Crane Market Set for US$ 57.1 Bn Valuation by 2029
In the current market scenario, rising number of construction projects in South East Asian and Latin American countries, and tie-ups with prominent sales channel partners and manufacturing entities for long-term supply, will drive the global crane market. Further, integration of smart solutions and automation in cranes are expected to enhance sales during the forecast period.
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Strong customer relationships with dealers/distributors and
other stakeholders in the distribution channel, reinforced through local market
presence, has been at the forefront among the various policies and plans
adopted by prominent players in the global crane market. Value of the global
crane market was approximately US$ 43.9 Bn in 2022, which is projected to
increase 1.5X by 2029.
Insights Gathered from Crane Market Study
- The
integration of cranes with IoT is expected to allow key players to
increase sales during the forecast period, especially through contracts
from leading companies dealing in real estate buildings and commercial
apartments.
- Rising
number of remote operations have boosted demand, and more customers are
demanding high load capacity cranes.
- Loader
cranes find application in refineries and offshore oil droll platforms,
and increase in the production capacity of crude oil across the globe (to
cater to energy needs) will have a positive impact on the loader crane
segment.
- Lack
of technological adoption in conventional cranes will act as a restraint,
and manufacturers will have to adopt advanced automation solutions to
sustain and enhance their market share.
- China
is estimated to hold a significant share in the global crane market, and
is expected to drive market growth in the region, while growing at a CAGR
of above 5% in terms of value from 2022 to 2029.
“Increasing demand for high capacity cranes and need
for portability are propelling the sales of handheld cranes, mainly
manufactured by leading players. Further, providing customer-specific products
at attractive costs based upon individuals’ economic tier and spending
capability is expected to drive the growth of the crane market in the coming
years.”
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Crane Market: Participant Insights
The crane market is largely fragmented, owing to a large number
of established and large players. The report also provides details of some of
the key players in the global crane market, such as Liebherr Group, XCMG
Construction Machinery Co. Ltd, The Manitowoc Company, Texrex Corporation,
Cargotec Oyj, Tadano Ltd., Zoomlion Heavy Industry Science & Technology
Co., Ltd. Kobelco Ltd, and Kato, among others. Increasing investments in public
and private sector construction projects are primarily responsible for driving
the growth of the market.
Competitiveness in this landscape is growing stronger, and
the adoption of new crane technology is superseding the cranes of yesteryears.
With numerous updations, customizations, and innovations, end users can
increase uptime, save on maintenance and energy costs, scale products with the
business, and extend the life of their investments, all of which will play a
significant role in the global crane market.
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Crane Market by Category
By Type:
- Rough
Terrain Cranes (RTCs)
- All
Terrain Cranes (ATCs)
- Truck
Cranes
- Mobile
Harbors
- Off-shore
Ship Cranes
- Loader
Cranes
- Railroad
Cranes
- Crawler
Cranes
- Tower
Cranes
- Others
By Application:
- Aerospace
and Defense
- Automotive
& Railways
- Heavy
Engineering
- General
Engineering
- Mining
- Construction
- Marine
- Shipping
& Material Handling
- Energy
(Power & Gas)
By Capacity:
- Up
to 5 MT
- 5 to
50 MT
- 50
to 250 MT
- 250
to 500 MT
- 500
to 1,500 MT
- 1,500
to 3,000 MT
By Design:
- Stiff
Boom
- Knuckle
Boom/Telescopic Boom
By Region:
- North
America
- Latin
America
- Europe
- China
- APEC
- Middle
East & Africa
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