The global cranes market is expected to reach US$43.417 billion by the end of 2023, increasing from US$31.478 billion in 2017, growing at a CAGR of 5.51% during the forecast period.
Growing global construction industry is the key driver of cranes market across the globe as these material handling equipment work best with heavy machineries. Moreover, cranes are used on construction sites to load/unload heavy material component which is impossible for human labor to do.
Rising shipbuilding industry owing to rising demand for oil and other raw materials overseas coupled with high funding for military ships will propel the growth of global cranes market during the forecast period. APAC region will witness the fastest growth of regional cranes market due to rising infrastructure development and increase in construction activities in emerging economies such as China, India and South Korea.
Major industry players profiled include Mammoet, Sarens N.V., Lampson International LLC, Maxim Crane Works L.P., and Siemens AG among others.
The global cranes market has been analyzed through following segments: