Press release
Cranes Market Set to Reach $51.7 Billion by 2031, Driven by Urbanization, Technological Advancements, and Growing Infrastructure Projects
Cranes Market
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Key Market Players
The global cranes market features leading companies including: Liebherr Group (Switzerland), Tadano Ltd. (Japan), Caterpillar Inc. (U.S.), Gorbel Inc. (U.S.), Konecranes Plc (Finland), The Manitowoc Company, Inc. (U.S.), XCMG Group (China), Zoomlion Heavy Industry Science and Technology Co., Ltd. (China), SANY Heavy Industry Co., Ltd. (China), Pelloby Ltd. (U.K.), Demag Cranes & Components GmbH (Germany), Street Crane Company Limited (U.K.), Hitachi Construction Machinery Europe NV (Netherlands), and Komatsu Ltd. (Japan).
Market Drivers and Challenges
Key factors propelling market expansion include:
Urbanization and Infrastructure Development: Accelerated construction activities and infrastructure projects necessitate advanced crane solutions.
Global Trade and Port Operations: Increased global trade drives demand for cranes in port and shipyard operations.
Technological Advancements: Innovations in crane technology enhance operational efficiency and safety.
Despite these drivers, the market faces constraints such as:
High Initial Investment: Significant capital required for crane acquisition and operation.
Operational Costs: Ongoing expenses related to maintenance and operation.
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Emerging Opportunities
The market is poised for growth due to:
Smart City and Infrastructure Projects: Expanding urban development and smart city initiatives create substantial opportunities for crane manufacturers.
Renewable Energy Demand: Growing investment in renewable energy projects necessitates specialized crane solutions.
However, a shortage of skilled operators remains a significant challenge impacting market growth.
Market Segmentation
The cranes market is segmented by type, class, lifting mechanism, control method, and end-use industry:
Type:
Tower Cranes: Expected to dominate with approximately 22% market share in 2024, due to their versatility in high-rise construction and advanced technological features. Recent advancements include the launch of the Potain MCT 1005 M50 by The Manitowoc Company and KenzFigee's up-tower crane for offshore wind.
Mobile Cranes: Projected to exhibit the highest CAGR, driven by their flexibility and transportability across various sites.
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Class:
Class D (Heavy Service): Predicted to capture the largest share and highest CAGR due to its ability to handle substantial loads across diverse industries.
Lifting Mechanism:
Hydraulic Cranes: Anticipated to hold around 44% of the market share in 2024, favored for their efficiency and ease of operation. The electric cranes segment, however, is expected to grow at the highest CAGR due to zero emissions and advanced safety features.
Control Method:
Manual Cranes: Expected to lead with a 33% share in 2024, due to their affordability and low maintenance costs. The automated cranes segment is projected to grow at the highest CAGR, driven by enhanced efficiency and reduced labor costs.
End-Use Industry:
Construction: Forecasted to dominate with approximately 35% market share in 2024. Key developments include Potain's new self-erecting crane and Action Construction Equipment's innovative product launches.
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Geographic Insights
The cranes market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa:
Asia-Pacific: Expected to capture around 46% of the market in 2024 and exhibit the highest CAGR of 6.0%. This growth is attributed to rapid infrastructure development, significant investments in construction and transportation, and increasing adoption of advanced crane technologies.
These industry leaders are driving innovation and advancing crane technologies to meet evolving market demands.
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