Published by IMARC Services Private Limited
Posted on September 24, 2021
4 min readLast updated: February 2, 2026
The global crane market is set to grow from $46.80 billion in 2020 to $59.82 billion by 2026, driven by construction and technological advancements.
According to IMARC group the global crane market report has also analyzed the competitive landscape of the market with some of the top crane manufacturers being
Market Overview:
According to the latest report by IMARC Group, titled “Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global crane market size reached a value of US$ 46.80 Billion in 2020. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 59.82 Billion by 2026, exhibiting a CAGR of 4.57% during 2021-2026.
A crane is a commonly used construction machinery that is extensively utilized for horizontally lifting and transporting heavy loads across industrial settings. It is usually designed using sheaves, wire ropes and hoist ropes that provide support and enable the machine to transport bulky weights from one location to another. Modern cranes generally employ hydraulic and internal combustion engine systems that are known to offer excellent mechanical strength and greater lifting capabilities. As a result, these cranes are widely employed across the construction, automotive, mining, and oil and gas industries for a vast array of applications.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Crane Market Trends:
The global market is primarily driven by considerable growth in the construction sector. Governments of several countries, especially that of the developing nations, are heavily investing in infrastructural development projects. This, coupled with the rapid expansion of smart cities across the globe, has contributed to the rising demand for cranes to assist in construction activities, which is providing an impetus to the market growth. Moreover, the widespread adoption of modern cranes in oil and gas exploration activities is another major growth-inducing factor. The market is further driven by the increasing utilization of advanced technologies in the manufacturing of cranes. This has led to the launch of special-purpose cranes that facilitate the removal of overburden from tunneling or shaft excavation in hydel power projects, which is gaining widespread prominence in the market. Several key players have also introduced mobile variants that offer real-time information regarding the overall performance of the machinery for valuable insights. Some of the other factors contributing to the market growth include rapid industrialization and the increasing product utilization across the power and automotive industries.
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The article discusses the global crane market's growth, trends, and forecast from 2021 to 2026.
How is the construction sector influencing the crane market?
What role do advanced technologies play in the crane industry?
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