According to a new report by Expert Market Research titled, “Global Crane Market Size, Share, Report and Forecast 2023-2028″, the global crane market reached a value of USD 32.03 billion in 2022. Aided by rising investment in construction activities and rapid urbanisation, the market is projected to further grow at a CAGR of 5.30% between 2023 and 2028 to reach a value of USD 43.59 billion by 2028.
Cranes are intricate pieces of machinery designed for lifting, lowering, and moving heavy objects, leveraging the principle of transmitting forces through levers and pulleys. They are instrumental in numerous industries but are especially dominant in construction, shipping, transportation, and warehousing. They have a crucial role to play in a region’s infrastructure development.
One of the primary catalysts behind the crane market growth is the rapid urbanisation in emerging economies. As populations migrate to urban areas, there’s an escalating demand for residential and commercial infrastructure. This, coupled with large-scale projects like airports, roads, and ports, significantly heightens the demand for cranes.
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Besides the construction sector, the market trend highlights a growing acceptance in the shipping and logistics sector. As international trade barriers diminish, ports are becoming busier, and the need for efficient cargo handling is rising. Cranes, especially the heavy-duty ones, are imperative for such operations, thus driving the crane market size further.
Technological advancements are also playing a pivotal role in boosting the market development. Modern cranes are embedded with advanced sensors, artificial intelligence, and are becoming increasingly automated. Such advancements not only enhance the efficiency of cranes but also reduce the potential for human error, leading to safer operations.
The crane market analysis further highlights a rise in crane rental and leasing services. Instead of heavy capital investment in purchasing cranes, companies, especially in the construction sector, are showing an inclination for renting. This not only reduces their financial burden but also ensures they have access to the latest machinery.
The undeniable need for infrastructural development, buoyed by urbanisation, technological advancements, and evolving operational models like renting, is rapidly fuelling the crane market demand. Simultaneously, stakeholders will need to address the associated challenges head-on to ensure sustained growth and profitability in the crane sector. As the world continues its march towards infrastructural advancement, the market is likely to witness a healthy growth in the years to come.
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Market Segmentation
The market can be divided based on mobility, type, business type, and region.
Market Breakup by Mobility
• Static
• Mobile
Market Breakup by Type
• Overhead Travelling Crane
• Transporter Crane, Gantry Crane, and Bridge Crane
• Tower Crane and Portal or Pedestal Jib Crane
Market Breakup by Business Type
• Original Equipment Manufacturer
• Aftermarket
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global crane market. Some of the major players explored in the report by Expert Market Research are as follows:
• KUBOTA Corporation
• Kirloskar Brothers Ltd.
• KoneCrane Plc
• Liebherr-International AG
• Sulzer Ltd.
• Honda Kiko Co. Ltd.
• Others
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