Cranes Market Rises with Trends, Growth Opportunities, and Key Market Insights

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Cranes Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The cranes market size has grown strongly in recent years. It will grow from $38.3 billion in 2023 to $40.28 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to construction boom, industrialization, infrastructure development, port and shipyard expansion, power plant construction, manufacturing sector expansion.

The cranes market size is expected to see strong growth in the next few years. It will grow to $49.66 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to renewable energy projects, e-commerce growth, focus on safety, rise of prefabrication, harbor and shipyard modernization, focus on eco-friendly solutions. Major trends in the forecast period include integration of telematics and IoT, eco-friendly and energy-efficient cranes, compact and mobile crane models, crane automation and robotics, advanced hydraulic systems.

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Market Segmentation:
The cranes market covered in this report is segmented -

1) By Product type: Mobile, Fixed, Marine
2) By Business Type: Original Equipment Manufacturers (OEM), Aftersales
3) By End-User: Construction, Mining, Industrial, Oil & Gas, Other End-Users

Major Driver - The Increase In Spending On Construction Activities
The increase in spending on construction activities globally is driving the cranes market. Rapid growth in industrialization, urbanization and strong economic growth in emerging countries has contributed to growing spending on construction activities across the globe. The increased spending on construction activities is expected to boost the utilization or demand of cranes, as the on-field construction teams are investing in faster and efficient material handling equipment for safe operations and minimal human loss. For instance, according to the U.S. Census Bureau report on monthly construction spending in 2022, the construction spending was expected to be $1,744.8 billion in April 2022, a 0.8% rise from the revised March estimate of $1,740.6 billion. Therefore, the increasing spending on construction is expected to boost demand for cranes during the forecast period.

Competitive Landscape:
Major companies operating in the cranes market report are Liebherr Group, Xuzhou Heavy Machinery Co. Ltd (XCMG), Marmon Crane Services, Zoomlion India Pvt. Ltd., Zhenhua Heavy Industries Co. Ltd (ZPMC), SANY Heavy Equipment Co. Ltd, Mammoet Americas, Cargotec Oyj, PALFINGER AG, The Manitowoc Company Inc., Tadano Ltd, Maxim Crane Works, American Crane & Equipment Corporation, Bigge Crane and Rigging Co., Action Construction Equipment Ltd., Yongmao Holdings Limited, WOLFFKRAN International AG, Kobelco Cranes Co. Limited, Favelle Favco Group, Barnhart Crane & Rigging, Lampson International, JASO Tower Cranes, Eng Cranes Srl, Konecranes PLC, Sumitomo Heavy Industries Construction Cranes Co. Ltd, HKTC LLC, Shandong Huaxia Group Co. Ltd., Buckner HeavyLift, SENNEBOGEN Maschinenfabrik GmbH

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Top Trend - Advance Real Time Lifting In The Crane Market
Major companies operating in the cranes market are adopting new technological solutions such as the T-Link Telematics platform to sustain their position. For instance, in May 2021, a US-based worldwide manufacturer of lifting and material-handling plants, launched the T-Link Telematics platform that can be fitted with Rough Terrain Cranes, giving customers access to real-time data that can be used to control crane configuration information, crane status, alarms, crane position, and scheduled maintenance alerts in addition to optimizing performance. T-Link gives customers access to their fleet of cranes' operational data remotely so they can get accurate, up-to-date information from the field, around-the-clock, from any location in the world, using an internet-connected computer, smartphone, or tablet. The development of this innovative technology is another step forward in the mobile cranes market.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cranes Market Characteristics
3. Cranes Market Trends And Strategies
4. Cranes Market - Macro Economic Scenario
5. Cranes Market Size And Growth
…..
27. Cranes Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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