Market Research Report
Global Cranes Market - Forecasts from 2021 to 2026
|Global Cranes Market - Forecasts from 2021 to 2026|
Published: October 12, 2021
Knowledge Sourcing Intelligence
Content info: 120 Pages
Delivery time: 1-2 business days
The global cranes market is expected to grow at a compound annual growth rate of 7.34% over the forecast period to reach a market size of US$58.300 billion in 2026, from US$35.509 billion in 2019. The growing global construction industry is the key driver of the cranes market across the globe as these material handling equipment work best with heavy machinery. Moreover, cranes are used on construction sites to load/unload heavy material components which is impossible for human labor to do. The rising shipbuilding industry owing to the rising demand for oil and other raw materials overseas coupled with high funding for military ships will propel the growth of the global cranes market during the forecast period. The construction of high-speed rail systems is also expected to play a major role in the market growth, in the coming years. APAC region will witness the fastest growth of regional cranes market due to rising infrastructure development and increase in construction activities in emerging economies such as China, India, and South Korea. China had been investing a significant sum of capital into the construction and development of advanced and high-quality infrastructure.
The market is expected to surge in the coming years, due to the rise and growth in the construction sector, worldwide. Countries like United States, China, India, and others are expected to play a major role in the market growth in the coming years. According to the data given by the Associated General Contractors of America, construction has been a major contributor to the US economy. The industry has been creating around US$1.3 trillion worth of structures, each year. China has also been making significant developments in the market. According to the International Trade Administration, China generated a revenue of US$968.06 billion in the construction industry, in the year 2019. Major companies have been making significant developments in the market, in the past few years. For instance, Action Construction Equipment Ltd., one of the major players in the market, has been offering mobile and tower cranes for the construction industry. The company has also been offering crawler cranes used on soft ground for maintenance and erection work. The rising construction of highways, expressways are also expected to play a major role in the market growth, in the coming years.
The market is expected to surge in the coming years, due to the increasing demand for cranes in the automotive sector. The rising urban population and increasing disposable income, worldwide, had propelled the demand for novel and advanced vehicles. According to the data given by the International Organization of Motor Vehicle Manufacturers, around 91.7 million vehicles were produced in the year 2019. The United States has been the second biggest market for vehicles production and sales and creates a plethora of jobs. Die handling cranes, material flow cranes, and others are widely used in the automotive industry, to do the heavy lifting and support heavy loads. Major companies have been making significant developments in the market, in the past few years. For instance, Konecranes, one of the key players in the market, provides and offers a full complement of cranes, and material handling equipment for the process of building trucks and cars, from the assembly, press to workstations. The company offers to die handling cranes, die gripper cranes, coil handling cranes, and others to major automotive producers, worldwide.