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Crane Market size surpassed over USD 23.5 billion in 2021 and is expected to grow at more than 5% CAGR between 2022 and 2030. The supportive government initiatives for infrastructural development, is set to bolster the industry growth.
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The burgeoning product penetration in construction activities will proliferate crane market revenue by 2030. Advancements in crane designs, in line with the needs of various industries, to effectively coordinate simple systems and complete complicated lifting tasks are estimated to positively influence the crane industry. The infrastructure construction and renovation sectors have been growing steadily due to the global rise in population and urbanization in emerging countries, which is amplifying the demand for midrise to high-rise buildings.
The sector is observing a surge in the popularity and implementation of GPS-fleet tracking (telematics). GPS offers features such as maintenance and repair, fuel efficiency, security, road safety, communication, and navigation to equipment owners and fleet managers, which is expected to propel the industry demand. Firms majorly focus on developing new crane designs to meet customer requirements, as well as executing strategic collaborations and partnerships with large-scale construction companies, to enhance their business presence.
Report Attribute | Details |
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Base Year: | 2021 |
Crane Market Size in 2021: | USD 23.5 billion |
Forecast Period: | 2022 to 2030 |
Forecast Period 2022 to 2030 CAGR: | 5% |
2030 Value Projection: | USD 38 billion |
Historical Data for: | 2018 to 2021 |
No. of Pages: | 850 |
Tables, Charts & Figures: | 733 |
Segments covered: | Product and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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High investments and equipment maintenance costs are major factors limiting care market progress. Cranes are relatively costly, which is discouraging other manufacturers, businesses, and OEMs from procuring high-end systems. Consequently, consumers are opting for used equipment, which is hampering the industry development. Nonetheless, technological advancements in crane operations that help companies improve uptime, scale products with the business, save on maintenance & energy costs, and extend the life of their equipment, are projected to drive crane market expansion.
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The fixed crane segment is slated to reach about USD 1 billion in revenue by 2030 owing to surging demand for fuel-efficient and advanced fixed cranes as they offer cost-effective performance and high level of safety. Thus, increasing need of end-users for technologically advanced and eco-friendly cranes is also fostering market statistics.
The gantry crane market is anticipated to be valued at nearly USD 12.5 billion by 2030 as a result of its versatility that makes it suitable for both indoor and outdoor settings. These cranes offer complete mobility and find usage in power generation, water treatment plants, HVAC applications, and metal fabricating facilities.
Fixed cranes are utilized extensively in transport and shipping industries due to their various advantageous features, including sturdiness, portability, and being lightweight. They enable the seamless transfer of cargo containers into the warehouse and stack them automatically. transport/shipping segment is likely to grow at a substantial rate by 2030 propelled by these factors.
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The APAC crane market is anticipated to attain around 6% gains through 2030 attributed to continuous upgrades and growth in telecommunication development activities in the region. Additionally, expanding telecom networks for setting up of communication equipment, are anticipated to elevate regional demand for cranes by 2030.
are some of the key crane market players.
These companies are implementing multiple expansion strategies, including portfolio diversification, product development, and mergers & acquisitions, to gain a competitive edge. For instance, in September 2022, Cargotec Corporation, a Finnish cargo handling equipment manufacturer, launched its HIAB iQ.958 HiPro heavy loader crane with the innovative operating system SPACEevo to enhance performance and productivity. The crane’s design offers a superior lift-to-weight ratio.
The COVID-19 pandemic had a varied impact on the crane market. Stringent lockdowns, shortage of labor, and delays in manufacturing activities curtailed business expansion in the initial stages. Many construction and transportation operations and projects were ceased due to restrictions on movement. However, in the post-pandemic scenario, the sector has grown massively backed by rising smart city projects and government emphasis on infrastructural development, which has increased the use of cranes. For instance, the Indian government has allotted more than USD 130 billion for infrastructural projects under its Union Budget 2022-23. Subsequently, the upsurge in construction activities is expected to facilitate market growth in the future.
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