Cranes Market size is set to grow by USD 20.39 bn from 2024-2028, growth in end-user industries due to urbanization boost the market- Technavio

NEW YORK, April 3, 2024 /PRNewswire/ -- The global cranes market size is estimated to grow by USD 20.39 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 6.59% during the forecast period. The global cranes market is experiencing growth due to increased infrastructure investment. Notable projects include Beijing International Airport's USD13.1 billion expansion and India's FY2019 budget for various development projects. Governments are also investing in sports infrastructure. Key components include machines, loads, wire ropes, sheaves, hoist ropes, sections, hydraulic systems, electric systems, boom systems, operator cabins, chassis, and high load-lifting capacity. Renting and leasing cranes, such as mobile hoists, mobile cranes, and fixed cranes (Crane, Hoisting mechanism, Static cranes, Mobile cranes, Tower cranes, Overhead travelling cranes, Girder cranes, Bridge cranes, Transporter cranes, Gantry cranes, Industrial crane, Hoist, Trolley, Support structure), are in high demand from service providers in countries facing economic challenges. 

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Segment Overview 

This cranes market report extensively covers market segmentation by Product (Mobile cranes, Fixed cranes, Marine and port cranes) Application (Construction and mining, Industrial, Utilities) Geography (APAC, Europe, North America, South America, Middle East and Africa)

Market segmentation by Product

The global cranes market encompasses various types of machines, including mobile cranes and fixed cranes, such as tower cranes, overhead travelling cranes, girder cranes, bridge cranes, and gantry cranes. Mobile cranes consist of all-terrain cranes, crawler cranes, and city cranes, which are in high demand due to urbanization and infrastructure development in countries around the world. Rental service providers play a significant role in this market, offering machines like mobile hoists, truck-mounted hoists, transporter cranes, and rough terrain cranes for various industries, including steel manufacturing, ports, and shipbuilding. Crane manufacturers continue to innovate, introducing new technologies like single-engine concepts, smart control systems, and high-strength steel in mobile cranes. Skilled labor is essential for the installation, operation, and maintenance of these complex hoisting mechanisms. Additionally, parts and accessories are crucial for ensuring the optimal performance of cranes, from hydraulic cranes and bay cranes to crawler cranes and wind turbine cranes.

Geography Overview

The Cranes Market in APAC is experiencing robust growth, driven by the construction and industrial sectors. The Crane, a vital Hoisting mechanism, comes in various forms such as Static cranes, Mobile cranes, Tower cranes, Overhead travelling cranes, Girder cranes, Bridge cranes, Transporter cranes, and Gantry cranes. Industrial applications include Steel manufacturing, Ports, Shipbuilding, and Wind turbine installation. Skilled labor operates these machines, which include Hoist, Trolley, Support structure, Girder, and Steel sections. Crane manufacturers offer Hydraulic cranes, Electric cranes, and Parts & accessories. Types include Bay Crane, Crawler crane, Rough terrain cranes, All terrain cranes, and Truck cranes. High load-lifting capacity cranes, like Crawler cranes and All terrain cranes, are in demand. Economic challenges may impact renting and leasing. Cranes are used to load Materials and are essential in Machine operation. Wire ropes, Sheaves, Hoist ropes, and Sections are integral components. The Boom system, Hydraulic system, and Electric system power these machines, while the Operator cabin and Chassis provide a comfortable and stable working environment. 

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• The cranes market is witnessing automation with self-driving machines, including cranes and autonomous guided vehicles (AGVs), increasing in popularity. AGVs optimize routes for efficient material movement, while traffic controllers assign tasks. Initially, cranes were manually guided, but CAD systems now guide selection and optimization. Key players include manufacturers of static, mobile, tower, overhead travelling, girder, bridge, transporter, gantry, industrial, hoist, trolley, and various types of cranes, such as crawler, all terrain, and wind turbine cranes. Markets serve industries like steel manufacturing, ports, shipbuilding, and construction, offering renting and leasing options amid economic challenges.
• The construction industry faces a significant workforce shortage, particularly for skilled laborers like technicians, site managers, and plumbers. This issue hinders growth in sectors such as steel manufacturing, ports, shipbuilding, and crane rental services. Key industries like crane manufacturing, wind turbines, and material loading grapple with economic challenges due to insufficient labor. Keywords: Crane market, high load-lifting capacity, rental service, countries, service providers, hoists, economic challenges, machines.

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Research Analysis

The Cranes Market encompasses a range of hoisting mechanisms, including Static Cranes, Mobile Cranes, Tower Cranes, Overhead Travelling Cranes, Girder Cranes, Bridge Cranes, Transporter Cranes, and Gantry Cranes. These machines play a crucial role in Material Loading across various industries, such as Shipbuilding. Crane Manufacturers produce Hydraulic Cranes and Bay Cranes, which utilize wire ropes, sheaves, hoist ropes, and sections to lift and transport loads. The hydraulic system and electric system power these cranes, while the boom system and operator cabin enable efficient operation. Skilled labor is essential for the installation, maintenance, and safe use of these cranes. Cranes come in diverse types, catering to different applications and requirements.

Market Research Overview

In the realm of construction and infrastructure development, Cranes Market plays a pivotal role. This market encompasses the production, sale, and installation of cranes, a crucial machinery used for lifting and lowering heavy loads. Cranes come in various types, such as tower cranes, mobile cranes, and crawler cranes, each designed for specific applications. The market is driven by factors like increasing infrastructure development, urbanization, and the growing construction industry. Overhead cranes, for instance, are widely used in factories for material handling, while mobile cranes are preferred for on-site construction projects. The market is competitive, with key players including Terex Corporation, Liebherr Group, and Manitowoc Company. Cranes are essential for modern construction and infrastructure projects, making Cranes Market a significant contributor to the global economy.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Mobile Cranes
• Fixed Cranes
• Marine And Port Cranes
• Application
• Construction And Mining
• Industrial
• Utilities
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio