Crane Market: Global Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Product, Application and Region

Crane Market Overview:

Cranes are used to lift heavy materials and convey them to a different location using a hoisting mechanism. Cranes are primarily used for safe & effective material handling in the construction, manufacturing, & shipbuilding industries. They are divided into two groups based on their movement characteristics: static & mobile cranes. They are classified as truck mounted cranes, tower cranes, harbor cranes, overhead travelling cranes, and gantry cranes based on their structure. Increased attention on public–private partnerships (PPPs) can aid in closing the infrastructure investment gap, which is predicted to propel the global cranes market forward. PPPs have been adopted in a number of nations, including South Korea and India, which serve as major market drivers. Furthermore, an increase in private-sector investment aids in the expansion of the infrastructure business, which in turn aids the growth of the cranes market. Furthermore, an increased focus on the service and aftermarket industries is expected to propel the crane market forward.

 

Major players like Liebherr & Manitowoc are focusing on developing repair, real-time diagnostics, training, & other programmes to improve their crane service capabilities and help customers get the most out of their products, which is expected to contribute significantly to the crane market growth. However, one of the market's restricting issues is the scarcity of competent workers in the manufacturing industry. This is due to the intricate layouts of overhead cranes, which necessitate substantial operator training to achieve desired results. Furthermore, market expansion is hampered by volatility in raw material prices. Furthermore, due to the protracted lockdown in key worldwide countries such as the United States, Italy, and the United Kingdom, the breakout of the COVID-19 pandemic has halted crane manufacture and sales. This has considerably slowed the expansion of the crane market in recent months.

 

On the contrary, many emerging countries, including as India and Sri Lanka, are investing in domestic manufacturing, which is projected to create attractive prospects for small and new crane manufacturers to increase their commercial capacities over the projection period.

 

The COVID-19 epidemic has slowed the growth of the crane market, affecting industries such as energy, manufacturing, construction, & automotive. As most governments around the world enforced tight restrictions, upsetting the global supply chain, the construction sector saw a major drop in the number of projects. Following the epidemic, however, the market is likely to regain speed as economic activity and manufacturing activities restart around the world. Over the forecasted timeframe, the crane industry is expected to benefit from the deployment of automated technology to reduce human involvement in production facilities and offices.

 

Due to increased infrastructure developments in China and India, the Asia-Pacific region is likely to be the fastest-growing market during the projection period. Because of increased mining exploration and sea-borne trade in the region, North America is projected to keep a substantial stake.

 

 

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Crane Market Segment Overview:

In the year 2019, the truck-mounted crane sector had the highest volume share of 60.9 percent. The segment's growth is likely to be aided by increased demand for mobile machinery in power & utilities, construction, and other sectors and industry verticals. Truck-mounted equipment has a large loading capacity and can facilitate the transportation of items from one location to another. These goods are commonly utilised in construction projects like bridge construction, railway construction, and hydropower development. From 2020 to 2027, the crawler crane market is predicted to grow at the fastest rate, with a volume-based CAGR of 7.3 percent. Crawler cranes are small & easy to use, making them ideal for small building sites, particularly in urban settings. Crawler cranes are the most powerful cranes for usage in large-scale building projects involving big industrial items. Crawler cranes and trailer-mounted cranes, on the other hand, have a smaller market share than truck-mounted cranes due to their limited operational capabilities.

 

In the year 2019, the construction segment leads crane market with the highest revenue share of 52.5%, and this is expected to continue over the projected year. The segment's growth is likely to be aided by ongoing residential and commercial infrastructure projects around the world. Once placed, tower cranes cannot be moved until the project is finished. As a result, builders who work on a variety of projects often favour mobile cranes since they are portable. The deployment of this technology can also help to reduce machine idle time and, as a result, increase production.

 

 

Crane Market Trends:

The market is expected to be dominated by all-terrain cranes.

 

All-terrain cranes are expected to gain substantial traction around the world as the construction sector and industrial activities rise. Construction and other end-user sectors rely heavily on all-terrain cranes. All-terrain cranes are chosen over traditional lifting and construction equipment, which is expected to drive the crane market for them throughout the forecast period. Furthermore, all-terrain cranes reduce the need for specialized transportation vehicles. These cranes also have the added benefit of being adaptable, which is attracting fleet owners and crane leasing companies. To acquire a competitive advantage over their competitors, the market's leading companies are also releasing new product portfolios. Take, for example, the 750-metric-ton XCA750 eight-axle all-terrain crane was released by XCMG in July 2020. This crane has a 92-meter main boom with seven sections, as well as a heavy-duty hydraulically erected wind turbine extension, which is specifically built for wind turbine repair and maintenance.

 

The Asia-Pacific region is expected to grow at the fastest rate.

 

The crane market in Asia-Pacific is predicted to be driven by the expansion of public infrastructure and housing units. China is one of the world's top producers and customers of construction equipment. Cranes account for a substantial portion of the construction sector, making China the largest crane market in the Asia-Pacific area. In India's Union Budget 2020-21, the government made many announcements aimed at improving the country's infrastructure.

 

The Indian government has given the infrastructure industry a boost by funding INR 1, 69,637 crore (USD 24.27 billion) to transportation projects. The Gulf of Thailand, the South China Sea, and Australia are likely to lead the offshore crane market in terms of value during the forecast period, owing to the discovery of oil and gas in the seaward basin of the Gulf of Thailand, the South China Sea, and Australia. In addition, governments in countries such as Indonesia and the Philippines are investing heavily in the construction sector in order to promote demand.

 

For example, in March 2019, the Indonesian government announced plans to spend IDR 571 trillion on transportation infrastructure development in Jakarta by 2029, including the construction of a 120-kilometer light-rail link. The government also announced that between 2020 and 2024, it will invest IDR 6 quadrillion on the development of the country's total infrastructure, including the construction of 25 new airports, motorways, affordable housing, and power plants.

 

Insights into Key Companies and Market Share

Key businesses provide a diverse range of goods for a variety of industries and verticals, including construction, electricity, and utilities. These companies are investing much in research and development in order to create technologically superior products. For example, Liebherr-International AG announced the debut of the LTM 1150-5.3 telescopic boom crane in October 2020. The LTM 1150-5.3 has a maximum lifting capacity of 150 tonnes and a telescopic boom that extends 66 meters. Manitowoc, meanwhile, announced the debut of its National Crane NBT60XL boom truck in October 2020. The new boom truck has a hydraulically detachable counterweight that can be adjusted from zero to 16,000 pounds.

 

Crane market participants are also pursuing strategic expansion in order to get into unexplored areas. For example, Liebherr-International AG built a branch office in Buchloe, South Germany, in July 2019. The new office was part of the company's aim to expand geographically. The Buchloe location has also been enlarged by 1,300 m2 to accommodate more used and rental machines from the company's extensive range of construction machinery.

 

The objective of the report is to present a comprehensive analysis of the Crane Market to the stakeholders in the industry. The report provides trends that are most dominant in the Crane Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the global market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Crane Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Crane Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the global Market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Market. The report also analyses if the Crane Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Crane Market is aided by legal factors.

 

Crane Market Scope:

 

Crane Market
Market Size in 2023	USD 40.21 Bn.
Market Size in 2030	USD 54.94 Bn.
CAGR (2024-2030)	4%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By  Product Mobile Crane Fixed Crane Marine Off-shore Crane
	By Application Construction Mining Marine Offshore Industrial Applications
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crane Market Major Players:

• Konecranes PLC
• Cargotec OYJ
• Manitowoc
• Terex Corporation
• Tadano Limited
•  Kobelco Cranes Co. Ltd
• Palfinger AG
• Liebherr-International AG
• Zoomlion Heavy Industry Science and Technology Co. Ltd
• Favelle Favco Group
• Hitachi Sumitomo Heavy Industries Construction Cranes Co. Ltd
• XCMG Group
• SANY Group
• Shanghai Heavy Industries Co. Ltd (ZPMC)