Crane Market Introduction

The crane market refers to the global industry involved in the production, sale, and rental of cranes for various applications across different industries. Cranes are machines that are used to lift and move heavy materials and objects, and they come in different types and sizes depending on the application. They are commonly used in construction sites, mining, manufacturing, shipyards, and ports, among other industries.The crane market has witnessed significant growth in recent years, owing to the increasing demand for construction activities and the growth of the infrastructure and manufacturing industries. The market is characterized by the presence of several key players who are continuously investing in R&D to develop new and innovative products, expand their product portfolio, and strengthen their market position. The market is also witnessing increasing demand for eco-friendly and energy-efficient cranes, owing to the rising awareness about environmental sustainability and the need to reduce carbon emissions.

Crane Market Size

The global crane market size was valued at USD 31.8 billion in 2020 and is projected to reach USD 44.2 billion by 2026, growing at a CAGR of 5.5% during the forecast period. The growth of the market can be attributed to the increasing demand for construction activities, the growth of the infrastructure and manufacturing industries, and the rising adoption of eco-friendly and energy-efficient cranes.The construction industry is one of the major end-users of cranes, and the growth of this industry is expected to drive the demand for cranes in the coming years. The increasing investment in smart city projects, the growth of the residential and commercial real estate sector, and the rising demand for energy-efficient buildings are some of the factors contributing to the growth of the construction industry, which, in turn, is expected to drive the demand for cranes.The manufacturing industry is another major end-user of cranes, with cranes being used for material handling, loading and unloading, and assembly line operations. The increasing demand for automation and the rise of Industry 4.0 are expected to drive the demand for cranes in the manufacturing industry.Overall, the crane market is expected to witness significant growth in the coming years, driven by the increasing demand for construction activities and the growth of the infrastructure and manufacturing industries. The market is characterized by the presence of several key players who are continuously investing in R&D to develop new and innovative products, expand their product portfolio, and strengthen their market position.

Crane Market Share

The global crane market is highly fragmented, with several key players accounting for a significant share of the market. Some of the major players operating in the market include Terex Corporation, Konecranes Plc, Manitowoc Company, Liebherr Group, Tadano Ltd., XCMG Group, Zoomlion Heavy Industry Science and Technology Co., Ltd., Sany Heavy Industry Co., Ltd., and Kobelco Construction Machinery Co., Ltd.These players are focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. For instance, in October 2020, Tadano Ltd. announced the acquisition of Demag Mobile Cranes from Terex Corporation, which has helped Tadano to expand its product portfolio and strengthen its position in the global market. Similarly, in September 2020, Konecranes Plc announced the acquisition of the remaining 50% stake in MHE-Demag, a leading provider of cranes and hoists in Southeast Asia, to strengthen its position in the region.In terms of market share, the market is dominated by players such as Terex Corporation, Konecranes Plc, Manitowoc Company, and Liebherr Group, who together account for a significant share of the global market. However, the market is highly competitive, and several smaller players are also operating in the market, catering to the specific needs of customers in different regions and industries.

Crane Market Trends

The crane market is witnessing several trends that are shaping its growth and development. Some of the major trends in the crane market include:

1. Increasing demand for rental cranes: The demand for rental cranes is increasing due to the high cost of purchasing cranes and the need for specialized equipment for specific projects. Rental cranes offer cost-effective solutions for short-term projects and reduce the capital expenditure for contractors.
2. Advancements in technology: The use of advanced technologies such as telematics, GPS, and automation is improving the safety, efficiency, and productivity of cranes. This is leading to the development of smarter and more efficient cranes that can perform complex tasks with precision.
3. Growing use of hybrid and electric cranes: With the increasing emphasis on reducing carbon emissions and promoting sustainable practices, there is a growing demand for hybrid and electric cranes. These cranes offer reduced emissions and improved fuel efficiency, making them more environmentally friendly and cost-effective.
4. Increasing adoption of automation: The use of automation in cranes is increasing, as it reduces the need for manual labor and improves efficiency and productivity. This is leading to the development of automated cranes that can perform complex tasks with precision and accuracy.
5. Focus on safety: Safety is a major concern in the crane market, and there is a growing emphasis on improving safety features and reducing accidents. This is leading to the development of safer and more reliable cranes that can operate in hazardous environments with minimal risk to workers.

Overall, these trends are shaping the growth and development of the crane market, and are expected to continue to do so in the coming years.

Crane Market Driving Factors

The global crane market is driven by several factors, including:

1. Increasing demand for construction activities: The growth of the construction industry is one of the major drivers of the crane market. The increasing investment in smart city projects, the growth of the residential and commercial real estate sector, and the rising demand for energy-efficient buildings are some of the factors contributing to the growth of the construction industry, which, in turn, is expected to drive the demand for cranes.
2. Growth of the infrastructure and manufacturing industries: The infrastructure and manufacturing industries are also major end-users of cranes. The increasing demand for automation and the rise of Industry 4.0 are expected to drive the demand for cranes in the manufacturing industry, while the increasing investment in infrastructure projects, such as highways, bridges, and airports, is expected to drive the demand for cranes in the infrastructure industry.
3. Rising adoption of eco-friendly and energy-efficient cranes: The increasing awareness about environmental sustainability and the need to reduce carbon emissions is driving the demand for eco-friendly and energy-efficient cranes. These cranes are designed to reduce energy consumption and minimize environmental impact, which is driving their adoption in various industries.
4. Product innovation and technological advancements: The crane market is witnessing significant product innovation and technological advancements, with key players investing in R&D to develop new and innovative products. For instance, the development of remote-controlled and autonomous cranes is expected to revolutionize the industry, making operations safer, more efficient, and cost-effective.
5. Government initiatives and investments: Government initiatives and investments in infrastructure projects, such as smart cities, transportation, and energy, are expected to drive the demand for cranes in the coming years. Governments around the world are investing heavily in infrastructure development to drive economic growth and create job opportunities, which is expected to boost the demand for cranes in the coming years.

Crane Market Regional Analysis

The global crane market is segmented into various regions, including North America, Europe, Asia Pacific, Middle East and Africa, and South America.

1. North America: The North American crane market is expected to see moderate growth during the forecast period due to an increase in infrastructure spending and the need for modernization of existing infrastructure. The demand for cranes is expected to grow in the US, Canada, and Mexico, primarily due to a significant focus on renewable energy and the construction of new commercial and residential buildings.
2. Europe: The European crane market is expected to see steady growth during the forecast period, driven by the increasing demand for cranes in the construction and manufacturing sectors. The growth of the crane market in Europe is also being driven by the need to upgrade existing infrastructure, including roads, bridges, and tunnels.
3. Asia Pacific: The Asia Pacific crane market is expected to see significant growth during the forecast period, driven by the increasing demand for infrastructure development and the growth of the construction industry. The demand for cranes is expected to grow in countries like China, Japan, India, and South Korea, primarily due to the construction of new commercial and residential buildings, as well as the development of new infrastructure projects.
4. Middle East and Africa: The Middle East and Africa crane market is expected to see moderate growth during the forecast period, driven by the increase in infrastructure spending and the need for modernization of existing infrastructure. The demand for cranes is expected to grow in countries like the UAE, Saudi Arabia, and Qatar, primarily due to significant investment in infrastructure projects, including airports, ports, and railroads.
5. South America: The South American crane market is expected to see moderate growth during the forecast period, driven by the increase in infrastructure spending and the need for modernization of existing infrastructure. The demand for cranes is expected to grow in countries like Brazil, Argentina, and Chile, primarily due to the construction of new commercial and residential buildings, as well as the development of new infrastructure projects.

Overall, the crane market is expected to see significant growth in the Asia Pacific region due to the increasing demand for infrastructure development and the growth of the construction industry. The North American and European markets are also expected to see moderate growth due to the need for infrastructure upgrades and the construction of new buildings. The Middle East and Africa and South American markets are expected to see moderate growth due to significant investment in infrastructure projects.

Crane Market Forecasts 2030

The global crane market is expected to witness significant growth in the coming years, with a CAGR of around 5% during the forecast period from 2021 to 2030. The market is projected to reach a value of approximately $39 billion by 2030, up from $26 billion in 2020.The growth of the market is expected to be driven by factors such as the increasing demand for construction activities, growth of the infrastructure and manufacturing industries, rising adoption of eco-friendly and energy-efficient cranes, product innovation, and technological advancements.In terms of crane type, the mobile crane segment is expected to dominate the market during the forecast period, owing to the increasing demand for mobile cranes in the construction and infrastructure industries. However, the crawler crane segment is expected to witness significant growth during the forecast period, owing to their ability to operate in difficult terrains and lift heavy loads.In terms of geography, the Asia Pacific region is expected to dominate the market during the forecast period, owing to the increasing investment in infrastructure development, rapid urbanization, and growth of the manufacturing industry in the region. However, North America and Europe are also expected to witness significant growth during the forecast period, owing to the increasing demand for energy-efficient and eco-friendly cranes in the region.Overall, the global crane market is expected to witness significant growth in the coming years, driven by the increasing demand for construction activities, growth of the infrastructure and manufacturing industries, and product innovation and technological advancements.

Crane Market Key Industry Players

The global crane market is highly competitive and includes a large number of players. Some of the key players in the market include:

1. Liebherr Group: A Switzerland-based company that manufactures a wide range of cranes for various industries, including construction, mining, and offshore.
2. Terex Corporation: An American company that manufactures cranes for various industries, including construction, mining, and oil and gas.
3. Zoomlion Heavy Industry Science & Technology Co. Ltd.: A China-based company that manufactures cranes for various industries, including construction, mining, and port logistics.
4. Manitowoc Company Inc.: An American company that manufactures cranes for various industries, including construction, mining, and oil and gas.
5. XCMG Group: A China-based company that manufactures cranes for various industries, including construction, mining, and port logistics.
6. Tadano Ltd.: A Japan-based company that manufactures cranes for various industries, including construction, mining, and oil and gas.
7. Sany Group Co. Ltd.: A China-based company that manufactures cranes for various industries, including construction, mining, and port logistics.
8. Kobelco Construction Machinery Co. Ltd.: A Japan-based company that manufactures cranes for various industries, including construction, mining, and port logistics.
9. Konecranes Plc: A Finland-based company that manufactures cranes for various industries, including ports, shipyards, and manufacturing.
10. Cargotec Corporation: A Finland-based company that manufactures cranes for various industries, including ports, shipyards, and manufacturing.

These companies invest heavily in research and development to develop new products, expand their product portfolios, and enhance their market presence.