Market Overview:
Crane Market Size Was Valued at USD 38611 Million in 2022, and is Projected to Reach USD 57704 Billion by 2030, Growing at a CAGR of 5.78% From 2023-2030.
The demand for cranes is projected to be driven by the development in infrastructure expenditure and the mining industry's spending on construction equipment globally. Due to reasons including the low price of crude oil and other commodities and the ensuing decline in demand from the construction industries of nations in the Middle East, Africa, South America, and Russia that rely on oil earnings, the demand for cranes was low until last year. The demand from oil-producing nations is anticipated to increase, though, as a result of the recent increase in oil prices. As the price of raw materials is anticipated to rise, growing protectionism and the resulting trade restrictions, both tariff and non-tariff, are predicted to severely reduce demand for cranes.
Top Key Players Covered In The Crane Market:
- Konecranes PLC. (Finland)
- Cargotec OYJ (Finland)
- Manitowoc (US)
- Terex Corporation (US)
- Tadano Limited (Japan)
- Kobelco Cranes Co. Limited (Japan)
- Palfinger AG (Austria)
- Liebherr-International AG (Switzerland)
- Zoomlion Heavy Industry Science and Technology Co. Limited (China)
- Favelle Favco Group (Malaysia), and Other Major Players.
Market Dynamics and Factors:
The robust performance of the global mining industry is one of the drivers fueling an increase in demand for construction equipment, particularly cranes. Urbanization and population growth at an accelerating rate have increased the need for large mineral resources for construction, transportation, and technology, and this demand is anticipated to continue during the forecast period. It is anticipated that there would be an increase in demand for cranes for both production and transportation as a result of rising crude oil prices and rising global crude oil demand. The offshore capacity development projects being undertaken in the Middle East and the United States are anticipated to have the greatest positive impact on the market for offshore cranes.
A developing opportunity in the crane sector is the use of computerized expert systems or telematics for construction applications. Systems that can diagnose vibration issues in rotating machinery and systems to confirm the performance and qualities of the welds created are a couple of instances of advanced telematics. Since a little more than ten years ago, telematics has been applied to the construction industry. However, the broad adoption of telematics as a system may collect more sophisticated data, foresee many problems, and aid owners of construction equipment in reducing the cost of breakdowns and shortening the construction process. Telematics contributes to the safety of the construction site in addition to saving money and time.
Crane Market Report Highlight:
- By Type, the Fixed Cranes segment is anticipated to lead the growth of the Crane market in the forecasted timeframe. These cranes have a heavy lifting capacity among mobile cranes. Larger wheel-mounted cranes, such as telescopic boom cranes and lattice boom cranes, are often manufactured with three or more three axles with tires attached to them.
- By Operation, the hydraulic crane segment is expected to have the highest share of the Crane market over the projected period. A load balancer can be placed on the cluster's leader node(s) or provisioned independently. A hydraulic crane is a type of heavy-duty equipment used for lifting and hoisting. Unlike smaller cranes, which rely on electric or diesel-powered motors, hydraulic cranes include an internal hydraulic system that allows the crane to lift heavier loads, thereby boosting segment growth.
- By Application, the Construction and infrastructure segment is set to develop at the highest CAGR during the forecasted timeframe. Construction and infrastructure cranes include cranes used in areas, such as the construction of residential apartments, as well as commercial and non-commercial buildings. The growth in the oil and gas infrastructure is expected to provide a huge opportunity for the growth of mining and excavation.
- The North American region is expected to have the highest share of the Crane market over the projected period. New declared tariffs by the United States on aluminum and steel are anticipated to grow the costs of cranes rapidly and affect the production and markets of new cranes, pushing customers to the rental market, for securing low operating costs.
Key Industry Developments in the Crane Market:
In June 2023 - Manitowoc Company, Inc. acquired Texas Crane & Rigging, expanding their presence in the growing Texas market and strengthening their crane rental and service offerings.
In October 2023 - Zoomlion Heavy Industry Science & Technology Co., Ltd. acquired a majority stake in Raimondi Cranes SpA. This move positioned Zoomlion as a major player in the European tower crane market.
Crane Market Segmentation:
By Type
- Mobile Cranes
- Fixed Cranes
- Marine and Offshore Cranes
- Other
By Operation
- Hydraulic
- Electric
- Hybrid
By Application
- Construction & Infrastructure
- Mining and Excavation
- Marine and Offshore
- Industrial Applications
- Other
For this report, Introspective Market Research has segmented the Crane Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
