According to the latest report by IMARC Group, titled "Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global crane market size reached a value of US$ 46.8 Billion in 2021. A crane is a commonly used construction machinery that is extensively utilized for horizontally lifting and transporting heavy loads across industrial settings. It is usually designed using sheaves, wire ropes and hoist ropes that provide support and enable the machine to transport bulky weights from one location to another. Modern cranes generally employ hydraulic and internal combustion engine systems that are known to offer excellent mechanical strength and greater lifting capabilities. As a result, these cranes are widely employed across the construction, automotive, mining, and oil and gas industries for a vast array of applications.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Crane Market Trends:
The global market is primarily driven by considerable growth in the construction sector. Governments of several countries, especially that of the developing nations, are heavily investing in infrastructural development projects. This, coupled with the rapid expansion of smart cities across the globe, has contributed to the rising demand for cranes to assist in construction activities, which is providing an impetus to the market growth. Moreover, the widespread adoption of modern cranes in oil and gas exploration activities is another major growth-inducing factor. The market is further driven by the increasing utilization of advanced technologies in the manufacturing of cranes. This has led to the launch of special-purpose cranes that facilitate the removal of overburden from tunneling or shaft excavation in hydel power projects, which is gaining widespread prominence in the market. Several key players have also introduced mobile variants that offer real-time information regarding the overall performance of the machinery for valuable insights. Some of the other factors contributing to the market growth include rapid industrialization and the increasing product utilization across the power and automotive industries. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 64.2 Billion by 2027, exhibiting a CAGR of 5.42% during 2022-2027.
- Based on the product type, the market has been divided into mobile, marine and port, and fixed cranes.
- On basis of application, the market has been classified into construction and infrastructure; mining; oil and gas; and others.
- On the geographical front, the market has been segregated into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. Among these, Asia Pacific holds the leading position in the market, accounting for the majority of the total market share.
- The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these players include 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.
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