The global crane market reached a value of US$ 42.2 Billion in 2018. The market is further expected to reach a value of US$ 54.3 Billion by 2024, exhibiting a CAGR of around 4% during 2019-2024. A crane represents a category of construction machine that is used to move the loads horizontally. It is equipped with a hoist rope, wire ropes and sheaves, and can be used to lift heavy loads or transport them to other locations. The mechanical advantages created by various components on the crane can generate powerful strength. The designs of cranes have evolved to meet the requirements of a variety of industries with modern cranes having the capability to coordinate simple systems to attain complex lifting tasks. A wide range of different types of crane can be used in construction projects to lift and move materials and other building elements from one location to another. Cranes can be of multiple types and can range from a simple rope pulley to a tower crane fixed to the top of a high-rise building. The choice of crane for a particular application will depend on a number of different factors. For the purpose of this report, cranes have been broadly classified as mobile cranes, static cranes, and marine and port cranes.
The global demand of cranes has been continuously rising driven by their unique property of lifting and transporting extremely heavy materials that are beyond the capability of manual labour. Cranes have been designed with such a technology that they can efficiently fulfil various industrial needs of achieving complex lifting and lowering tasks and that too in very dangerous environments. Cranes can function well even in severely dusty, smoky areas including the areas with extreme weather. Moreover, cranes have multidimensional uses. They are not only used in construction but are equally useful in the fields of mining; oil fields; transportation of goods and cargo; warehouse and logistics operations; etc.
Catalysed by rising industrialisation and urbanisation, the construction industry has witnessed strong growth over the last few decades. Both residential and non-residential construction has witnessed strong growth in both emerging and developed markets. This has resulted in a continuous growth in the demand of various types of cranes. Growth in a number of other end-use industries such as mining; automotive; oil and gas; etc. have also created a positive impact on the global demand of cranes.
This report provides a deep insight into the global crane market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the crane industry in any manner.
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