Global construction cranes are indispensable equipment used in a wide variety of construction applications like residential and commercial construction, infrastructure development and mining activities. Cranes offer advantages such as lifting heavy loads with accuracy and ease, eliminating the need for manual lifting and ensuring workplace safety.
The global Crane Market is estimated to be valued at US$ 45.98 billion in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing construction projects globally particularly in developing regions of Asia Pacific and Middle East & Africa has been a key growth driver for the crane market. Rising urbanization and investment in infrastructure development to support economic growth has increased the demand for construction equipment including cranes. Asia Pacific represents the largest construction market worldwide led by China, India and other developing countries undertaking massive infrastructure projects. This has significantly boosted the sales of cranes in the region. Global construction industry players are also expanding their business footprint in emerging regions of Asia Pacific and Middle East & Africa which is further augmenting the demand for cranes.
SWOT Analysis
Strength: The global crane market benefits from growing construction activities and infrastructure development projects globally. There is an increase in demand for technologically advanced cranes with higher lifting capacities.
Weakness: Dependency on economic conditions makes demand volatile. High costs associated with newer technologically advanced cranes.
Opportunity: Growing demand from emerging economies in Asia, Latin America, and Africa provides new opportunities. Increased investment in renewable energy projects boosts the offshore crane market.
Threats: Decline in construction spending during economic downturns impacts market revenues. Stringent emission norms require upgrading older cranes, increasing costs for customers.
Key Takeaways
The global crane market is expected to witness high growth. The global Crane Market is estimated to be valued at US$ 45.98 billion in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030.
The Asia Pacific region dominates the global crane market and is expected to grow the fastest during the forecast period. India, China, and other Southeast Asian countries are witnessing heavy investments in infrastructure, commercial, and residential construction, driving the demand for cranes. Modernization of existing infrastructure and new projects in industries such as energy and mining also contribute to market revenues.
Key players
Key players operating in the global crane market are Liebherr Group, Manitowoc, Tadano, Terex, Xuzhou Construction Machinery Group (XCMG), Zoomlion, Sany, KobelcoCrane, HitachiSumitomo, Furukawa, Konecrane, Manitowoc Cranes, TIL Limited. The market is consolidated with a few global players accounting for a major share. Manufacturers focus on expanding their product lines, especially mobile cranes with higher lifting capacities, to meet diverse customer needs. Collaborations with construction companies and technology upgrades also remain key strategies.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
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