Crane Market: Energy Projects, Wind Installation Demand & Market Opportunities

Infrastructure investments, urbanization, renewable energy projects, industrial expansion, and increased equipment rental adoption are accelerating demand for advanced, efficient, and safety-compliant crane solutions worldwide. According to IMARC Group's latest research publication, global crane market size reached USD 55.6 Billion in 2025. Looking forward, IMARC Group expects the market to reach USD 78.2 Billion by 2034, exhibiting a growth rate (CAGR) of 3.85% during 2026-2034.

How AI is Reshaping the Future of Crane Market

• Predictive Maintenance and Real-Time Monitoring: AI-powered sensors analyze crane performance data to detect potential failures before breakdowns occur, reducing downtime by up to 30% while enabling real-time monitoring of load balance, temperature anomalies, and structural stress across construction sites.
• Automated Operation and Collision Avoidance: Machine learning algorithms enable autonomous crane operations with computer vision systems that detect obstacles and optimize movement paths, improving safety by minimizing human error and increasing operational efficiency on complex urban construction projects and offshore installations.
• Load Optimization and Energy Management: AI systems analyze historical lifting data and environmental conditions to optimize load distribution and energy consumption, reducing operational costs by streamlining power usage while improving lifting precision for wind turbine installation and heavy industrial applications.

Crane Industry Overview:

Global infrastructure modernization is driving unprecedented crane demand, with governments investing over USD 1.2 trillion through programs like the U.S. Infrastructure Investment and Jobs Act. Major construction projects across highways, bridges, high-rise buildings, and renewable energy installations require advanced lifting solutions. For instance, Liebherr launched the LTM 1400-6.1 in June 2024, featuring a 70-meter telescopic boom and enhanced safety systems, while the Port of Los Angeles deployed the world's first hydrogen-powered crane in July 2024, eliminating emissions and advancing sustainable port operations.

Crane Market Trends & Drivers

Massive infrastructure development programs are reshaping global crane demand as nations modernize transportation networks and urban infrastructure. The U.S. Infrastructure Investment and Jobs Act allocated USD 1.2 trillion for highways, bridges, and public transit systems, generating multi-year construction backlogs. According to U.S. Census Bureau data, construction spending reached USD 2,148.8 billion in September 2024, reflecting sustained growth across residential and commercial sectors. China's Belt and Road Initiative spans multiple countries requiring extensive crane deployment for roads, railways, and port facilities. India approved 12 industrial smart cities under the National Industrial Corridor Development Programme with investments totaling USD 3.41 billion, while the National Infrastructure Pipeline targets USD 1.4 trillion investment through 2025 across transportation and energy projects, creating continuous demand for tower and mobile cranes in urban development and industrial construction.

Renewable energy expansion, particularly offshore wind installations, is accelerating specialized crane requirements for turbine assembly and maintenance operations. The U.S. offshore wind pipeline reached over 120 GW capacity according to Department of Energy reports, with Europe generating 19% of electricity from wind power in 2023. WindEurope data shows the EU installed 17 GW of new wind capacity including 3 GW offshore, requiring heavy-duty cranes for turbine erection. For example, Tadano and Vestas announced a strategic collaboration in July 2024 to develop specialized nacelle cranes for Vestas' V236 15 MW offshore wind turbines. The Offshore Wind Port Heavy Lift Crane market reached USD 1.62 billion in 2024, projected to grow at 8.9% annually through 2033.

Technological innovation in automation, electrification, and telematics is transforming crane capabilities and attracting diverse industrial applications. Advanced AI-powered systems enable predictive maintenance, automated operations, and real-time performance monitoring, reducing downtime and improving safety standards. For instance, autonomous cranes equipped with IoT platforms and machine learning algorithms enhance material handling efficiency while minimizing operator error in hazardous environments. The autonomous crane segment reached USD 4.2 billion in 2024 and projects growth to USD 18.2 billion by 2033. Electric and hybrid crane models align with sustainability mandates, offering lower emissions and quieter operations for urban construction sites. Manitowoc launched the Grove GRT550 and GRT780 rough terrain models in 2024 with enhanced load charts and variable outrigger systems, while Link-Belt introduced its 218|V lattice crawler crane with improved operator comfort.

Leading Companies Operating in the Global Crane Industry

• Broderson Manufacturing Corporation (Lanco International Inc.)
• Hiab Corporation
• IHI Corporation
• Kobelco Construction Machinery Co., Ltd
• Konecranes
• Link-Belt Cranes (Sumitomo Heavy Industries Ltd.)
• Tadano Ltd
• Terex Corporation
• The Liebherr Group
• The Manitowoc Company Inc.
• XCMG Group

Crane Market Report Segmentation:

By Product Type:

• Mobile Cranes
• Marine and Port Cranes
• Fixed Cranes

Mobile cranes dominating the market with 78.6% share in 2024, mobile cranes are favored for their advanced hydraulic systems, versatility in various environments, and increased demand due to urbanization.

By Application:

• Construction and Infrastructure
• Mining
• Oil and Gas
• Others

Construction and Infrastructure leading with a 35.0% market share in 2024, this sector's need for specialized cranes stems from the complexity of projects and ongoing infrastructure maintenance and development.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific holding over 45.0% market share in 2024, this region's rapid infrastructure development and urbanization drive significant crane demand, supported by economic growth and favorable regulatory conditions.

Recent News and Developments in Crane Market

• October 2024: Manitowoc launched the new Grove GRT8100-1 rough-terrain crane featuring a variable outrigger positioning system that enables better lifting capacity and improved site access for diverse construction applications.
• September 2024: Hiab, part of Cargotec, launched the new HIAB iQ.958 HiPro heavy loader crane with the advanced operating system SPACEevo to improve productivity and safer operation, delivering an excellent lift-to-weight ratio due to its innovative design.
• September 2024: Tadano Ltd announced the acquisition of Manitex International, an international manufacturer of truck cranes and loader cranes, in an all-cash transaction valued at USD 123 million in equity with a total transaction value of USD 223 million including outstanding debt.
• July 2024: Tadano and Vestas announced a strategic collaboration to develop and market nacelle cranes specifically tailored for Vestas' V236 15 MW offshore wind turbines, designed to enhance the offshore wind energy sector with specialized lifting solutions.
• July 2024: The Port of Los Angeles deployed the world's first hydrogen-powered crane, representing a significant advancement in port technology by emitting zero pollutants, aiming to reduce carbon emissions and improve air quality in the shipping industry.

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