced lifting solutions. Similarly, the global crane market is expected to grow at a compound annual growth rate (CAGR) of 5.6% during the forecast period of 2024-2029, according to industry reports.

Regions such as India, Southeast Asia, and the Middle East are emerging as key markets for heavy lifting equipment due to their accelerated infrastructure investments. In India, the government’s National Infrastructure Pipeline (NIP) aims to invest USD 1.4 trillion in infrastructure by 2025, creating substantial opportunities for equipment manufacturers. Similarly, Southeast Asia’s infrastructure market is projected to grow at a CAGR of 8.5% through 2030, driven by urbanization and industrialization. The Middle East, led by countries like Saudi Arabia and the UAE, is also witnessing significant infrastructure development, with projects such as NEOM and Expo City Dubai requiring advanced lifting solutions.

Heavy Lifting Equipment Market Trends

The global push for sustainability and adherence to stringent environmental regulations is accelerating the adoption of electric and hybrid lifting equipment. Manufacturers are increasingly focusing on battery-powered cranes, forklifts, and other lifting equipment that significantly reduce carbon emissions and noise pollution.

• These advancements make such equipment particularly suitable for urban construction projects and indoor industrial operations, where environmental and noise restrictions are more stringent. For instance, Liebherr and Konecranes have introduced electric-powered cranes that offer up to 30% lower operating costs compared to traditional diesel-powered models. This trend aligns with global ESG (Environmental, Social, and Governance) mandates, positioning eco-friendly designs as a critical factor in procurement decisions and competitive differentiation.
  
• The integration of IoT (Internet of Things) sensors, GPS tracking, and real-time diagnostics into heavy lifting machinery is revolutionizing the industry. These smart systems enable predictive maintenance, remote monitoring, and performance optimization, significantly enhancing operational efficiency. For example, Caterpillar’s Cat Connect technology provides real-time data on equipment performance, helping operators and fleet managers make informed decisions.
  
• Additionally, connectivity features improve safety by offering alerts for potential equipment failures and optimizing load management. As a result, smart and connected equipment is becoming a core value proposition for manufacturers and end-users alike.
  
• The demand for flexible and modular lifting systems is on the rise, driven by the need to address diverse project requirements. Modular gantry cranes, for instance, are increasingly being used for temporary setups in industries such as construction and shipbuilding.
  
• Similarly, customizable hoists are gaining traction for operations in confined spaces, such as underground mining or urban infrastructure projects. According to a study by the Construction Equipment Association (CEA), modular systems can reduce installation time by up to 50% and transportation costs by 30%. Manufacturers like Terex and Demag are leading the way by offering scalable designs that cater to specific client needs. These solutions not only enhance deployment speed and ease of transport but also deliver better ROI (Return on Investment) for project-based industries, making them a preferred choice in the market.
  
• Workplace safety remains a top priority across industries, prompting manufacturers to incorporate advanced safety features into lifting equipment. Technologies such as overload protection, anti-sway systems, and automated emergency shutdown mechanisms are becoming standard in modern machinery.
  
• Compliance with global safety standards, including OSHA (Occupational Safety and Health Administration), CE (Conformité Européenne), and ISO (International Organization for Standardization), is not only mandatory but also a significant competitive advantage. According to the U.S. Bureau of Labor Statistics, workplace injuries in the construction sector decreased by 15% between 2018 and 2022, partly due to advancements in safety technologies.
  
• Companies like Manitowoc and Tadano are setting benchmarks by integrating innovative safety features into their equipment, ensuring both regulatory compliance and enhanced operator confidence.
  

Heavy Lifting Equipment Market Analysis

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Based on type, the market is segmented into cranes, hoists, transporters. The cranes segment generating a revenue of USD 25 billion in 2024.

• The crane segment within the heavy lifting equipment industry is a critical component, offering a wide range of equipment types, including mobile cranes, tower cranes, crawler cranes, overhead cranes, and gantry cranes. Each type is designed to meet specific operational requirements across industries such as construction, shipping, manufacturing, and energy.
  
• Mobile cranes and crawler cranes are particularly valued for their flexibility and mobility, making them indispensable for dynamic and remote job sites. Mobile cranes, equipped with hydraulic systems, can handle loads ranging from 10 to 1,200 tons, while crawler cranes, with their tracked undercarriage, offer enhanced stability and are capable of lifting up to 3,000 tons. These features make them ideal for applications such as bridge construction, wind turbine installation, and oil and gas projects.
  
• Tower cranes, on the other hand, dominate urban high-rise construction projects due to their ability to reach significant heights and provide extensive lifting capacities. Modern tower cranes can reach heights of over 1,000 feet and lift loads exceeding 20 tons, making them essential for skyscraper construction and large-scale urban development projects. The increasing trend of urbanization, particularly in emerging economies, is expected to further drive demand for tower cranes.
  
• In industrial environments, overhead and gantry cranes are preferred for their precision and efficiency in repetitive lifting tasks. Overhead cranes, commonly used in manufacturing facilities and warehouses, can handle loads ranging from 2 to 500 tons, depending on the configuration. Gantry cranes, often employed in shipyards and container terminals, are designed to handle heavy and oversized loads, with some models capable of lifting up to 1,000 tons. These cranes play a vital role in streamlining operations and improving productivity in industrial settings.
  
• The segmentation within the crane market allows manufacturers to focus on niche markets, fostering innovation and specialization. For instance, advancements in automation and IoT integration have led to the development of smart cranes equipped with features such as remote monitoring, predictive maintenance, and enhanced safety systems. These innovations not only improve operational efficiency but also reduce downtime and operational costs.
  
• Furthermore, safety remains a top priority in the crane industry. According to the Occupational Safety and Health Administration (OSHA), crane-related accidents account for approximately 20% of all construction-related fatalities in the United States. As a result, manufacturers are increasingly investing in safety technologies, such as anti-collision systems, load monitoring devices, and operator training programs, to mitigate risks and ensure compliance with stringent safety regulations.
  

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Based on the capacity, the heavy lifting equipment market is segmented into 100–250 tons, 251–500 tons, 501–1000 tons and above 1000 tons. The 100-250 tons segment accounted for 30.8% of the market share in 2024.

• Cranes with a capacity of 100–250 tons are integral to mid-to-heavy lifting operations, addressing the needs of infrastructure development, mining activities, and large-scale industrial installations. These cranes offer an optimal combination of mobility and lifting capacity, making them indispensable for tasks such as bridge segment placement, wind turbine assembly, and the relocation of heavy machinery. Their ability to operate efficiently in both urban and remote environments further enhances their utility across diverse projects.
  
• Technologically advanced features, including state-of-the-art load management systems, telescopic booms, and modular counterweights, are standard in this capacity range. These features not only improve operational efficiency but also ensure safety and precision during complex lifting tasks. For instance, telescopic booms provide extended reach and flexibility, while modular counterweights enhance stability, enabling the cranes to handle substantial loads with ease.
  
• According to the International Crane Manufacturers Association (ICMA), the global demand for cranes in the 100–250 ton category is projected to grow at a compound annual growth rate (CAGR) of 5.2% during the forecast period of 2024–2029. This growth is driven by the increasing complexity of infrastructure projects, the expansion of renewable energy installations such as wind farms, and the rising demand for efficient heavy-lifting solutions in industrial sectors.
  

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In 2024, the U.S. contributed significantly to the heavy lifting equipment market growth in North America, accounting for 72.1% share in the region.

• The US heavy lifting equipment industry is a well-established and technologically advanced sector, driven by large-scale infrastructure renewal projects, the ongoing energy transition, and the increasing adoption of industrial automation. According to the American Society of Civil Engineers (ASCE), the United States faces a $2.6 trillion infrastructure investment gap by 2030, which is expected to significantly boost demand for heavy lifting equipment across construction, energy, and logistics sectors.
  
• The country’s industrial sector is increasingly adopting mid-range lifting equipment to support operations in automotive, electronics, and consumer goods manufacturing. Cross-border trade and the integration of regional supply chains are fostering equipment standardization and encouraging the expansion of service networks across the continent, ensuring seamless operations and maintenance support.
  

Asia Pacific heavy lifting equipment market is expected to grow at 6.5% during 2025 to 2034.

• Asia Pacific is the fastest-growing region for heavy lifting equipment, fueled by rapid urbanization, infrastructure megaprojects, and industrial expansion. Countries like China, India, Indonesia, and Vietnam are investing heavily in transportation, energy, and smart cities, creating massive demand for mobile cranes, tower cranes, and gantry systems.
  

Europe heavy lifting equipment market is expected to grow at 5.6% CAGR during 2025 to 2034.

• Europe’s heavy lifting equipment industry is shaped by stringent environmental regulations, advanced engineering standards, and a strong focus on sustainability. Demand is steady across construction, renewable energy (especially wind), and manufacturing sectors.
  

Heavy Lifting Equipment Market Share

• The top companies in the heavy-lifting equipment market include Komatsu, Liebherr Group, Hyundai Construction Equipment, Terex Corporation, Tadano Ltd., Shanghai Zhenhua Heavy Industries (ZPMC) and collectively hold a share of 20-25% in the market. These prominent players are proactively involved in strategic endeavors, such as mergers & acquisitions, facility expansions & collaborations, to expand their product portfolios, extend their reach to a broad customer base, and strengthen their market position.
  
• Komatsu stands out for its technological innovation, global presence, and durability-focused engineering. As the world’s second-largest manufacturer of construction and mining equipment, it has a strong foothold in Japan and China, often outperforming competitors like Caterpillar in those regions. Komatsu’s strength lies in its continuous investment in R&D, particularly in autonomous systems and electrification. Its strategic supply chain shifts like moving production from China to Thailand help mitigate tariff risks, while its acquisition of a U.S. battery startup positions it well in the zero-emission machinery segment.
  
• Liebherr’s competitive edge is rooted in its diversified product portfolio, decentralized structure, and resilience across global markets. With record revenues of €14 billion in 2023, Liebherr has shown strong performance in mobile cranes, mining excavators, and material handling machines. Its ability to balance growth across regions—especially in North America, Asia, and Oceania—while weathering downturns in specific segments like tower cranes, highlights its strategic agility. Liebherr’s engineering excellence and focus on long-term projects make it a reliable partner in volatile markets.
  
• Hyundai leverages smart technology, operator-centric design, and sustainability to differentiate itself. Its equipment features AI-based safety systems, remote management, and posture-sensing electro-hydraulics for enhanced productivity. Hyundai is also pushing boundaries in eco-friendly machinery, incorporating hydrogen fuel cells and lithium-ion batteries.
  

Heavy Lifting Equipment Market Companies

Major players operating in the heavy lifting equipment industry are:

• Cargotec
• Demag Cranes & Components
• JASO Industrial Cranes
• Komatsu
• Konecranes
• Liebherr
• Mammoet
• Manitowoc Company
• Palfinger
• SANY
• Sarens
• Sennebogen
• Shanghai Zhenhua Heavy Industries (ZPMC)
• Tadano
• Terex
  

Terex’s strength lies in its diverse revenue streams, including aerial work platforms, cranes, and materials processing equipment. Its Genie brand is well-known for high-performance lifts, and its aftermarket services like training, spare parts, and maintenance—add significant value. Terex also benefits from strategic partnerships and global diversification, allowing it to remain resilient amid market shifts. Its mission to deliver high ROI and productivity through reliable, innovative solutions keeps it competitive in both developed and emerging markets4.

Tadano is recognized for its engineering precision, durability, and low total cost of ownership. Its cranes—ranging from all-terrain to telescopic boom crawler models—are designed for versatility and high operational efficiency. Tadano’s commitment to quality results in fewer breakdowns and minimal service needs, translating to higher returns for customers. Its strategic acquisitions and unified branding efforts further strengthen its global footprint and product consistency5.

ZPMC dominates the port and marine heavy equipment segment, with a global market share exceeding 70% in container cranes. Backed by China Communications Construction Company, ZPMC benefits from strong state support and scale. Its competitive edge lies in custom-engineered solutions, high-capacity lifting systems, and global service reach. ZPMC’s focus on offshore engineering and infrastructure projects positions it as a key player in global port modernization and logistics.

Heavy Lifting Equipment Industry News

• In August 2025, Agilent technologies launched three new Dako Omnis instruments – 110, 165, 165 Duo to help labs of different throughputs and diagnostic requirements. These models streamline staining workflows by incorporating shared reagents, an integrated waste system, and a centralized water source. Their primary goal is to enhance efficiency and ensure rapid turnaround times in pathology labs.
  
• In January 2025, Becton Dickinson and Biosero announced a framework collaboration to develop robotic arms for BD Flow Cytometers with the intent of automating drug discovery workflows. Their joint software development enables users to easily perform high-throughput sample handling, allowing biopharma and research laboratories to add speed, scale and efficiency to their workflows.
  
• In January 2025, waters corporation launched TGA Smart-Seal Pans which enable benchtop analysis of atmosphere-sensitive materials, cutting system cost and footprint by up to 50% and improving lab throughput without comprising data quality.
  
• In February 2024, Bruker launched the new BEAM spectrometer with lab grades FT-NIR accuracy levels for real time solid sample detection. Compact, robust, and installation easy, it provides continuous uptime, extended service periods, and simple integration into process systems.
  

The heavy lifting equipment market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) and volume (Units) from 2021 to 2034, for the following segments:

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Market, By Equipment Type

• Cranes
  • Mobile cranes
    • All-terrain cranes
    • Crawler cranes
    • Rough terrain cranes
    • Truck-mounted cranes
  • Fixed cranes
    • Tower cranes
    • Overhead cranes
    • Gantry cranes
    • Monorail cranes
  • Marine & port cranes
• Hoists
  • Electric hoists
  • Hydraulic hoists
  • Manual hoists
• Transporters
  • Self-propelled modular transporters (SPMTS)
  • Heavy haul trailers
  • Specialized transport vehicles

Market, By Weight Capacity

• 100–250 Tons
• 251–500 Tons
• 501–1000 Tons
• Above 1000 Tons

Market, By End Use Industry

• Construction
• Oil & gas
• Mining
• Shipping & port operations
• Marine and Shipbuilding 
  • Shipyard Operations
  • Offshore Construction
  • Vessel Maintenance and Repair
  • Naval Construction 
• Power generation
  • Conventional power
  • Renewable energy
• Manufacturing
• Others

Market, By Distribution Channel

• Direct
• Indirect

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea 
• Latin America
  • Brazil
  • Mexico
  • Argentina 
• MEA
  • South Africa
  • Saudi Arabia
  • UAE