USD 45.47 Billion
Cranes Market Size, Share, Growth Analysis, By Crane Type(Mobile cranes, tower cranes, crawler cranes, overhead cranes), By End-use Industry(Construction, manufacturing, shipping & port, oil & gas), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20G2020 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
67
|Figures:
75
Cranes Market Insights
Global Cranes Market size was valued at USD 45.47 Billion in 2022 and is poised to grow from USD 56.06 Billion in 2023 to USD 299.06 Billion by 2031, at a CAGR of 23.28% during the forecast period (2024-2031).
The global cranes market is experiencing significant growth globally. Our report contains detailed information on the value chain analysis for the Cranes market, which manufacturers can use to gain a competitive edge during the projected period. Modern equipment incorporates cutting-edge technology to provide novel features such as GPS tracking and fleet management, as well as telematics solutions. Terex Corporation, for example, provides its products with the IC-1 Plus control system, which assists operators in determining the lifting capability for each position of the boom. The incorporation of modern systems, such as telematics, is expected to drive market expansion. The market's expansion is also expected to provide considerable growth prospects for OEMs. Renting equipment lowers total project expenditures as well. The increased desire for renting equipment creates chances for manufacturers to work with rental equipment businesses to supplement their sales. To meet the increased demand for rental, rental businesses are concentrating on purchasing new equipment and expanding their fleet size. Over the projection period, the increased need for new equipment from rental equipment firms is likely to fuel demand for mobile cranes.
Cranes are essential for construction projects because they aid in the movement of components and materials both inside the construction site and between offsite facilities and the construction site. As part of their attempts to save time, minimize traffic congestions, and onsite accidents, construction companies prefer prefabricated distinct construction blocks offsite and shipping the prefabricated blocks to the work site for onsite assembly. Mobile cranes have significant weight-lifting capacities and allow for easy material handling, making them ideal for transporting prefabricated building blocks from offsite factories to construction sites.
US Cranes Market is poised to grow at sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Mobile cranes
Fastest Growth
Mobile cranes
Growth Rate
23.28% CAGR
Global Cranes Market ($ Bn)
Country Share for Asia Pacific Region (%)
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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.
Cranes Market Analysis By Cranes Type
Mobile cranes are versatile and widely used in the construction industry for lifting and transporting heavy materials and equipment. These cranes are equipped with wheels or tracks, enabling them to be easily moved around construction sites. The mobile cranes segment holds a significant share in the global market, primarily due to their widespread adoption and flexibility in various applications. Additionally, the development of advanced mobile crane technologies, such as telescopic boom cranes and truck-mounted cranes, has further boosted their popularity. The largest segment in the cranes market is the mobile cranes segment.
On the other hand, Tower cranes are widely recognized for their ability to lift heavy loads to great heights, making them indispensable in the construction industry. These cranes are fixed to the ground or mounted on a concrete foundation and feature a vertical mast and a horizontal jib. The tower cranes segment holds a substantial share in the global market, driven by the growing construction activities and the demand for high-rise buildings and infrastructure projects. The increasing urbanization, particularly in developing countries, has further fueled the adoption of tower cranes. Europe and Asia Pacific are the major regions witnessing significant growth in the tower cranes market.
Cranes Market Analysis By End-use Industry
The largest segment in the end-use industry of the cranes market is the construction industry. The construction sector represents a significant portion of the demand for cranes due to its extensive use of lifting equipment in various construction activities. The construction industry requires cranes for tasks such as building construction, infrastructure development, and maintenance projects. Factors such as urbanization, population growth, and government investments in infrastructure development contribute to the substantial demand for cranes in this industry.
On the other hand, the fastest-growing segment in the end-use industry of the cranes market is the manufacturing industry. The manufacturing sector is witnessing steady growth driven by industrial automation, increasing production capacities, and the need for efficient material handling solutions. Cranes play a vital role in material handling, assembly processes, and logistics within manufacturing facilities. With the growth of sectors like automotive, aerospace, electronics, and consumer goods, the demand for cranes in the manufacturing industry is expected to rise. Technological advancements and the integration of automation in manufacturing processes further fuel the growth of this segment.
Global Cranes Market By Cranes Type
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Cranes Market Regional Insights
The largest market region in the cranes industry is Asia Pacific. Asia Pacific is a significant contributor to the global cranes market due to several factors. The region is experiencing rapid urbanization and infrastructure development, leading to a high demand for construction and material handling equipment, including cranes. Countries like China, India, Japan, and South Korea have witnessed substantial investments in infrastructure projects, such as roads, bridges, airports, and residential and commercial buildings. These projects require the use of cranes for efficient lifting and movement of heavy materials. Additionally, the manufacturing sector in Asia Pacific is expanding, driven by the growth of industries such as automotive, electronics, and consumer goods.
The fastest-growing region in the cranes market is the Middle East and Africa (MEA). The MEA region is witnessing significant growth in infrastructure projects, particularly in countries like the United Arab Emirates, Saudi Arabia, Qatar, and South Africa. These countries are investing heavily in the construction of high-rise buildings, commercial complexes, transportation networks, and energy infrastructure, which require the use of cranes. The development of mega projects, such as Expo 2020 in Dubai and FIFA World Cup 2022 in Qatar, has further propelled the demand for cranes in the region. The oil and gas industry in the Middle East also plays a crucial role in driving the growth of the crane market.
Global Cranes Market By Region
- Largest
- Fastest
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Cranes Market Dynamics
Cranes Market Drivers
Increasing Focus On Infrastructure Development Worldwide
- Governments and private entities are investing in the construction of various infrastructure projects, such as roads, bridges, airports, and commercial buildings. The demand for cranes in the construction sector is driven by the need for efficient lifting and material handling during these projects. Additionally, the growth of urbanization and population in many regions further fuels the demand for infrastructure development, leading to an increased requirement for cranes.
Cranes Market Restraints
High Initial Costs
- Cranes are complex and expensive equipment that requires substantial investment upfront. The cost includes not only the purchase or rental of the crane but also the expenses related to its operation, maintenance, and safety compliance. The high initial cost can act as a barrier for small and medium-sized businesses that may not have the financial resources to invest in cranes. Moreover, ongoing maintenance and repair costs can add to the overall expenses. These factors can restrain the adoption of cranes, particularly in price-sensitive markets or industries with limited budgets.
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Cranes Market Competitive Landscape
The global cranes market features a highly competitive landscape with the presence of several key players. Some of the prominent players in the market focus on product innovation and quality advancements to gain a competitive edge. They invest significantly in research and development to introduce new features and functionalities in their infrastructure solutions. Additionally, strategic partnerships, collaborations, and acquisitions are common strategies employed by these players to expand their market presence and enhance their product portfolios. With the growing demand for Infrastructure and urbanization, the competition among these players intensifies, leading to continuous advancements and improvements in the market offerings.
Cranes Market Top Player’s Company Profile
- Terex Corporation (United States)
- Liebherr Group (Switzerland)
- Tadano Ltd. (Japan)
- Konecranes Plc (Finland)
- Manitowoc Company, Inc. (United States)
- Zoomlion Heavy Industry Science and Technology Co., Ltd. (China)
- XCMG Group (China)
- Cargotec Corporation (Finland)
- Sany Group Co., Ltd. (China)
- Kobelco Construction Machinery Co., Ltd. (Japan)
- Hitachi Construction Machinery Co., Ltd. (Japan)
- Palfinger AG (Austria)
- Fassi Gru S.p.A. (Italy)
- Hyundai Construction Equipment Co., Ltd. (South Korea)
- Komatsu Ltd. (Japan)
- SENNEBOGEN Maschinenfabrik GmbH (Germany)
- Jekko s.r.l. (Italy)
- Link-Belt Cranes (United States)
- Xuzhou Construction Machinery Group Co., Ltd. (China)
- Shanghai Zhenhua Heavy Industries Co., Ltd. (China)
Cranes Market Recent Developments
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In January 2024, Crane Company (“Crane,” NYSE: CR) announced that it has acquired Vian Enterprises, Inc. (“Vian”) for approximately $103 million on a cash free and debt free basis. Vian having strong positions on the most attractive commercial and military aircraft platforms will strengthen their positioning for future content opportunities on engines, gearboxes and auxiliary power units.
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Manitowoc unveiled the Grove GRT8100-1 rough-terrain crane in October 2023. Improved lifting capability and site access are made possible by the variable outrigger positioning technology.
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To increase productivity and promote safer operation, Hiab, a division of Cargotec, introduced the new HIAB iQ.958 HiPro heavy loader crane in September 2023. It came equipped with the cutting-edge operating system SPACEevo. It provides an exceptional lift-to-weight ratio because of its design.
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In April 2023, Link-Belt introduced the X4S series. It provides increased productivity, stability, and lift performance.
Cranes Key Market Trends
- Increasing demand for urbanization: Urbanization refers to the process of population migration from rural to urban areas, resulting in the growth and expansion of cities. This trend is observed globally, particularly in emerging economies, as people seek better economic opportunities, improved living standards, and access to various amenities and services. The demand for urbanization has a direct impact on the crane market. As cities grow, there is a need for the construction of residential complexes, commercial buildings, transportation infrastructure, and other urban facilities.
Cranes Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, The Cranes market is poised for significant growth in the coming years, driven by various factors and offering substantial future scope. The crane market is poised for significant growth in the coming years, driven by various factors and presenting vast future scope. One of the most driving factors propelling the market is the increasing focus on infrastructure development globally, with governments and private entities investing in large-scale projects. The construction industry, which is the largest segment in the crane market, benefits immensely from this trend, as cranes are indispensable for efficient material handling and lifting operations in construction sites. Another thriving segment is the manufacturing industry, where cranes are essential for material handling and logistics within manufacturing facilities. The shipping and port industry also contributes significantly to the market, utilizing cranes for efficient cargo handling. Moreover, the oil and gas industry, particularly in offshore exploration and production activities, requires specialized cranes. The Middle East and Africa region is experiencing remarkable growth, driven by infrastructure projects, oil and gas activities, and mining operations. As for the dominating country, Asia Pacific, with its rapid urbanization, infrastructure development, and thriving manufacturing sector, stands as the largest market region for cranes. Looking ahead, the crane market holds immense future scope, with emerging technologies, such as automation and digitalization, reshaping the industry, and the increasing demand for urbanization and sustainable construction driving the need for advanced and eco-friendly crane solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 45.47 Billion |
| Market size value in 2031 | USD 299.06 Billion |
| Growth Rate | 23.28% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cranes Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cranes Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cranes Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cranes Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cranes Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cranes Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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