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

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.