Cranes Market – Global Industry Analysis and Forecast 2023-2029

 Cranes Market was worth US$ 51.16 Bn in 2022 and total revenue is expected to grow at a rate of 4.57% CAGR from 2023 to 2029, reaching almost US$ 69.95 Bn in 2029.
Cranes Market Overview:
Crane is one of the type of construction machine used to move loads in anywhere. It contains ropes, heavy lifts to transport from one location to another locations. Terex, Mammoet and Sarsens are the major players in crane industry. Mechanical strength is required to move complex lifting tasks. Increases in focus of public-private partnership (PPPs) can help to increase the infrastructural investment which automatically increases crane market. Different countries like South Korea and India are implementing the PPPs also private companies like L&T, Reliance infrastructure are also heavily investing in infrastructure market. In South Asia region get US$10.2 billion in 2022 over 30 projects, a fall of 18 % from 2022 levels. However, the number of projects in the region was at its lowest level in ten years.To know about the Research Methodology :- Request Free Sample Report
Competitive Analysis:
Kone Cranes PLC, Terex Corporation, Kato Works, IHI Construction Machinery Limited Cargotec Corporation, Kito Corporation, Konecranes Plc, Manitowoc Company, Inc., SANY Heavy Industry Co. Ltd. are major the key market players listed in the report. Many crane rivals have used acquisition as a significant development strategy to increase their market share and update their product technologies. For example, in August 2018, Cargotec announced the acquisition of Effer loader cranes from the CTE Group through its business branch Hiab. The acquisition of Effer adds to the company's loader cranes portfolio and broadens its heavy crane offering, which now includes cranes capable of lifting more than 100 tonnes. Similarly, Konecranes introduced two new crane series in September 2021, the S-series and M-series. Through the Konecranes consumer site, the cranes deliver real-time data and insights, increasing usage visibility and assisting in forecasting maintenance requirements. Manitowoc also established a new plant in the Philippines in September 2021, consisting of a warehouse and a workshop with a total size of 2,900 m2. The new plant strengthens the company's presence in the Philippines.
Cranes Market Dynamics:
The increasing investment in developing countries. In 2021, IDA countries committed US$6.2 billion to 30 projects in 16 countries, totaling US$6.2 billion. This compares to the $8.4 billion spent in 2021 on 29 projects in 18 countries despite the pandemic, the number of projects in IDA nations increased in 2021. In addition, IDA nations' 2021 investment commitments were 21% greater than the five-year average of US$5.2 billion. 26 of the 30 IDA initiatives featured international entities as the primary sponsor. The Construction industry expanding day by day and becomes more complex. Large infrastructure development projects are becoming more difficult to complete. The construction business in the United States is expected to grow at a CAGR of 27.8% from 2014 to 2024, according to the Texas Workforce Commission. In addition, the business is experiencing healthy growth in APAC and Europe, owing to increased infrastructure spending. Rising urbanization in China, India, the United States, the United Kingdom, Indonesia, and the Philippines has sped up infrastructure investments and, as a result, demand for related equipment and devices.

Crane production necessitates metal forging and careful engineering in order to produce a high-quality end product. Cranes are made up of several parts, including hoists, trolleys, bridges, columns, and runways. Small and medium-sized businesses (SMEs) face cost constraints when it comes to entering the crane and hoist sector. Cranes have maintenance costs in addition to the initial manufacturing cost. A variety of things must be evaluated on a regular basis to guarantee that the equipment continues to perform properly.

The vast expansion of e-commerce industry in Asia pacific is driving the warehousing and intralogistics market. Southeast Asia's economy is expanding, and its middle-class population is steadily increasing. The region is rapidly becoming an economic center, with 11 country-level marketplaces at various phases of development. The combined GDP of all ASEAN countries is expected to be USD 4.37 trillion by 2024, according to data gathered from the International Monetary Fund. The fast-growing e-commerce and retail markets in Southeast Asia are being fueled by the region's strong economic growth. The logistics sector in Southeast Asia is dominated by third-party logistics service providers.

Cranes are enormous, complicated systems that require mounting components and cable harnessing. From the beginning of the installation process, these systems must be commissioned with extreme precision. A minor error or mistake might halt the entire production process or result in catastrophic accidents. An operator must be technically competent when operating cranes in order to ensure precision. Aside from installation, cranes and hoists necessitate the services of a technical specialist to correct any flaws, which increases the cost. Cranes and hoists require software changes as technology advances and automation grows.
Cranes Market Segment Analysis:
Global Cranes Market is segmented into Industry, Type, Hoist Arrangement and Operation.

Based Industry, the market is sub segmented into Energy & Power, Shipping & Material Handling, Automotive & Railway, Aerospace and Defence, Construction, Mining and Others. The construction industry dominated in the market during the forecast period. The market size is nearly $12,744.4 Bn in 2021. Having the CAGR 6.1 %. The market is declined in 2021 due to pandemic situation from $12,744.4 Bn in 2021 to $12,633.9 Bn at CAGR (-0.9%). rapid changes are seen in construction industry in recent years due to global recession. The construction investment in most emerging countries continued to grow moderately despite the global crises. Earthmoving machinery are mainly used for construction work such as excavating, lifting, loading and unloading weight. China launched the new infrastructure campaign to offset he economic impact of COVID – 19.Based on Type, the market is sub-segmented into Fixed Cranes, Mobile Cranes and Others. The mobile crane segment holds the majority of market share. Various features such as high mobility, high travelling speed, less time requirement to set the construction are driving the market. Mobile cranes operations like mining, construction, aerospace, shipping & material handling etc. major players are Liebherr, Cargotec, Tadano, Manitowoc, and Palfinger are deeply involved in the market.
Cranes Market Regional Insights:
Asia pacific dominated in the market. One of the largest manufacture and consumer of construction machinery is china. In India the government made several announcements in the 2021-22 union budget to improve the country infrastructure. The Indian government has given the infrastructure industry a boost by funding INR 1, 69,637 core (USD 24.27 billion) to transportation projects. The Gulf of Thailand, the South China Sea, and Australia are likely to lead the offshore crane market in terms of value during the forecast period, owing to the discovery of oil and gas in the seaward basin of the Gulf of Thailand, the South China Sea, and Australia. In addition, governments in countries such as Indonesia and the Philippines are investing heavily in the construction sector in order to promote demand.

In March 2021, the Indonesian government announced plans to spend IDR 571 trillion on transportation infrastructure development in Jakarta by 2029, including the construction of a 120-kilometer light-rail link. The government also announced that between 2021 and 2024, it will invest IDR 6 quadrillion on the development of the country's total infrastructure, including the construction of 25 new airports, motorways, affordable housing, and power plants.

The objective of the report is to present a comprehensive analysis of the global Cranes Market to the stakeholders in the Equipment. The past and current status of the analysis of complicated data in simple language. The report covers all the aspects of the Equipment with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has
Been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the Equipment to the decision-makers.

The report also helps in understanding the global Cranes Market dynamics, structure by analyzing the market segments and projects the global Cranes Market size. Clear representation of competitive analysis of key players by Power supply, price, and financial position, Power supply portfolio, growth strategies, and Regional presence in the global Cranes Market make the report investor’s guide.
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Cranes Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 51.16Bn.


Forecast Period 2023 to 2029 CAGR:
4.57%
Market Size in 2029:
US $ 69.95 Bn.


 Segments Covered:
by Industry
Energy & Power
Shipping and Material Handling
Automotive and Railway
Aerospace and Defense
Construction
Mining
Others


by Type
Fixed Cranes
Mobile Cranes
Others


by Hoist Arrangement
Under Hung Type
Top Running Type


by Operation
Telescopic
Mill Type
Tie Rod
Welded



Cranes Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Cranes Market Key Players are:
1. Kone Cranes PLC
2. Terex Corporation
3. Kato Works
4. IHI Construction Machinery Limited
5. Link-Belt Construction Equipment Co.
6. Leibherr-International
7. Tadano Limited
8. Altec Inc.
9. Cargotec
10.XCMG
11.Kobelco Cranes Co. Limited
12.Uesco Industries
13.Whiting Corporation
14.Demag (Terex MHPS Corp)
15.Gorbel Inc
16.Street Crane Company Limited
17.North American Industries
18.Manitowoc
19.Palfinger
20.Zoom lion
21.SANY GROUP
Frequently Asked Questions:
1) What was the market size of Global Cranes Market markets in 2022?
Ans - Global Cranes Market was worth US$ 51.16 Bn in 2022.

2) What is the market segment of Global Cranes Market?
Ans -The market segments are based on Platform, End user and Application.

3) What is forecast period consider for Global Cranes Market?
Ans -The forecast period for Global Cranes Market is 2023 to 2029.

4) What is the market size of Global Cranes Market in 2029?
Ans – Global Cranes Market is estimated as worth US$ 69.95 Bn in 2029.

5) Which region is dominated in Global Cranes Market?
Ans -In 2022, Asia pacific region dominated the Global Cranes Market.