Crane Market size was estimated at USD 28.3 billion in 2024 and is expected to surpass USD 69 billion by the end of 2037, rising at a CAGR of 7.1% during the forecast period, i.e., 2025-2037. In 2025, the industry size of crane is evaluated at USD 30.3 billion.
The booming construction industry is the main driver of the crane market's strong expansion. Cranes are required for the lifting and transportation of large, heavy materials due to the proliferation of high-rise structures and infrastructure projects globally. For instance, over 200,000 cranes are thought to exist worldwide, of which 125,000 are employed in the construction sector and 80,000-100,000 in the general and maritime industries.
To upgrade electricity grids, transportation networks, bridges, and other essential infrastructure elements, local governments are initiating large-scale infrastructure investment schemes. The market is being shaped by technological developments in crane design to increase lifting capacities, enhance safety measures, and offer sophisticated control systems.
Author Credits: Shweta Patidar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?