PUBLISHER: The Business Research Company | PRODUCT CODE: 1436171
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436171
Cranes, machines equipped with hoisting mechanisms, lift and transport heavy objects using lift and wire ropes, sheaves, levers, and pulleys for mechanical advantage.
The cranes market research report is one of a series of new reports from The Business Research Company that provides cranes market statistics, including cranes industry global market size, regional shares, competitors with a cranes market share, detailed cranes market segments, market trends and opportunities, and any further data you may need to thrive in the cranes industry. This cranes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The cranes market size has grown strongly in recent years. It will grow from $38.3 billion in 2023 to $40.28 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The expansion seen in the historical period can be attributed to a construction boom, the rapid pace of industrialization, ongoing infrastructure development, expansions in ports and shipyards, construction of power plants, and the overall growth within the manufacturing sector.
The cranes market size is expected to see strong growth in the next few years. It will grow to $49.66 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. Anticipated growth in the upcoming period is expected due to the advancement of renewable energy projects, continued expansion in e-commerce, an increased focus on safety measures, the rise of prefabrication techniques, modernization efforts in harbors and shipyards, and a heightened emphasis on eco-friendly solutions within the construction and maritime industries. Key trends projected for this period encompass the integration of telematics and IoT (Internet of Things) technologies, the development of eco-friendly and energy-efficient cranes, the creation of compact and mobile crane models, the automation and implementation of robotics in crane operations, and advancements in hydraulic systems within the industry.
The surge in global construction expenditure is propelling growth within the cranes market. This uptick is fueled by rapid industrialization, urbanization, and robust economic expansion in emerging economies, leading to heightened investment in construction activities worldwide. This increased expenditure in construction is anticipated to drive the demand for cranes, as construction teams seek faster and more efficient material handling equipment to ensure safe operations and minimize human risk on site. For instance, as per the U.S. Census Bureau's April 2022 report on monthly construction spending, the projected construction spending was $1,744.8 billion, indicating a 0.8% increase from the revised March estimate of $1,740.6 billion. Consequently, the escalating investment in construction is poised to fuel a surge in crane demand throughout the forecast period.
Anticipated growth in crude oil demand is poised to drive expansion within the cranes market. These heavy-duty lifting machines play a crucial role in the exploration, extraction, and transportation of crude oil. For instance, as of October 2023, projections from the International Energy Agency (IEA) indicate an estimated consumption of 25 billion cubic meters of natural gas in India by 2024, showing an annual growth rate of 9%. Additionally, the Indian Brand Equity Foundation (IBEF) forecasts a substantial 50% surge in oil demand in India by 2030, compared to a 7% global demand growth. As a result, the escalating demand for crude oil supply is expected to significantly bolster the need for cranes throughout the forecast period.
Advancements in technology represent a prominent trend gaining traction within the cranes market. The industry is witnessing a shift towards automation aimed at enhancing work efficiency, incorporating features such as anti-collision systems, zoning capabilities, and internet-based setups. Companies operating in this sector are leveraging cutting-edge technologies such as artificial intelligence, machine learning, and computer vision to develop autonomous crane systems. These systems enable operators to monitor crane movements from a control room using onboard cameras and remote-control stations. The primary objective of these innovations is to remove the workforce from potentially hazardous and challenging environments involving large machinery, ensuring their safety and comfort by enabling remote crane operations from a control room. For instance, in February 2021, Manitex Valla, a subsidiary of Manitex International in the United States, introduced the V 110 R Electric Mobile Crane, a battery-operated crane controlled remotely, showcasing the industry's move towards innovative solutions.
Major players in the cranes market are embracing new technological solutions such as the T-Link Telematics platform to fortify their market presence. For example, in May 2021, Terex Corporation, a prominent US-based manufacturer of lifting and material-handling equipment, introduced the T-Link Telematics platform. This platform is compatible with Terex Rough Terrain Cranes, granting customers access to real-time data. This data encompasses crucial information for managing crane configuration, status, alarms, position, and scheduled maintenance alerts, ultimately optimizing performance. T-Link empowers customers to remotely access operational data from their crane fleet, offering accurate, up-to-date information from field operations, available 24/7, accessible from any location worldwide via internet-connected devices such as computers, smartphones, or tablets. This innovative technology marks a significant advancement in the mobile cranes market, enhancing operational efficiency and accessibility for users.
In February 2022, American Equipment Holdings, a manufacturer in the USA specializing in industrial overhead cranes, crane services, and inspections, completed the acquisition of Kistler Crane & Hoist. The specific amount involved in the acquisition was not disclosed. This strategic move by American Equipment aims to broaden its geographical presence within the overhead crane systems and hoists sector, both in terms of production and maintenance, repair, and overhaul (MRO) services. Kistler Crane & Hoist, a USA-based company, specializes in offering overhead crane systems and provides services for maintenance, repair, and overhaul within the industry.
Major companies operating in the cranes market report are Liebherr Group, Xuzhou Heavy Machinery Co. Ltd (XCMG), Marmon Crane Services, Zoomlion India Pvt. Ltd., Zhenhua Heavy Industries Co. Ltd (ZPMC), SANY Heavy Equipment Co. Ltd., Mammoet Americas, Terex Corporation, Cargotec Oyj, PALFINGER AG, The Manitowoc Company Inc., Tadano Ltd., Maxim Crane Works, American Crane & Equipment Corporation, Bigge Crane and Rigging Co., Action Construction Equipment Ltd., Yongmao Holdings Limited, WOLFFKRAN International AG, Kobelco Cranes Co. Limited, Favelle Favco Group, Barnhart Crane & Rigging, Lampson International, JASO Tower Cranes, Eng Cranes Srl, Konecranes PLC, Sumitomo Heavy Industries Construction Cranes Co. Ltd., HKTC LLC, Shandong Huaxia Group Co. Ltd., Buckner HeavyLift, SENNEBOGEN Maschinenfabrik GmbH
Asia-Pacific was the largest region in the cranes market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the cranes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the cranes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The crane market consists of sales of deck cranes, crawler cranes, floating cranes, rough terrain cranes, truck-mounted cranes, bridge/overhead cranes, bulk-handling cranes, and hammerhead cranes among others. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Cranes Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cranes market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cranes ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cranes market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.