June 20, 2024

The Global Crane Market is driven by surging infrastructure development projects

 

The global crane market consists of various types of cranes that are widely used in a variety of construction and industrial applications. Cranes provide lifting and material handling solutions and find extensive usage in infrastructure projects such as buildings, bridges, roads, and utilities. Various types of cranes including mobile, marine, and overhead traveling cranes are used in industrial facilities and shipyards for assembly, production, loading and unloading purposes. Cranes help improve overall operational efficiency and productivity. The growing construction industry across both developed and developing nations is fueling the demand for cranes to handle heavy material on construction sites. Furthermore, rapid urbanization and government investments in public infrastructure are also positively influencing the crane market.

The global crane market is estimated to be valued at US$ 45.98 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Tower cranes are increasingly being adopted across major construction projects owing to advantages such as reduced installation time and higher lifting capacity. Mobile cranes continue to witness strong demand mainly from the shipping and energy industries. Technological advancements are leading to the development of autonomous or semi-autonomous cranes that improve safety and reduce dependency on skilled operators. For instance, the installation of sensors and controls allow cranes to adapt lift plans based on load position and movements. Major players are also focusing on retrofitting existing cranes with digitization solutions to optimize performance and uptime. This includes remote monitoring of crane health via sensors and predictive maintenance. stringent emission regulations in several countries are prompting manufacturers to develop electric or hybrid cranes.

Porter’s Analysis
Threat of new entrants: The global crane market requires significant capital investments for manufacturing and R&D activities. Large customers and brands loyalty further increase barriers.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and lack of product differentiation.
Bargaining power of suppliers: Suppliers face moderate bargaining power due presence of component suppliers.
Threat of new substitutes: Substitutes like excavators pose moderate threat due to inability to lift heavy loads over long distances.
Competitive rivalry: The market is highly competitive with presence of many global and regional players.

Key Takeaways
The global crane market is expected to witness high growth. The global crane market is estimated to be valued at US$ 45.98 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030.

Regional analysis comprises Asia Pacific dominates the global crane market owing to growing infrastructure and construction activities in China and India. Europe stands at second position in crane market supported by infrastructure development projects across Western European countries.

Key players operating in the global crane market are Liebherr Group, Manitowoc, Tadano, Terex, Xuzhou Construction Machinery Group (XCMG), Zoomlion, Sany, KobelcoCrane, HitachiSumitomo, Furukaw, Konecrane, Manitowoc Cranes, TIL Limited.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it