Crane Market 2019 – 2025 | Global Industry Insights & Key Growth Drivers

Recent developments in the residential & commercial infrastructures and construction of complex building structures across the globe support the crane industry expansion. Additionally, productivity, efficiency, and high payload features incorporated in the newly developed models are creating a high demand from contractors, construction companies, and application industries. Various government regulations for worker and site safety are majorly driving the crane market product demand globally.

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Crane Market is expected to exceed USD 28 billion by 2025. The increasing construction spending and the emergence of new public & private infrastructures across the globe are driving the market growth at a rapid pace. High rise in urbanization activities and shift of the rural population to urban areas are adding to the demand for these machines.

Crane Market, by Application:
• Construction & mining
• Utility
• Manufacturing
• Transport/Shipping
• Oil & gas

In the crane market, tower machines are utilized at a high rate due to their applications in building high rise structures across the globe. The construction of heightened and multistory residential & commercial buildings in the developing countries of Asia and Europe is supporting the high tower crane demand. These machines are used to lift & transfer heavy materials in constructing tall buildings and complex structures. Moreover, these cranes reduce the amount of labor required in transferring heavy materials, further reducing labor costs. Manufacturers in the market are developing new models with high load lifting features. For instance, in April 2019, Comansa announced its plan to launch a new and larger flat top tower cranes with a maximum load capacity of 66 tons.

Crane market in the Europe is expected to develop rapidly due to the rising construction & demolition activities in the European countries. The growing popularity of urban infrastructure, smart buildings, and smart cities across the European Union are adding to the machinery demand. These machines are used at complex construction, mining, and industrial sites for lifting heavy loads, machinery parts, and bulky materials across the sites. Additionally, high labor cost in Europe and unavailability of site workers create the need for highly-efficient construction workers, further driving crane market growth.

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Key players participating in crane market include:
• Palfinger AG
• Terex Corporation
• Komatsu Ltd.
• Konecranes PLC
• Liebherr Group
• Tadano
• Ltd.
• XCMG Group
• Hitachi Sumitomo Heavy Industries
• Manitowoc

The industry players are involved in new product launches and integrating innovative safety & high payload capabilities. Additionally, the companies are also increasing their regional presence through contracts & partnerships with new dealers to gain a competitive advantage and increase machinery sales.

The crane market is hindered by the unavailability of skilled & trained operators in several regions. These machines require well-trained personnel for operating in complex & rough terrain work sites. Crane operations by untrained human labors may result in workplace fatalities and damage to properties. To overcome these issues, manufacturers and rental providers are offering advanced & certified operator training courses through distribution & maintenance facilities. Additionally, a new mandate imposed by the Occupational Safety and Health Administration (OSHA) related to crane operator certification is supporting increased training courses.

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