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Crane Market Size By Product (Mobile Crane [By Type {All Terrain Crane, Crawler Crane, Rough Terrain Crane, Truck Loader Crane}, By Load Capacity {5 Ton, 10 to 20 Ton, 21 to 30 Ton, Above 30 Ton}, By Application {Construction & Mining, Utility, Manufacturing, Transport/Shipping, Oil & Gas/Energy}], Fixed Crane [By Type {Monorail Crane, Stiff leg Crane, Tower Crane, Gantry Crane}, By Load Capacity {Below 25 Ton, 26 to 50 Ton, 51 to 80 Ton, Above 80 Ton}, By Application {Construction & Mining, Utility, Manufacturing, Transport/Shipping, Oil & Gas/Energy}]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI2398
  • Published Date: Sep 2022
  • Report Format: PDF

Industry Drivers

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.
 

Expensive maintenance may restrain industry progression

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.
 

Cost-effectiveness to push demand for fixed cranes

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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.
 

Versatility and mobility of gantry crane to help fixed cranes gain traction

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.
 

Smooth cargo transfer in transport/shipping applications

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.
 

Expanding telecommunication development sector in Asia Pacific

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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.
 

Product development to strengthen the crane industry outlook

Elliott Equipment Company,  Altec Inc., Broderson Manufacturing Corp, Fushun Yongmao Construction Machinery Co., Ltd, Columbus Mckinnon Corporation, Dongqi Crane, Effer S.P.A, Fassi Gru S.p.A., Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd., Ingersoll Rand, PLC, Cargotec Corporation,  JASO Industrial Cranes, Kato Works Co., Ltd., Kito Corporation, Kobelco Construction Machinery Co., Ltd., Konecranes Plc, Liebherr Group, Linden Comansa (Construcciones Metálicas Comansa S.A.), Locatelli Crane S.R.L, Mammoet, Manitex International, Inc., The Manitowoc Company, Inc., O.M.V. Officine Meccaniche VICARIO S.P.A., Palfinger AG, Raimondi Cranes S.p.a, Sany Group, Tadano Ltd., Terex Corporation, Weldco Beales Manufacturing, Wolffkran International AG, Xuzhou Construction Machinery Group Co., Ltd. (XCMG), and Zoomlion Heavy Industry Science and Technology Co., Ltd. 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.
 

Impact of COVID-19 on the industry trends

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.
 

This market research report on crane includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and global shipments in units from 2018 to 2030 for the following segments:

Market, By Product

  • Mobile Crane
    • By Type
      • All Terrain Crane
      • Crawler Crane
      • Rough Terrain Crane
      • Truck Loader Crane
    • By Load Capacity
      • 5 ton
      • 10 to 20 ton
      • 21 to 30 ton
      • Above 30 ton
    • By Application
      • Construction & mining
      • Oil & gas/Energy
      • Transportation & shipping
      • Manufacturing
      • Utility
  • Fixed Crane
    • By Type
      • Monorail Crane
      • Stiff leg Crane
      • Tower Crane
      • Gantry Crane
    • By Load Capacity
      • Below 25 ton
      • 26 to 50 ton
      • 51 to 80 ton
      • Above 80 ton
    • By Application
      • Construction & mining
      • Oil & gas/Energy
      • Transportation & shipping
      • Manufacturing
      • Utility

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
       

Authors: Preeti Wadhwani, Prasenjit Saha

Frequently Asked Questions (FAQ) :

The market size for crane valued at over USD 23.5 billion in 2021 and is set to progress at a CAGR of more than 5% through 2030.
The transport/shipping application segment is expected to grow at a significant rate by 2030 as fixed cranes offer various advantageous attributes, including sturdiness, portability, and being lightweight, as well as enable seamless transfer of cargo containers into the warehouse.
The fixed crane sector is poised to reach a valuation of about USD 1 billion by 2030 due to surging demand for fuel-efficient and advanced fixed cranes.
The Asia Pacific crane industry is expected to expand at 6% growth rate from 2022 to 2030 owing to expanding telecom networks, coupled with the setting up of communication equipment in the region.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 32
  • Tables & Figures: 733
  • Countries covered: 16
  • Pages: 850
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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