The was valued at USD 33 billion in 2020 and is expected to reach USD 48 billion by 2026 registering a CAGR of around 6.26% during the forecast period (2021 - 2026).

The Covid-19 pandemic has hindered the growth of Crane market as sectors such as energy, manufacturing, construction, and automotive were affected significantly. The construction sector also witnessed a significant decline in the number of projects worldwide as most countries across the world have imposed lockdown restrictions, disrupting overall supply chain.