Market Overview:
The Global Crane Market size is expected to grow from USD 36975 Million in 2022 to USD 60053.69 Million by 2030, at a CAGR of 6.25% during the forecast period (2023-2030).
The rise in infrastructure investment and growth in investments by the mining sector in construction equipment, across the world, are likely to drive the demand for cranes. The market for cranes has experienced low demand till last year, owing to factors, such as low prices of crude oil and commodities and consequent fall in demand from the construction sectors of countries in the Middle East, Africa, South America, and Russia, which depend on oil revenues. However, with the recent uptick in oil prices, the demand from oil-producing countries is expected to grow.
Top Key Players of Crane Market:
Konecranes PLC., Cargotec OYJ, Manitowoc, Terex Corporation, Tadano Limited, Kobelco Cranes Co. Limited, Palfinger AG, Liebherr-International AG, Zoomlion Heavy Industry Science, and Technology Co. Limited, Favelle Favco Group and Others major players.
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Market Dynamics and Factors for Crane Market:
Drivers:
Increasing Infrastructure Investments
The global GDP is estimated to grow at a rate of 3.9% in 2018, according to the IMF, and this growth must be supported by growth in infrastructure investments. Asia-Pacific region is the fastest-growing infrastructure market and is driven by increasing government spending in China and India, as both countries are dependent on infrastructure to boost the economy and create jobs. One of the major growth drivers for the infrastructure industry as a whole and the crane market, in particular, is the China-led Belt and Road initiative, which is focused on constructing roads, railways, ports, and energy projects extending from China’s western regions to Europe.
Opportunities:
Technological Development In Construction Machinery
The use of computerized expert systems or telematics for construction applications is a growing opportunity in the crane market. Some of the examples of advanced telematics include the systems that are capable of diagnosing vibration problems in rotating machinery and systems to verify the performance and qualifications of the welds made. Telematics has been used in the construction sector for a little over a decade. However, the widespread use of telematics as a system can gather more advanced information, predict many issues, and help the construction equipment owners save costs of breakdowns and save time in construction. Apart from saving cost and time, telematics also helps make the construction environment a safe place.
Segmentation Analysis of the Crane Market:
Based on Type, wheel-mounted cranes are equipped with rubber-tired wheels. These cranes have heavy lifting capacity among mobile cranes. Larger wheel-mounted cranes, such as telescopic boom cranes and lattice boom cranes, are often manufactured with three or more three axles with tires attached to them.
- Mobile Cranes
- Fixed Cranes
- Marine and Offshore Cranes
- Other
Based on Application, the Asia-Pacific region ranks first in the construction sector, followed by North America. The Latin America region is expected to grow at a steady pace over the forecast period. Construction and infrastructure cranes include cranes used in areas, such as the construction of residential apartments, as well as commercial and non-commercial buildings.
Regional Analysis of the Crane Market:
The Asia-Pacific region remained the largest market for all types of cranes, led by China and India. China is the largest segment of the market studied and has also emerged as the largest manufacturer of cranes, globally. Fuel economy and low emissions are the key trends that are shaping the Chinese segment. The real estate sector and infrastructure construction are the major drivers of the demand for cranes. Infrastructure projects, such as bridges, metro rail, elevated road corridors, power projects, etc., are the major drivers for the demand for cranes in India’s market, especially tower cranes.
- Construction & Infrastructure
- Mining and Excavation
- Marine and Offshore
- Industrial Applications
- Other
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Key Industry Development:
In January 2022, Sumitomo Heavy Industries Construction Cranes Co. (HSC), a renowned heavy machinery SCX1000HD-3 was developed for heavy-duty tasks, such as trenching and foundation work, whereas the SCX1800A- 3 includes a new-generation Cummins B6.7 engine which would provide exceptional lifting capabilities.
In January 2022, Liebherr, a multinational equipment manufacturer headquartered in Germany, announced that it has sold more than 80 new units of maritime mobile harbor cranes in 2021 and recorded the highest sales, manufacturer based in Japan, launched the SCX1000HD-3 and SCX1800A-3, two latest crawler cranes. The compared to the previous year. The company is aiming to revolutionize port handling by manufacturing sophisticated electric motors. It is also striving to remain at the forefront in this industry by developing CO2-neutral drive technology
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