Dublin, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The "Global Crane Market (by Type, Application, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)" report has been added to ResearchAndMarkets.com's offering.
The global crane market is on the brink of significant growth, with projections indicating that it will reach a staggering $37.37 billion, progressing at a robust Compound Annual Growth Rate (CAGR) of 5.24% during the forecast period.
Cranes, versatile equipment used for lifting, lowering, and transporting goods, are witnessing increased demand due to rapid urbanization, smart city development, and a surge in global construction expenditure.
Segments Covered
The global crane market is categorized into three primary segments by type:
- Mobile Cranes: Mobile cranes have garnered the largest market share, primarily driven by the rapid development in the power distribution sector, increased investments in energy transmission and distribution networks, and the growing industrialization in emerging economies. Mobile cranes are further segmented into all-terrain cranes, rough terrain cranes, crawler cranes, truck-mounted cranes, and other mobile cranes.
- Marine & Port Cranes: These cranes play a pivotal role in facilitating trade and transportation at ports and harbors.
- Fixed Cranes: Fixed cranes, such as tower cranes, are commonly used in construction projects for their stability and height.
The market also segments by application, including construction, industrial applications, mining and excavation, oil & gas, and other applications. Among these, construction is expected to be the fastest-growing segment due to increasing industrialization and investments in infrastructure projects worldwide.
Geographic Coverage
The global crane market spans across four major regions:
- Asia Pacific: The fastest-growing regional market, with a dominant position, is expected to lead the global market. Rapid construction activities in emerging economies like China, India, and the Philippines, expansion of the manufacturing sector, and increasing investments in energy transmission and distribution networks contribute to this growth.
- North America: Including the US, Canada, and Mexico.
- Europe: Encompassing Germany, the UK, France, and the rest of Europe.
- Rest of the World (ROW): Comprising various regions and countries outside Asia Pacific, North America, and Europe.
Top Impacting Factors
Drivers:
- Increasing Investment in Construction & Infrastructure: The global construction industry is experiencing significant growth, supported by industrialization and urbanization trends. This surge in construction projects demands various types of cranes for lifting and transporting materials and components, driving the crane market's growth.
- Rising Demand in Metallurgical Industries: Metallurgical industries rely on cranes for material handling and processing, contributing to increased demand for cranes.
- Escalating Preference for Rental Services: The preference for crane rental services over purchasing is growing due to cost-effectiveness and flexibility.
- Rapid Expansion of Aerospace Industry: The aerospace industry requires specialized cranes for manufacturing and assembly processes, contributing to market growth.
Challenges:
- High Investment Cost: The initial procurement cost of cranes, coupled with high maintenance and servicing expenses, poses a challenge for businesses. The cost of crane parts and limited certified servicing facilities in some regions contributes to high maintenance costs.
- Dearth of Skilled Labor: Operating cranes requires skilled labor, and a shortage of qualified operators can hinder crane utilization.
Trends:
- Surging Mining Activities: The mining industry relies on cranes for efficient material handling in challenging environments, fueling market growth.
- Rapid Growth of the Automotive Industry: The automotive sector employs cranes for various applications, including manufacturing and assembly processes.
- Accelerating Demand from Oil Refineries: Cranes are essential for maintenance and operations in oil refineries, contributing to increased demand.
- Rising Applications in Power Generation: The power generation sector utilizes cranes for installation, maintenance, and repair of equipment, boosting market growth.
Companies Mentioned
- Cargotec Corporation
- KOBELCO Group (KOBELCO Construction Machinery Co., Ltd.)
- Konecranes PLC
- Liebherr Group
- Manitex International, Inc(Badger Equipment Company)
- Palfinger AG
- SANY Heavy Industry CoLtd
- TADANO LTD.
- Terex Corporation
- The Manitowoc Company, Inc.
- Xuzhou Construction Machinery Group Co., Ltd(XCMG)
- Zoomlion Heavy Industry Science and Technology Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/qyzr
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