Cranes are heavy-duty machines primarily used for lifting and transporting heavy materials and loads at construction sites, shipyards, and dockyards. They provide efficient and safe lifting of heavy objects which conventional lifting methods are unable to handle. The growing infrastructure and construction industry has fueled the demand for cranes to efficiently handle various operations.
The global Crane Market is estimated to be valued at US$ 45.98 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing number of infrastructure and construction projects across both commercial and residential sectors are augmenting the growth of the global crane market. Rapid urbanization and population growth have boosted construction activities globally. Mega infrastructure projects related to roads, bridges, metro rail networks, power grids, and others heavily rely on crane equipment for lifting and material handling purposes. This dependence is expected to drive the demand for cranes over the forecast period.
Strength: The global crane market has strong presence of key players with extensive geographic footprint. Manufacturers are focusing on innovative product launches to meet customer requirements.
Weakness: High initial investment requirement for purchasing new cranes poses major challenge especially for small construction companies and startups. Rising raw material prices can adversely impact profit margins.
Opportunity: Increasing investments in infrastructure development projects across both developed and developing nations will drive the demand. Governments are also promoting growth of Smart City projects offering new areas of expansion.
Threats: Economic slowdowns can decrease spending on construction activities affecting short term sales. Dependency on oil & gas industry prices exposes revenues to volatility in crude oil prices.
The global crane market is expected to witness high growth over the forecast period supported by ongoing investments in construction sector worldwide. The global Crane Market is estimated to be valued at US$ 45.98 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030.
China dominates the crane market currently accounting for over 30% of shipments led by strong infrastructure spending by the government on projects such as high speed railroads, metro rails etc. Asia Pacific region holds the major share currently and is expected to maintain its lead supported by highest construction equipment spending led by China, India, Japan and other Southeast Asian countries. Increased urbanization is driving various residential and commercial construction projects enhancing demand for cranes.
Key players operating in the crane market are Liebherr Group, Manitowoc, Tadano, Terex, Xuzhou Construction Machinery Group (XCMG), Zoomlion, Sany, KobelcoCrane, HitachiSumitomo, Furukawa, Konecrane, Manitowoc Cranes, TIL Limited. Key players operating in the crane market are focusing on expanding their global footprint through acquisitions and partnerships. Manufacturers are investing in research & development to develop advanced products integrated with latest technologies such as remote monitoring, IoT sensors etc. to improve safety, productivity and efficiency.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it