In its recent analysis, Market Research Future (MRFR) asserts that the global crane market is projected to grow at around 4.96 % CAGR during the review period (2021 -2028). Rapidly growing mining and construction industries worldwide drive the crane market growth. Cranes are extensively used in construction, mining, and oil & gas industries. However, the recent COVID 19 severely hit the crane industries, causing huge revenue loss in end-use industries across the globe.
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Several construction activities reached a halt this, as a result, minimized the crane market demand. Besides, industry players had to face problems ranging from obtaining raw materials/components and delivering end products to attracting workers from quarantines. The good news is that the crane market is regaining momentum as end-use industries are reviving from the coronavirus aftereffects.
The pandemic accelerated changes and enhanced trends, such as increasing renewable energy investments that are opening up opportunities for crane market players. Government initiatives for infrastructure development projects have resumed, and construction activities, such as build manufacturing plants, residential & commercial spaces, and others, are increasing rapidly.
The global construction sector is likely to experience steady growth during the upcoming years, positively impacting the demand for cranes worldwide. Additionally, technological innovations and manufacturing plant upgrades are expected to escalate the market growth.
Augmented uptake and demand worldwide are encouraging crane manufacturers to bring more novelties to their products. They make substantial investments in product developments and advance their existing product lines, increasing the uptake and market sales. On the other hand, high initial costs involved with the crane purchase and maintenance are the major factors estimated to act as a headwind for the market growth.
Also, the price volatility and demand-supply gap in raw materials & components required for the production of cranes may deter the market revenue over the forecast period. Nevertheless, rising construction activities in residential and commercial sectors would support the market growth throughout the assessment period. Also, increasing mining activities would boost the crane market size.
Global Crane Market - Segments
The report is segmented into three dynamics;
By Type : Offshore Cranes, Industrial Cranes, Port Cranes, and others.
By Application : Mining, Construction, Oil & Gas, Shipping & Port, and others.
By Regions : Europe, Americas, APAC, and Rest-of-the-World.
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Global Crane Market – Geographical Analysis
The Asia Pacific region dominates the global crane market. The region attracts large foreign investors with its raw material advantages and the availability of cost-competitive workforces. Resultantly, the APAC has a large number of crane production plants and, therefore, accounts for the largest crane producer. Besides, the rapidly expanding manufacturing industry and the booming industrial sector in the region boost the crane market growth.
With their rapid urbanization and industrialization that increases investments in construction industries, Japan, India, and China add to the crane market growth in the region. Moreover, increased government investments for infrastructure development and consumer spending in old building renovations boost the crane market size in the region. Rapid development in mining and construction industries in India and Australia also provides a huge impetus to market growth.
North America stands second in the global crane market. Factors such as the expansion of infrastructure & utility sectors, rising disposable income of demographics, smart city projects influence the region’s crane market shares. Additionally, rising numbers of new telecommunication infrastructures, high utilization of fixed and mobile cranes, and the accessibility of trained operators add to the global crane market growth in the region. The North American crane market is predicted to have notable growth, registering a 6% CAGR over the review period.
Europe is a sizable market for cranes globally. The region accounts for the second-largest industrial output and a highly automated manufacturing industry worldwide. The market is fostered by the increasing demand from the rapidly growing end-use industries. Germany, Italy, and France are key markets for tower cranes, expanding the regional market growth. The European crane market is expected to increase at a steady growth rate during the review period.
Global Crane Market - Competitive Analysis
Highly competitive, the crane market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, product launch, and expansion.
Major Players:
Players leading the crane market include Tadano Ltd. (Japan), Xuzhou Construction Machinery Group Co., Ltd. (China), Shanghai Zhenhua Heavy Industry Co. Ltd. (China), Cargotec Oyj (Finland), The Manitowoc Company, Inc. (the USA), Manitex International Inc. (USA), Terex Corporation (USA), Liebherr Group (Switzerland), Konecranes PLC (Finland), and Sumitomo Heavy Industries Construction Crane Co., Ltd (Japan), among others.
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Industry/ Innovation/ Related News:
February 15, 2021 ---- Manitex Valla (Italy), a leading pick and carry crane manufacturer, launched an 11t electric crane. The new crane is a remote-control-operated battery-powered V 110 R. The company states that it has studied the V110R to adapt to rental and end-users’ requests. It is a machine aimed at the more mature markets that see an electric pick and carry cranes as a key tool for obtaining certain performances by operating simply, with maximum safety and respect for the environment.
October 14, 2020--Tetrahedron B.V. (the Netherlands), a leading crane manufacturer, launched a novel crane to install the next-generation offshore wind turbines. Designed to fit both existing and new jackup wind turbine installation vessels, the new crane is specifically developed for the offshore wind industry.
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