Global Cranes Market Size, Share, Growth Analysis, By Crane Type(Mobile cranes, tower cranes), By End-use Industry(Construction, manufacturing) - Industry Forecast 2023-2030

Global Cranes Market size was valued at USD 45.47 Billion in 2022 and is poised to grow from USD 56.05 Billion in 2023 to USD 299.03 Billion by 2031, at a CAGR of 23.28% during the forecast period (2024-2031).

The global cranes market is witnessing substantial growth worldwide. Our report offers comprehensive insights into the value chain analysis for the Cranes market, which can empower manufacturers to gain a competitive advantage over the forecast period. Advanced equipment now integrates state-of-the-art technology to introduce innovative features like GPS tracking, fleet management, and telematics solutions. For instance, Terex Corporation equips its products with the IC-1 Plus control system, aiding operators in determining lifting capacity for various boom positions. The adoption of modern systems such as telematics is anticipated to propel market expansion. Furthermore, the market's growth presents significant opportunities for OEMs. Renting equipment helps to reduce overall project costs. The growing preference for renting equipment opens avenues for manufacturers to collaborate with rental equipment companies to supplement their sales. To meet the rising demand for rental, rental businesses are focusing on acquiring new equipment and expanding their fleet size. Over the forecast period, the increased requirement for new equipment from rental firms is expected to drive demand for mobile cranes. Cranes play a crucial role in construction projects by facilitating the movement of materials and components within construction sites and between offsite facilities and construction sites. In efforts to save time, reduce traffic congestion, and minimize onsite accidents, construction firms opt for prefabricated construction blocks manufactured offsite and transported to the work site for assembly. Mobile cranes, with their significant lifting capacities and ease of material handling, are well-suited for transporting prefabricated building blocks from offsite factories to construction sites.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Cranes and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Global Cranes Market Segmental Analysis

Global cranes market is segmented on the basis of cranes type, end-use industry and region. By cranes type, the market is segmented into mobile cranes, tower cranes, crawler cranes, Overhead cranes, marine and offshore cranes. By end-use industry, the market is segmented into construction, manufacturing, shipping & port, oil & gas, mining. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Cranes Market

Both governmental bodies and private enterprises are dedicating resources to the construction of diverse infrastructure endeavours, including roads, bridges, airports, and commercial structures. The construction sector's demand for cranes is propelled by the necessity for effective lifting and material handling throughout these ventures. Furthermore, the expansion of urban areas and population in numerous regions amplifies the need for infrastructure expansion, thereby escalating the demand for cranes.

Restraints in the Global Cranes Market

Cranes represent intricate and costly machinery, necessitating significant upfront investment. This investment encompasses not just the acquisition or leasing of the crane, but also the associated operational, maintenance, and safety compliance expenses. The substantial initial expenditure may pose a challenge for small and medium-sized enterprises lacking sufficient financial resources to procure cranes. Additionally, ongoing maintenance and repair costs can contribute to the overall financial burden. These factors may hinder the uptake of cranes, particularly in markets or industries sensitive to pricing or with constrained budgets.

Market Trends of the Global Cranes Market

Rising urbanization denotes the movement of populations from rural to urban regions, fostering the development and enlargement of cities. This phenomenon is prevalent worldwide, notably in developing economies, driven by aspirations for enhanced economic prospects, elevated living standards, and access to diverse amenities and services. The surge in urbanization directly influences the crane market, as expanding cities necessitate the construction of residential complexes, commercial structures, transportation networks, and various urban amenities.