Global Cranes Market Report 2023: Sector to Reach $46.08 Billion in 2027 at a CAGR of 4.7%


Dublin, March 29, 2023 (GLOBE NEWSWIRE) -- The "Cranes Global Market Report 2023" report has been added to's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global cranes market grew from $36.55 billion in 2022 to $38.29 billion in 2023 at a compound annual growth rate (CAGR) of 4.8%. The cranes market is expected to grow to $46.08 billion in 2027 at a CAGR of 4.7%.

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Major players in the cranes market are Konecranes PLC., SANY Group, Manitowoc Company Inc., Tadano Ltd., Terex Corporation, Liebherr-International, Cargotec, XCMG Group, Street Crane Company Limited, Kobelco Cranes Co Limited, Zoomlion Heavy Industry Science and Technology Co Ltd., Komatsu Ltd., Gorbel Inc., Palfinger AG, Link-Belt Construction Equipment, Caterpillar, Buckner HeavyLift Cranes, Demag Cranes & Components GmbH, Shanghai Heavy Industries Co Ltd., and American Crane and Equipment.

The crane market consists of sales of deck cranes, crawler cranes, floating cranes, rough terrain cranes, truck-mounted cranes, bridge/overhead cranes, bulk-handling cranes, and hammerhead cranes among others.

Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The cranes refer to a machine that uses a hoisting mechanism to lift heavy objects and transport them to a new position. They are equipped with lift ropes, wire ropes, and sheaves that help to lift and lower big objects. The lever and pulley of the crane co-ordinate with each other to generate a mechanical advantage.

Asia-Pacific was the largest region in the cranes market in 2022 and is expected to be the fastest-growing region in the forecast period. The regions covered in the cranes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main product types of cranes are mobile, fixed, and marine. Mobile cranes are used to lift and lower goods for a short distance and carry them horizontally, using a set of basic machinery. Mobile cranes are lightweight and easily movable, cost-effective options for construction companies. These are used in construction, mining, industrial, oil & gas, and others.

The increasing spending on construction activities globally is driving the cranes market. Rapid growth in industrialization, urbanization and strong economic growth in emerging countries has contributed to growing spending on construction activities across the globe. The increased spending on construction activities is expected to boost the utilization or demand of cranes, as the on-field construction teams are investing in faster and efficient material handling equipment for safe operations and minimal human loss.

Technological advancements are a key trend gaining popularity in the cranes market. Automation is taking place in the cranes market to gain work efficiency, with the incorporation of anti-collision, zoning, and internet-based setup.

The companies operating in the cranes market are utilizing advanced technologies such as artificial intelligence, machine learning, and computer vision for the development of autonomous cranes. These crane's movements are monitored by operators in a control room using onboard cameras and a remote-control station.

The key target of these new systems is to exclude the workforce from a potentially dangerous and challenging working environment involving enormous machinery and transported to the safety and comfort of a control room via remote crane operation.

In February 2022, American Equipment Holdings, a USA-based manufacturer of industrial overhead cranes, crane services, and inspections acquired Kistler Crane & Hoist for an undisclosed amount. The acquisition by American Equipment is focused on expanding its geographic footprint in production and MRO in the overhead crane systems and hoists sector. Kistler Crane & Hoist is a USA-based provider of overhead crane systems, maintenance, repair and overhaul services.

The countries covered in the cranes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

Key Attributes:

Report AttributeDetails
No. of Pages200
Forecast Period2023 - 2027
Estimated Market Value (USD) in 2023$38.29 billion
Forecasted Market Value (USD) by 2027$46.08 billion
Compound Annual Growth Rate4.7%
Regions CoveredGlobal

Key Topics Covered:

1. Executive Summary

2. Cranes Market Characteristics

3. Cranes Market Trends And Strategies

4. Cranes Market - Macro Economic Scenario
4.1. COVID-19 Impact On Cranes Market
4.2. Ukraine-Russia War Impact On Cranes Market
4.3. Impact Of High Inflation On Cranes Market

5. Cranes Market Size And Growth
5.1. Global Cranes Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Cranes Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Cranes Market Segmentation
6.1. Global Cranes Market, Segmentation By Product type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Mobile
  • Fixed
  • Marine

6.2. Global Cranes Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Original Equipment Manufacturers (OEM)
  • Aftersales

6.3. Global Cranes Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Construction
  • Mining
  • Industrial
  • Oil & Gas
  • Others

7. Cranes Market Regional And Country Analysis
7.1. Global Cranes Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Cranes Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

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