Crane Market Overview
A Report by DataM Intelligence estimates the Global Crane market to grow at a CAGR of 3.4% during the forecast period 2024- 2031. The market is expected to grow due to increasing demand from Building & Construction, Marine & Offshore, Mining & Excavation, Oil & Gas. The competitive rivalry intensifies with Liebherr, Liebherr., Weldex, and others operating in the market.
A crane is a device that can be used to lift and lower-down objects as well as move them. It is often furnished with wire ropes, hoist ropes, chains and sheaves. It mostly aids in the lifting and transportation of heavy objects. Marine cranes are made specifically for use in activities and requirements offshore. They are carried into seas for operations, such as loading & unloading and mounted aboard vessels.
Crane Market Scope
| Metrics | Details |
| CAGR | 3.4% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Type, Capacity, End-User, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Crane Market Dynamics
The rising technological advancements
Technology advancements, ongoing innovation and a focus on machine safety and automation all point to a positive future for the sector. The majority of the inventions focus on creating unique solutions for this equipment. Modern equipment now offers cutting-edge features like telematics solutions, GPS tracking and fleet management thanks to the integration of the newest technologies. For instance, the IC-1 Plus control system, which is available with Terex Corporation's products, aids operators in determining the lifting capacity for each boom position. The industry is expected to develop due to the incorporation of cutting-edge technology like telematics.
The high costs of the crane may restrain the market growth
One of the significant factors limiting the growth of the crane market is the high cost of cranes. Cranes are expensive to operate and assemble due to their fixed nature, which raises the overall cost of crane use. Additionally, the growth is impacted by the high mobile crane procurement and operating costs, shifting customer demands and various compliance and specification requirements from one location to the next.
Hoists, trolleys, bridges, columns and runways are a few components that make up a crane. In addition to the initial cost of production, cranes have substantial maintenance expenditures. Another factor that is anticipated to limit the growth of the crane market is the complicated installation process and the need for qualified specialists and laborers to minimize damage.
Global Crane Market Segmentation Analysis
The global crane market is segmented based on type, capacity, end-user and region.
The rising construction activities drive the growth of the building & construction segment
Building and construction are anticipated to dominate the market during the projection period. The category's expansion is anticipated to be supported by ongoing worldwide residential and commercial infrastructure initiatives. Once placed, tower cranes cannot be moved until the project is finished. Because they are portable, builders that work on various projects typically prefer mobile cranes. Utilizing the equipment can also aid in decreasing equipment idling time, which will increase productivity.
Source: DataM Intelligence Analysis (2023)
Global Crane Market Geographical Share
The rising construction activities in Asia-Pacific
Due to expanding building activities in developing nations like China, India and Philippines, Asia-Pacific is predicted to dominate the worldwide crane industry. The "Bharatmala Yojana" infrastructure development program of the Indian government includes provisions for enhancing the nation's road system. To aid India's infrastructure development, the Asian Infrastructure Investment Bank (AIIB) has already contributed US$ 200 million to the National Investment & Infrastructure Fund (NIIF) in 2018.
Source: DataM Intelligence Analysis (2023)
Crane Market Companies
The major global players include Liebherr, Mammoet, Sarens, Maxim Crane Works, Sanghvi Movers, Deep South, Weldex, ALL Erection & Crane Rental Corp., Lampson International LLC and Palfinger AG.
