How Big Is the Crane Market | Trends 2031

Q: What is the market size of the crane industry from 2024 to 2031?

Crane market was valued at USD 36.2 billion in 2024 and is projected to reach USD 54.6 billion by 2031.

Q: What is the expected CAGR for the crane market during the forecast period?

Crane market is expected to grow at a CAGR of 5.9% from 2024 to 2031.

Q: What are the key trends influencing the crane market?

Crane market is influenced by trends such as electrification of crane systems, rise in crane rental services, and integration of smart technologies like IoT.

Q: What are the major drivers of the crane market?

Crane market is driven by infrastructure development, increased construction activity, automation in industrial equipment, and demand for energy projects.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

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Code: MTA5391

Publication Date: Jul 2025

What is the Crane Market Size?

According to 6Wresearch internal database and industry insights, the Global Crane Market was valued at USD 36.2 billion in 2024 and is anticipated to exceed USD 54.6 billion by 2031, registering a steady at a CAGR of 5.9% during the forecast period.

Crane market is witnessing robust growth due to increasing demand from the construction, mining, and logistics sectors. Infrastructure modernization, urbanization, and industrial expansion across developing economies are key drivers influencing the market. In addition, the adoption of advanced lifting technologies, automation in material handling, and government investments in public infrastructure are supporting market momentum.

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Major Growth Factors of the Crane Market

Expansion of smart city and infrastructure projects
Growth in mining and energy exploration activities
Surge in global construction and real estate developments
Increased demand for port and shipyard lifting operations
Rising automation and digital control in crane systems
Growth in e-commerce warehousing and logistics hubs
Demand for mobile and all-terrain cranes
Rising investments in renewable energy and wind farm installations

Crane Market Trends

Crane market is evolving with increased integration of telematics and IoT-based monitoring systems to enhance operational efficiency. Electrification of cranes and shift toward eco-friendly models are becoming more prevalent. Manufacturers are focusing on modular designs and compact configurations to cater to space-constrained urban sites. There is a growing trend toward renting cranes instead of purchasing, driven by cost-efficiency.

Emerging Developments in the Crane Market

Crane market is experiencing advancements in automation and semi-autonomous crane operation technologies. Smart cranes equipped with real-time data analytics and predictive maintenance systems are being introduced. Manufacturers are also developing cranes that can operate in harsh and hazardous environments with improved safety mechanisms. Collaboration between OEMs and tech firms is enhancing innovation in lifting solutions.