Crane Market Outlook, Growth Opportunity & Demand Analysis during Forecast 2022 to 2029
The global crane market is expected to reach $43.9 billion in 2022. The market is expected to reach US$ 57.1 billion by 2029, growing at a steady 3.8% CAGR.
In the current market scenario, the growing number of construction projects in South East Asian and Latin American countries, as well as long-term supply agreements with prominent sales channel partners and manufacturing entities, will drive the global crane market. Additionally, the incorporation of smart solutions and automation in cranes is expected to boost sales during the forecast period.
Strong customer relationships with dealers/distributors and other distribution channel stakeholders, reinforced by local market presence, have been at the forefront of the various policies and plans adopted by prominent players in the global crane market. The global crane market was worth approximately US$ 43.9 billion in 2022, and it is expected to grow 1.5X by 2029.
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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.
“Increasing demand for high capacity cranes and need for portability are propelling the sales of handheld cranes, mainly manufactured by leading players. Further, providing customer-specific products at attractive costs based upon individuals’ economic tier and spending capability is expected to drive the growth of the crane market in the coming years.”
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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Crane Market by Category
By Type:
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
By Application:
Aerospace and Defense Automotive & Railways Heavy Engineering General Engineering Mining Construction Marine Shipping & Material Handling Energy (Power & Gas)
By Capacity:
Up to 5 MT 5 to 50 MT 50 to 250 MT 250 to 500 MT 500 to 1,500 MT 1,500 to 3,000 MT
By Design:
Stiff Boom Knuckle Boom/Telescopic Boom
By Region:
North America Latin America Europe China APEC Middle East & Africa