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Global Crane Market Expected to Reach US$ 52.4 Billion by 2023

According to the latest report by IMARC Group titled, “Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the market reached a value of US$ 40.4 Billion 2017. Looking forward, the global crane market is expected to reach a value of US$ 52.4 Billion by 2023, exhibiting a CAGR of around 4% during 2018-2023.

A crane is a machine that is equipped with a hoist rope, wire ropes or chains and sheaves. It is used for lifting, lowering, moving and transporting heavy materials and goods. There are a variety of cranes that are used for different purposes such as tower cranes, mobile cranes, static cranes, and general cranes. They are used in the manufacturing industry for assembling heavy equipment, in the transport industry for loading and unloading freight, and in the construction industry for moving materials.

The construction of smart cities across the globe and various other mega construction projects in the developing countries are the major driving forces for the crane market. A rise in the investments made by governments and private sector companies for infrastructural development have also increased the usage of cranes worldwide. Other factors influencing the growth of the crane market include the continuous technological improvements along with the enhanced fuel efficiency of cranes which has lowered their operational costs.

Market Segmentation:

Breakup by Product Type:

  • Mobile Cranes
  • Marine and Port Cranes
  • Fixed Cranes

Breakup by Application:

  • Construction and Infrastructure
  • Mining
  • Oil and Gas
  • Others

Regional Insights:

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America

Competitive Landscape

The report has also examined the competitive landscape of global crane market. Some of the major players in the market are Cargotec, Konecranes, Liebherr-International, Manitowoc, Terex, XCMG Group, American Crane and Equipment, Badger Equipment, Broderson, IHI Construction Machinery, Link-Belt Construction Equipment and Kobelco Cranes.

Key highlights of the report:

  • Market Performance
  • Market Outlook
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Competitive Structure
  • Profiles of Key Players