Cranes Market Report 2026

The cranes market size has grown strongly in recent years. It will grow from $41.24 billion in 2025 to $43.43 billion in 2026 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to growth in construction and infrastructure development, expansion of mining and energy projects, rising urbanization activities, availability of diverse crane configurations, increasing use in industrial facilities.

The cranes market size is expected to see strong growth in the next few years. It will grow to $53.52 billion in 2030 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to increasing investments in smart construction equipment, expansion of renewable energy installations, rising demand for automated lifting solutions, growth of large-scale infrastructure projects, focus on low-emission crane technologies. Major trends in the forecast period include increasing adoption of smart crane control systems, rising demand for high-capacity lifting solutions, expansion of mobile and all-terrain cranes, growing use of cranes in infrastructure projects, enhanced focus on operator safety.

The rising global expenditure on construction activities is driving the cranes market. Rapid industrialization, urbanization, and strong economic growth in emerging markets have contributed to increased spending on construction worldwide. Higher construction spending is expected to boost the demand for cranes, as on-site construction teams invest in faster and more efficient material-handling equipment to ensure safe operations and minimize human risk. For example, in February 2025, the U.S. Census Bureau, a government agency, reported that construction spending in 2024 reached approximately US$2.15 trillion, a 6.5% increase from the roughly US$2.02 trillion spent in 2023. Therefore, rising construction expenditure is expected to drive demand for cranes during the forecast period.

Leading companies in the crane market are prioritizing the development of advanced solutions, such as wireless upgrade capabilities, to enable cranes to receive software updates over the air. This technology allows devices or equipment to be remotely upgraded via Wi-Fi or mobile networks, enhancing flexibility and future-proofing the equipment. For example, in August 2024, Konecranes, a Finland-based material handling solutions company, introduced the Konecranes X-series industrial crane. This crane, designed for lifting capacities of up to 20 tons, integrates a wireless upgrade capability that enables it to adapt to evolving customer needs. It also features an ergonomic control system for improved operator comfort, an upgraded hoisting motor for greater efficiency, and environmentally friendly components. Additionally, the crane is equipped with TRUCONNECT Remote Monitoring, offering real-time insights into crane usage to optimize performance and maintenance.

In January 2025, Tadano Ltd., a Japan-based construction equipment manufacturer, acquired Manitex International for approximately $223 million. Through this acquisition, Tadano aims to expand its global presence in crane manufacturing, particularly enhancing its footprint in North America and Europe by integrating Manitex’s established brands and distribution networks. Manitex International is a US-based manufacturer of mobile truck cranes, aerial work platforms, and industrial lifting solutions.

Major companies operating in the cranes market are Liebherr Group, Xuzhou Heavy Machinery Co. Ltd, Zoomlion India Pvt. Ltd, Zhenhua Heavy Industries Co. Ltd, SANY Heavy Equipment Co. Ltd, Terex Corporation, Cargotec Oyj, PALFINGER AG, The Manitowoc Company Inc., Tadano Ltd, Action Construction Equipment Ltd., Yongmao Holdings Limited, WOLFFKRAN International AG, Kobelco Cranes Co. Limited, Favelle Favco Group, JASO Tower Cranes, Eng Cranes Srl, Konecranes PLC, Sumitomo Heavy Industries Construction Cranes Co. Ltd, Shandong Huaxia Group Co. Ltd, SENNEBOGEN Maschinenfabrik GmbH.

Asia-Pacific was the largest region in the cranes market in 2025 and is expected to be the fastest-growing region in the forecast period. The regions covered in the cranes market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cranes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The crane market consists of sales of deck cranes, crawler cranes, floating cranes, rough terrain cranes, truck-mounted cranes, bridge/overhead cranes, bulk-handling cranes, and hammerhead cranes among others. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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