Cranes Market Technological Innovation In Industry to Reach $52.7 billion by 2032

According to a new report published by Allied Market Research, titled, "Cranes Market," The cranes market size was valued at $35 billion in 2020, and is estimated to reach $52.7 billion by 2032, growing at a CAGR of 3.2% from 2023 to 2032.

Cranes are material handling equipment utilized in construction, manufacturing, marine, and other industries. Cranes are used for lifting and transporting heavy goods with the help of hoisting mechanism equipped with hoist ropes, wire ropes, chains, or sheeves. Furthermore, they are available in various types, including overhead travelling cranes, girder cranes, bridge cranes, crawler cranes, pedestal jib cranes, and others.

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Asia-Pacific is the highest contributor in the cranes market. China holds majority of the global share in production and consumption attributed to low cost of manufacturing due to the easy availability of raw materials. In addition, increase in investments on manufacturing infrastructure in the developing countries such as India, Bangladesh, and Vietnam boost the demand for cranes in Asia-Pacific. China's growing automobile industry is significantly contributing toward the market growth.
However, countries such as the U.S., Germany, and other European countries are focused on developing new technologies in the cranes industry to sustain their market share during the forecast period.

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Majority of mobile crane manufacturers including Liebherr-International AG, Tadano Ltd., and others are involved in original equipment manufacturing (OEM) activities; however, also outsource various equipment parts from other companies. These companies produce highest revenue in the global cranes market.

The automation software providers, engine manufacturers, and other part manufacturers assist OEMs by providing latest technologies. Furthermore, China is a major manufacturer of mobile cranes and highly contributes toward the global demand. The inclusion of "Industry 4.0" and automation in manufacturing process has proven to be advantageous for propelling the growth of OEM companies in the cranes market.

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Top Players:
The key market players profiled in the report include Cargotec Corporation, Kito Corporation, Konecranes Plc, Liebherr-International AG, Manitowoc Company, Inc., SANY Heavy Industry Co. Ltd., Tadano Ltd., Xuzhou Construction Machinery Group Co., Ltd., and Zoomlion Heavy Industry Science and Technology Co., Ltd.

Key Benefits for Stakeholders
• The report provides an extensive analysis of the current and emerging global cranes market trends and dynamics.
• In-depth analysis of the market is conducted by constructing market estimations for the key market segments between 2020 and 2032.
• Extensive cranes market analysis is conducted by following key product positioning and monitoring of the top competitors within the market framework.
• A comprehensive cranes market opportunity analysis of all the countries is also provided in the report.
• The global cranes market forecast analysis from 2023 to 2032 is included in the report.
• Key players within the market are profiled in this report and their strategies are analyzed thoroughly, which helps to understand the competitive outlook of the industry.

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