What Factors Propelled The Growth Of The Cranes Market In The Past?
The cranes market has seen considerable growth due to a variety of factors.
• In the past years, the scale of the cranes industry has exhibited a consistent growth. The market value is anticipated to expand from $39.97 billion in 2024 to $41.92 billion in 2025, indicating a compound annual growth rate (CAGR) of 4.9%.
The historic period's upsurge can be credited to factors such as a surge in construction activities, industrialization, advancements in infrastructure, the expansion of ports and shipyards, the establishment of power plants, and the growth of the manufacturing sector.
What are the Market Size and Expected Growth Rates for the Cranes Market?
The cranes market is expected to maintain its strong growth trajectory in upcoming years.
• A robust upturn in the cranes market size is anticipated in the incoming years, with projections placing it at $52.55 billion in 2029, boasting a compound annual growth rate (CAGR) of 5.8%.
The growth predicted in the forecasted period may be drawn from several factors such as the emergence of renewable energy projects, the expansion in e-commerce, the emphasis on safety practices, the rising popularity of prefabrication, the modernization of harbors and shipyards, as well as the focus on environmentally friendly solutions. Looking ahead, significant forecasts on trends in this period include the incorporation of telematics and Internet of Things (IoT), development of energy-efficient and environmentally-friendly cranes, introduction of compact and portable crane models, the advent of crane automation and robotics, and the enhancement of hydraulic systems.
What Key Factors and Trends are Driving the Growth of the Cranes Market?
There is a surge in construction activities worldwide, which is propelling the cranes market. Factors such as swift industrialization and urbanization, coupled with robust economic progression in developing nations, have led to increased construction spending globally. This increase is expected to spur the usage or need for cranes, as construction crews on the field continue to invest in quicker and more efficient material handling equipment to ensure safe procedures and reduce human casualties. For example, the U.S. Census Bureau's monthly construction spending report in 2022 predicted that construction spending was set to reach $1,744.8 billion in April 2022, registering a 0.8% increase from the revised estimate of $1,740.6 billion in March. Hence, the rise in construction spending is anticipated to elevate the demand for cranes in the forthcoming period.
How Is The Globa Cranes Market Divided Into Key Segments?
The cranes market covered in this report is segmented –
1) By Product Type: Mobile, Fixed, Marine
2) By Business Type: Original Equipment Manufacturers (OEM), Aftersales
3) By End-User: Construction, Mining, Industrial, Oil ANd Gas, Other End-Users
Subsegments:
1) By Mobile: Truck-mounted Cranes, All-terrain Cranes, Rough Terrain Cranes, Crawler Cranes, Telescopic Cranes
2) By Fixed: Tower Cranes, Gantry Cranes, Overhead Cranes (Bridge Cranes), Jib Cranes, Monorail Cranes
3) By Marine: Ship-mounted Cranes, Offshore Cranes, Knuckle Boom Marine Cranes, Pedestal Cranes
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What Trends Are Reshaping The Cranes Market?
In an effort to provide innovative solutions, leading crane market corporations are prioritizing the development of new features such as wireless upgrade capability, allowing cranes to receive software improvements over the air. This wireless upgrade capability enables devices, systems, or machinery to accept and implement software enhancements via a wireless connection, like Wi-Fi or cellular data networks. An example of this is the Konecranes X-series industrial crane, unveiled by Finland's Konecranes in August 2024. The crane aims to revolutionize industrial lifting standards with its compact design and high-end technology, permitting lifting capacities of up to 20 tons. Notable attributes of the Konecranes X-series industrial crane include its unique wireless upgrade ability, allowing for future adaptations as needed, and an ergonomic control system that enriches the operator's experience. Additionally, this crane has been tweaked to include a new hoisting engine and components that boost efficiency and lessen environmental impact. It also offers TRUCONNECT Remote Monitoring for meaningful insights into the crane's usage.
Who Are the Key Players in the Cranes Market?
Major companies operating in the cranes market include:
• Liebherr Group
• Xuzhou Heavy Machinery Co. Ltd (XCMG)
• Marmon Crane Services
• Zoomlion India Pvt. Ltd.
• Zhenhua Heavy Industries Co. Ltd (ZPMC)
• SANY Heavy Equipment Co. Ltd
• Mammoet Americas
• Terex Corporation
• Cargotec Oyj
• PALFINGER AG
• The Manitowoc Company Inc.
• Tadano Ltd
• Maxim Crane Works
• American Crane & Equipment Corporation
• Bigge Crane and Rigging Co.
• Action Construction Equipment Ltd.
• Yongmao Holdings Limited
• WOLFFKRAN International AG
• Kobelco Cranes Co. Limited
• Favelle Favco Group
• Barnhart Crane & Rigging
• Lampson International
• JASO Tower Cranes
• Eng Cranes Srl
• Konecranes PLC
• Sumitomo Heavy Industries Construction Cranes Co. Ltd
• HKTC LLC
• Shandong Huaxia Group Co. Ltd.
• Buckner HeavyLift
• SENNEBOGEN Maschinenfabrik GmbH
What are the Regional Insights into the Cranes Market?
Asia-Pacific was the largest region in the cranes market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the cranes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
