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The global crane market size reached around USD 33.73 billion in 2023. The market is further expected to grow at a CAGR of 5.3% in the forecast period of 2024-2032 to attain USD 53.59 billion by 2032.
A crane is a machine mainly used for lifting, lowering, and moving heavy objects. Cranes are equipped with cables, ties, and pulleys that help in the lifting process. Cranes are portable; some may be fixed on the ground for some time while others are like a moving vehicle, with a cubicle for the controller. They are majorly utilised in the construction and manufacturing sectors as well as the transportation sectors for lifting heavy cargo containers and freights. Cranes come in different sizes and shapes, built for specific purposes.
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There are several types of cranes, including tower cranes, mobile cranes, telescopic cranes, crawler cranes, and floating cranes, each serving different purposes. A typical crane consists of a boom (the long telescopic or fixed arm), a jib (a secondary lifting arm), a hoist (for lifting), a hook, and may have additional parts like outriggers for stability. Cranes are operated by skilled personnel who control the movement of the crane and the lifting process. This operation requires precise coordination and understanding of load limits and safety.
Crane machines are vital in many industries, including construction, for lifting building materials, steel structures, and heavy equipment, shipping ports, for loading and unloading cargo from ships, and manufacturing, to move heavy components or machinery.
By mobility, the market is divided into:
The mobile crane market demand is influenced by a variety of factors, reflecting their versatility and adaptability in numerous applications. Mobile cranes can be used in a wide range of environments and applications. Unlike static cranes, they can be easily moved from one site to another, making them ideal for projects that require lifting work at multiple locations.
These cranes, especially those that are truck-mounted, can travel on public roads, eliminating the need for special transport arrangements. This makes them highly practical for projects in urban areas or remote locations. They can be quickly set up and made operational, which is crucial in projects with tight deadlines. Their ability to arrive and start work promptly is a significant advantage in fast-paced construction environments.
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Based on type, the market can be categorised into:
The transporter, gantry, and bridge type segment is expected to hold a significant crane market share during the forecast period. These cranes are increasingly used in the movement of goods and materials that are beyond manual capability. These cranes come in adaptable designs that can be assembled on demand and function efficiently in dusty and smoky areas and extreme weather conditions. They are mainly used in the mining, transportation of freight, and handling of heavy equipment in the aerospace and defence sectors among others.
On the basis of business type, the market can be segregated into:
The Original Equipment Manufacturer (OEM) segment in the cranes market encompasses several key aspects that are integral to understanding its role and impact in the sector. OEMs in the market are companies that manufacture and sell new cranes and crane components. This segment includes a wide range of cranes, such as mobile cranes, tower cranes, crawler cranes, all-terrain cranes, and others.
OEMs are at the forefront of technological advancements in the market. They invest in research and development to innovate and improve crane designs, focusing on aspects like lifting capacity, safety features, energy efficiency, and environmental impact. This segment is driven by demand from various sectors, including construction, infrastructure, mining, energy, and transportation.
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The report also covers the major regional markets for cranes, which are as follows:
The global market is a dynamic and vital segment within the construction and heavy equipment industries. The market is segmented into different types, including mobile cranes (like truck-mounted, all-terrain, rough-terrain, and crawler cranes) and fixed cranes (like tower and overhead cranes).
Key drivers include urbanisation, infrastructure development, construction activities, and industrial expansion. Technological advancements, such as the integration of IoT and automation, are some of the crucial crane market trends. The market is expected to continue growing, albeit at varying rates in different regions, influenced by factors such as government policies, investment in infrastructure, and technological advancements.
Rapid urbanisation and the increased housing demand to bolster the market expansion
The growing urbanisation rates can be observed in all parts of the world, especially in developing countries such as India, which also has an increasing population. Due to this, governments are increasingly investing in the construction of residential and non-residential building structures to provide housing and other infrastructural facilities to the people. These factors are significantly driving the demand for cranes globally.
Other major factors affecting the crane market growth include the rapid technological advancements and the rising number of mining activities globally, from natural gases, and fuel to mineral ores, which require heavy machinery such as drills that need to be lifted and moved frequently. All these factors are estimated to have a positive impact on the growth of the global market. However, a potential constraint that may hamper the market growth includes the high cost and maintenance requirements associated with cranes.
The Asia Pacific region to account for a significant share of the total market value
The Asia Pacific region is predicted to hold a substantial share of the global market. This surge can be attributed to the increased investment in construction activities such as the development of smart cities and infrastructural activities in the region. In addition, increased usage of the product can also be observed in the different industry verticals such as power, oil and gas, civil engineering, and transportation of cargo, among others.
Many countries in the Asia Pacific, especially emerging economies like China, India, Indonesia, and Vietnam, are experiencing rapid urbanisation. This urbanisation drives significant demand for construction activities, including residential, commercial, and infrastructure projects, which in turn boosts the demand for cranes. The region is home to numerous large-scale construction projects, such as high-rise buildings, bridges, airports, and public transit systems. These projects require a variety of cranes, particularly mobile and tower cranes, for different construction phases.
Governments in the Asia Pacific region are investing heavily in infrastructure development, including roads, railways, ports, and energy projects. Initiatives like China's Belt and Road and India's Smart Cities Mission are examples of such investments that stimulate crane market demand.
The report gives a detailed analysis of the following key players in the crane market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model and SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Mobility |
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Breakup by Type |
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Breakup by Business Type |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the crane market attained a value of nearly USD 33.73 billion.
The market is projected to grow at a CAGR of 5.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 53.59 billion by 2032.
The major market drivers include the heightened demand for crane in the construction and infrastructure sector, increasing use of cranes in cargo handling, and rapid urbanisation.
The key trends guiding the market include the expanding usage of crane in various industry verticals, technological advancements and innovations, and surging mining activities.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major segments based on mobility considered in the market report are static and mobile.
The significant types of the product are overhead travelling crane, transporter crane, gantry crane and bridge crane, and tower crane and portal or pedestal jib crane.
The major segments based on business types considered in the market report are original equipment manufacturer and aftermarket.
The major players in the market are KUBOTA Corporation, Kirloskar Brothers Ltd., KoneCrane Plc, Liebherr-International AG, Sulzer Ltd., Honda Kiko Co. Ltd., and others.
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