Cranes Market Growth, Demand, Key Drivers, Size, Share Report 2024 To 2033

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.

Market Overview -
The cranes refer to a machine that uses a hoisting mechanism to lift heavy objects and transport them to a new position. They are equipped with lift ropes, wire ropes, and sheaves that help to lift and lower big objects. The lever and pulley of the crane coordinate with each other to generate a mechanical advantage.

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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

Advance Technology Forge Groundbreaking Partnership In The Cooling Tower Market
Technological advancements are a key trend gaining popularity in the cranes market. Automation is taking place in the cranes market to gain work efficiency, with the incorporation of anti-collision, zoning, and internet-based setup. The companies operating in the cranes market are utilizing advanced technologies such as artificial intelligence, machine learning, and computer vision for the development of autonomous cranes. These crane's movements are monitored by operators in a control room using onboard cameras and a remote-control station. The key target of these new systems is to exclude the workforce from a potentially dangerous and challenging working environment involving enormous machinery and transported to the safety and comfort of a control room via remote crane operation. For instance, in February 2021, Manitex Valla, a subsidiary of Manitex International of the United States, released the all-new V 110 R Electric Mobile Crane, which is battery-operated and remote-controlled.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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