CRANE Market 2022 | Present Scenario and Growth Prospects 2029
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In the current market scenario, rising number of construction projects in South East Asian and Latin American countries, and tie-ups with prominent sales channel partners and manufacturing entities for long-term supply, will drive the global crane market. Further, integration of smart solutions and automation in cranes are expected to enhance sales during the forecast period.
Strong customer relationships with dealers/distributors and other stakeholders in the distribution channel, reinforced through local market presence, has been at the forefront among the various policies and plans adopted by prominent players in the global crane market.
Value of the global crane market was approximately US$ 43.9 Bn in 2022, which is projected to increase 1.5X by 2029.
Insights Gathered from Crane Market Study
The integration of cranes with IoT is expected to allow key players to increase sales during the forecast period, especially through contracts from leading companies dealing in real estate buildings and commercial apartments.
Rising number of remote operations have boosted demand, and more customers are demanding high load capacity cranes.
Loader cranes find application in refineries and offshore oil droll platforms, and increase in the production capacity of crude oil across the globe (to cater to energy needs) will have a positive impact on the loader crane segment.
Lack of technological adoption in conventional cranes will act as a restraint, and manufacturers will have to adopt advanced automation solutions to sustain and enhance their market share.
China is estimated to hold a significant share in the global crane market, and is expected to drive market growth in the region, while growing at a CAGR of above 5% in terms of value from 2022 to 2029.
Crane Market by Category
Rough Terrain Cranes (RTCs) All Terrain Cranes (ATCs) Truck Cranes Mobile Harbors Off-shore Ship Cranes Loader Cranes Railroad Cranes Crawler Cranes Tower Cranes Others
Aerospace and Defense Automotive & Railways Heavy Engineering General Engineering Mining Construction Marine Shipping & Material Handling Energy (Power & Gas) Crane Market: Participant Insights
The crane market is largely fragmented, owing to a large number of established and large players. The report also provides details of some of the key players in the global crane market, such as Liebherr Group, XCMG Construction Machinery Co. Ltd, The Manitowoc Company, Texrex Corporation, Cargotec Oyj, Tadano Ltd., Zoomlion Heavy Industry Science & Technology Co., Ltd. Kobelco Ltd, and Kato, among others. Increasing investments in public and private sector construction projects are primarily responsible for driving the growth of the market.
Competitiveness in this landscape is growing stronger, and the adoption of new crane technology is superseding the cranes of yesteryears. With numerous updations, customizations, and innovations, end users can increase uptime, save on maintenance and energy costs, scale products with the business, and extend the life of their investments, all of which will play a significant role in the global crane market.
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