Crane Market Worth USD 41.7 Billion by 2030 Witnessing a CAGR of 4.18% - Report by Market Research Future (MRFR)

Crane Market Insights and Industry Analysis by Type (Industrial Cranes, Offshore Cranes, Port Cranes and others), By Application (Construction, Mining, Oil & Gas, Shipping & Port and others) and By Region, Competitive Market Size, Share, Trends, and Forecast to 2030

New York, New York, UNITED STATES

New York, USA, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Crane Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Crane Market Information by Type, Application, and Region - Forecast till 2030”, the market is estimated to grow at a 4.18% CAGR to reach USD 41.7 billion by 2030.

Market Scope

A crane can be described as a machine that is utilized for lifting and moving heavy machines, loads, goods and materials for various purposes. It is experiencing a rising use in several industries, be it construction or manufacturing, and even shipbuilding as well as material loading.

The adoption of automated technologies to bring down the need for humans in production facilities and offices will favor the crane market. The use of technologies like automated machinery as well as advanced electronics has enhanced manufacturing operations while facilitating the continuity of the businesses post the COVID-19 outbreak.

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Report Scope:

Report AttributeDetails
Market Size in 2030USD 41.7 Billion
CAGR4.18% (2022–2030)
Base Year2021
Forecast Period2022–2030
Historical Data2020
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredBy Type, Application, and Region
Geographies CoveredNorth America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market DriversInvestments in New Construction Projects to Bolster Market Growth
The rapid development of the building and infrastructure sector owing to many refurbishments

Market Competitive Landscape:

The major companies in the crane market are

  • Manitex International Inc. (US)
  • Konecranes (Finland)
  • Manitowoc (US)
  • Terex Corporation (US)
  • Liebherr-International AG (Switzerland)

These companies are known for adopting various strategies and tracking every development and trend in the market that can help them enhance their business rankings. Some of the top strategies include partnerships, agreements, mergers, and new launches.

Market USP Covered:

Market Drivers:

Cranes are used in different weather conditions and with the dramatic growth of the construction industry worldwide along with industrial development, they are enjoying substantial demand. Cranes are extensively deployed by the construction sector and various other end-user industries. All-terrain cranes are preferred more than traditional lifting & construction equipment, which will, in turn, push the market demand to a large extent in the following years.

All types of cranes are extremely popular in the modern construction sector owing to their high-intensity output and ability to function in adverse weather conditions and terrains. The surging demand for tall building construction, and power and mining resources development also enhance the use of a variety of cranes.

The drastic rise in construction activities in emerging countries could be a significant business opportunity for global companies. The surge in government spending on construction development and the incredible growth of the mining industries in emerging regions encourage the use of cranes. This can also be a massive growth opportunity for the international manufacturers of cranes in the market.

The market is further supported by the escalating need for better structures in numerous industry verticals, like oil and gas, manufacturing, and telecommunications. This is especially the case in emerging regions like the Asia Pacific, where the industrialization rate has shot up considerably over the years. cranes are gaining massive popularity in different sectors owing to their impressive performance as well as efficiency over conventional machines.

Market Restraints:

Substantial investments as well as equipment maintenance costs could limit industry progression in the future. Cranes can be quite costly, thereby discouraging manufacturers, OEMs, and businesses from procuring premium systems. As a result, consumers are going for used machines, which will ultimately hamper market development.

With that said, technological innovations in crane operations that allow companies to enhance uptime, save on energy and maintenance costs, and elevate the life of equipment, could be a lucrative opportunity in the next several years.

Browse In-depth Market Research Report (277 Pages) on Crane

COVID 19 Analysis

The COVID-19 outbreak has had a profound effect on the world, bringing along various challenges, such as the repercussions on people’s health and the overall economy. The aftermath has been a vast social and economic burden that cannot be ignored. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.

Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the global populace has been dealing with challenges owing to the loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine, which steers attention away from other markets.

Market Segmentation

By type

The types of cranes available in the market are industrial cranes, offshore cranes, port cranes, and others.

The highest-achieving segment in the market will be industrial cranes, given their extensive use in various industrial projects as well as heavy construction. The types of industrial cranes are mobile cranes, crawler cranes, telescopic cranes, all-terrain cranes, rough terrain cranes, and others. Mobile cranes own the biggest market share as they experience huge demand across diverse end-use sectors. Their principal advantages include their ability to access locations where other types of cranes are unable to reach and they also require less space.

By Application

Various applications of cranes are oil and gas, shipping and port, construction, mining, and others.

The construction segment heads the market owing to the surge in real estate spending, and the rise in the construction of several commercial buildings.

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Regional Insights

The Asia Pacific will be the top market for cranes and continue to maintain its winning streak all through the analysis period. The huge investments made by the government in infrastructural development and the expeditious industrialization rate are important growth-inducing factors in the regional market. The chemicals, food, automobiles, and electronics sectors are thriving and the outcome of this stunning growth can be the rising demand for different types of cranes. Other notable markets in the region could be Malaysia, Indonesia, and Thailand,

Europe shall capture a large portion of the worldwide market as well, given the dramatic rise in investments in huge infrastructure projects. The fastest developing markets in the region will be the Czech Republic, Bulgaria, Italy, Germany, Poland, and Malta. 

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