Home > Pressrelease > Cranes Market revenue to cross $38 Bn by 2030

Cranes Market revenue to cross $38 Bn by 2030

  • Published Date: September 26, 2022

Cranes market size is anticipated to exceed USD 38 billion by 2030, according to the new research report by Global Market Insights Inc.

The expansion of power and energy grids and favorable government initiatives in economically stable countries towards infrastructural development & smart city projects are the chief industry drivers. The rising consumer preference for luxurious and aesthetically appealing construction is also driving product demand. Moreover, surging investments in energy transmission and distribution (T&D) networks, as well as the increase and upgradation of existing networks, will boost the adoption of mobile cranes in the utility sector.

The mobile cranes market is estimated to record 5% CAGR from 2022 to 2030. Soaring use of the internet and mobile connectivity worldwide are projected to fuel the demand for these cranes in the coming years. In addition, government efforts to provide telecommunication facilities to rural areas are also expected to impel segmental development.

Functionality of all-terrain cranes to push market demand

The report cites heavy demand for all terrain cranes, especially across the industrial sector. These cranes deliver powerful lifting performance, superior off-road mobility, fast highway speeds, and optimum maneuverability. It also provides the agility and functionality of rough terrain cranes. Supported by these properties, the all-terrain crane market will depict decent growth trends until 2030.

Surging use of mobile cranes in construction & mining sectors

The deployment of these cranes for operations in the construction and mining sectors will remain high in the coming years. The construction & mining application is contemplated to grow significantly through 2030 owing to the prevalent espousal of mobile cranes for construction projects due to the rise in home construction, non-residential building, and government construction activities.

Browse key industry insights spread across 850 pages with 689 market data tables and 44 figures & charts from the report “Cranes 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”, in detail along with the table of contents:

North America emerges as a prominent revenue pocket

The North America cranes market size stood at over USD 7.5 billion in 2021. The region may emerge as a major hub for this industry owing to the strong demand for fuel-efficient and advanced tower cranes as they are cost-efficient and offer high level of safety. Widespread requirement of cranes by several construction companies due to their beneficial qualities of improving fuel savings and curbing carbon emissions will push the regional industry growth.

Technological advancements to remain a key growth strategy

The strategic business landscape cranes marketis expected to witness a series of product launches, technological development and partnerships with manufacturers from different sectors by industry players. For instance, in August 2022, Liebherr, a Swiss equipment manufacturing firm, expanded its heavy lift ship crane offering with the introduction of LS 800 E, an 800-ton throughput crane. The all-electric machine promises to reduce the CO2 emissions of the vessel.

Some of the key cranes market firms include 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.

Authors: Preeti Wadhwani, Prasenjit Saha