Crane Market Size

Crane Market Size

Crane Market size was valued at USD 26.3 billion in 2023 and is estimated to register a CAGR of 6.9% between 2024 and 2032. The burgeoning construction and infrastructure sector serves as a potent catalyst for the robust expansion of the market. Increasing urbanization and industrial projects demand advanced lifting solutions, propelling the need for cranes.

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According to UNCTAD, across the globe, an increasing percentage of people reside in urban areas. In 2012, 52.5% of the population lived in cities, and projections anticipated a rise to 56.9% by 2022. The urban population share tends to be higher in developed regions (79.7% in 2022) compared to the developing world (52.3%). In less developed countries (LDCs), urban dwellers constitute a minority, accounting for 35.8% of the population. As cities expand and infrastructural development intensifies, the crane market experiences heightened demand, offering lucrative opportunities for manufacturers and stakeholders.
 

Innovations in crane technology, including improved efficiency, safety features, and automation, can shape the crane market outlook over the coming years. Companies investing in research and development to enhance crane capabilities, such as increased lifting capacity, better energy efficiency, and advanced control systems, can gain a competitive edge in the market.
 

For instance, in January 2024, Anker, the German crane rental firm, received delivery of the Tadano HK 4.050-1 truck-mounted crane. Designed for tasks such as ceiling installation, roof truss construction, and hall assembly, Anker sees the HK 4.050-1 as a top-performing addition to their fleet. The crane's innovative chassis concept, featuring a tridem rear axle with two driven axles and a steered trailing axle, ensures exceptional maneuverability, making it well-suited for operation on even the most confined construction sites. Anker expresses confidence that the HK 4.050-1 will emerge as a standout machine in their equipment lineup.
 

The crane market is subject to strict safety and environmental regulations. Compliance with these standards often requires substantial investments in equipment modifications and safety features, increasing overall costs for crane manufacturers and users. Stringent regulatory requirements can act as a barrier, particularly for smaller companies with limited resources, hindering market expansion.