April 17, 2024

Global Crane Market is in Trends by Increasing Demand from Construction Sector

The global crane market is a multi-billion dollar industry consisting of various cranes such as mobile cranes, fixed cranes, and marine & port cranes used for lifting heavy loads in construction, oil & gas and other industries. Mobile cranes including all-terrain, truck mounted and rough terrain cranes are highly versatile and provide flexibility of movement. Fixed cranes including tower cranes and overhead cranes are commonly used for big construction projects. Marine & port cranes are essential for lifting heavy containers and other equipment for loading and unloading of cargo ships. The growing construction sector across the globe is majorly driving the demand for cranes for various applications like material handling, placement and assembly of heavy equipment.

The Global Crane Market is estimated to be valued at US$ 45.98 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the global crane market are Liebherr Group, Manitowoc, Tadano, Terex, Xuzhou Construction Machinery Group (XCMG), Zoomlion, Sany, KobelcoCrane, HitachiSumitomo, Furukaw, Konecrane, Manitowoc Cranes, TIL Limited. Liebherr Group and Tadano are among the leading players worldwide with an extensive product portfolio. With growing construction activities, the demand for cranes from infrastructure and building construction sectors is accelerating significantly.

The global crane rental business is growing rapidly with increasing preference towards rental equipment over ownership to control capital costs. Rising demand from emerging economies and focus towards smart city development is opening new growth avenues for market players globally.

Furthermore, various government initiatives for infrastructure development projects in countries like India, China and countries in Africa are fueling the demand for cranes. Market leaders are actively expanding their manufacturing facilities and distribution networks in developing regions to leverage growth opportunities.

Market key trends

Customized and technologically advanced products are emerging as a major trend in the global crane market. Introduction of remote-controlled, hybrid and electric cranes is gaining traction. For instance, Grove launched the TMS500-2 telescopic boom crane with a capacity of 110 US tons featuring remote-controlled maneuvers. Advancements in crane design, remote monitoring and IoT integration are improving efficiency, safety and uptime.

Porter’s Analysis
Threat of new entrants: The global crane market requires high initial investment and established distribution channels which makes difficult for new players to enter. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of options but changing technology and requirement of skilled operators increases buyer dependency on vendors. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of components from different sources but industry consolidation has increased supplier power. Threat of new substitutes: Substitute threats are low as cranes have irreplaceable functions in construction and material handling industries. Competitive rivalry: The market is highly fragmented with few global and several regional vendors. Intense competition comes from pricing, service, and product innovations.

The Asia Pacific region accounts for the largest share in terms of volume and value. China, India, and Japan are the major countries driving the crane market’s growth in this region. With growing construction activities and investment in infrastructure development projects in countries such as China, India, Indonesia, and Vietnam, the demand for cranes is steadily rising.

In terms of value, the Crane Market Middle East & Africa region is anticipated to grow at the fastest CAGR during the forecast period. Countries such as the UAE, Saudi Arabia, and Qatar are actively investing in industrial development and infrastructure modernization. Mega projects including Expo 2020 Dubai, 2022 FIFA World Cup in Qatar, port expansions, and new city developments are expected to drive the crane market’s growth in the region over the coming years.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it