The ‘Global Crane Market Size, Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global crane market, assessing the market on the basis of its segments like mobility, type, business type, and region.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Crane Market Price, Share, Size, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Around USD 32.03 Billion
• Forecast CAGR (2023-2028): 5.30%
• Forecast Market Size (2028): Nearly USD 43.59 Billion
A major driving factor in the global crane market is increased investment by various governments and organisations in infrastructure and construction activities. Rapid urbanisation and building projects across growing economies create product demand for transferring heavy materials, hence surging the market demand. The development of buildings, bridges, dams, commercial spaces, residential units, or expansion of the existing site due to the large demographic moving to big cities positively impacts the market growth. Efforts are also being made for implementing innovative techniques to upgrade cranes and other machinery and make the workflow easier.
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The flexibility offered by mobile cranes and their increasing usage at construction sites also drives the global crane market growth. These cranes are mounted on rubber-tier carriers and provide improved mobility on various surfaces, thus proving their worth in the market. Their installation and setup time is significantly lower than its counterpart and their applications extend to multiple sectors. One such example includes its integration in windmill projects for lifting heavier blades and nacelles across construction sites demanding heavy load lifting capabilities.
The widespread use of overhead travelling cranes across several end use industries has a favourable impact on the global crane market development. These cranes can handle heavier loads with ease and use advanced control systems to ensure that they operate at maximum efficiency. The installation of multiple safety features like emergency stop button and overload warning ensures the safety of the operator and anyone in the vicinity, thus improving worker safety. They can also be customised according to the need of the client, hence providing several configurations for bridges, trolleys, and control system.
Several companies and infrastructural projects only have the seasonal demand for cranes which causes a surge in the crane aftermarket. Penetration of technologies like the internet of things (IOT) or artificial intelligence is enabling manufacturers to improve the performance of cranes. Advanced models of the crane have the facility to provide real-time data to operators and offer accurate insight, which improves the overall performance. These inbuilt features also help them keep track of timely machinery maintenance and fault diagnosis, thus contributing to the global crane market growth.
Crane Industry Definition and Major Segments
A crane is a type of machine used for lifting, lowering, or moving heavy objects with the help of a suspended arm. It is equipped with cables, ties, and pulleys that help in the process, with some of the machines fixed on the ground.
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On the basis of mobility, the market is classified into:
Based on type, the market is segmented into:
• Overhead Travelling Crane
• Transporter Crane, Gantry Crane, and Bridge Crane
• Tower Crane and Portal or Pedestal Jib Crane
On the basis of business type, the market is classified into:
• Original Equipment Manufacturer
Based on region, the market is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Crane Market Trends
A key trend propelling the growth of the global crane market is an increase in the number of market players adopting advanced technology for optimisation and manufacture of autonomous cranes. Autonomous engine cranes work automatically due to the implementation of artificial intelligence and machine learning, owing to which the operator can supervise the whole process from the control room. This remote operation reduces work-related injuries by separating the operator from the working environment and provides them the flexibility to monitor more than one crane at a time, thus increasing the overall efficiency.
Rental companies providing crane rental services have grown in number over the past few years, with expansion in infrastructure and construction projects. Consumers can lease or rent cranes from these service providers on a weekly or monthly basis, depending upon their requirements. It also reduces the consumers’ overall servicing cost as the companies ensure the optimum maintenance of these equipment and machines, while allowing customers to choose the crane that best suits their construction project demands, thus accelerating the growth of the crane market.
In October 2022, Liebherr Group, a multinational construction equipment manufacturer, launched a new 520 EC-B crane equipped with fibre rope. This crane has a versatile top design and a lifting capacity of 20 tonnes and provides application across construction projects ranging from residential construction to bridge construction.
The Asia Pacific region accounts for a substantial crane market share owing to a surge in infrastructure projects in developing economies like China and India. There has been a rapid increase in demand for residential and commercial spaces in China, thus boosting the market share as the demand for service crane grows. The surge in development has pushed the key market players to manufacture high-end technology cranes with increased accuracy and productivity. Rapid urbanisation and the development of smart cities in India further favour the market as the demand for cranes at construction sites grows.
Countries in North America like the United States are experiencing a surge in mining activities and infrastructural development, positively influencing the global crane market size. Additionally, market players in the region offer smart technology cranes to gain an edge over their competitors worldwide.
Key Market Players
The major players in the global crane market report are:
- KUBOTA Corporation
- Kirloskar Brothers Ltd.
- KoneCrane Plc
- Liebherr-International AG
- Sulzer Ltd.
- Honda Kiko Co. Ltd.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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