The Cranes Market size was estimated at USD 44.0 Billion in 2022 and is expected to reach USD 67.3 Billion by 2030 at a CAGR of 4.5% during the forecast period of 2023-2030.
The use of Cranes allows for the horizontal transportation of goods. It is outfitted with hoist ropes, wire ropes, and sheaves to facilitate lifting and lowering huge cargo. The key divisions of the structure are the hydraulic system, the electric system, the boom system, the turntable assembly, the operator cabin, and the chassis.
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The market is expanding as a result of rising demand from the building industry. It is anticipated that the adapting designs and high load-lifting capability would meet the needs of a number of sectors, including complicated manufacturing, telecommunications installations, and shipbuilding. Additionally, since renting or leasing hoists has taken off as a market trend, manufacturers are focused on this. India, Italy, Vietnam, Turkey, and other countries are placing increased emphasis on renting services despite global economic difficulties.
MARKET DYNAMICS
DRIVERS
Infrastructure Growth
The need for Cranes for construction and maintenance is driven by the requirement for contemporary infrastructure, such as bridges, roads, airports, and ports.
Urbanization
The need for residential and commercial development rises as a result of the rapid urbanization of emerging countries, which raises the demand for construction cranes.
Industrialization
Material-handling Cranes are needed for manufacturing, warehousing, and logistics facilities in expanding industrial sectors.
RESTRAIN
Infrastructure Development
The need for modern infrastructure, such as bridges, highways, airports, and ports, drives the need for Cranes in development and maintenance.
Urbanization
The growing urbanization of emerging nations increases the need for residential and commercial development, which increases the need for construction cranes.
Industrialization
Manufacturing, storage, and logistics facilities in developing industrial sectors require material-handling cranes.
OPPORTUNITY
Technological Progress
Continuous improvements in crane technology, such as automation and safety features, provide manufacturers with the chance to provide cutting-edge goods.
Growing Rental Market
As more businesses choose to rent cranes rather than own them, the crane rental market is growing and potentially giving expansion prospects.
CHALLENGES
Concerns about liability and safety
In order to prevent accidents and legal troubles, businesses must uphold strict safety requirements when using cranes.
Technical Adjustment
Businesses must adapt to new technology, which can be costly and need for staff retraining.
IMPACT OF RUSSIAN-UKRAINE WAR
Construction businesses' operating expenses have grown dramatically, as a result of the situation in Ukraine, which has resulted in record fuel prices and higher material costs. Fuel expenses: Increasing fuel costs, especially for diesel, make it much more expensive to run trucks, cranes, and other heavy machinery.
Economic decline in the impacted areas might result from wartime situations. Crane demand may decline as a result of fewer infrastructure and building projects as a result of lower economic activity. Infrastructure damage might be rather severe in locations where the violence is most acute. Due to the need for cranes during the post-war period of restoration and rebuilding, this may occur. In crisis zones, there may be a greater need for military cranes for logistical support, equipment handling, and debris clearance, which might have an impact on the availability and cost of such specialist cranes.
IMPACT OF ONGOING RECESSION
Construction projects are frequently reduced during economic downturns as firms and people scale back on remodeling and constructing projects. Construction crane demand is thus decreased. During a recession, public infrastructure projects could experience budget cuts or delays. This may have an impact on the demand for cranes employed in extensive infrastructure construction. The real estate market may slow down during a recession. Crane demand for residential and commercial building projects is thus impacted by this.
By Product Type
Mobile
Fixed
Marine
By End-User
Construction
Mining
Industrial
Oil & Gas
Others
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REGIONAL COVERAGE
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
REGIONAL ANALYSES
Asia Pacific is the crane industry's largest market area. Due to a number of factors, Asia Pacific is a sizable contributor to the global cranes industry. There is a strong need for construction and material handling equipment, especially cranes, in the area, due to the fast urbanization and infrastructural development taking place there. Significant investments have been made in infrastructure projects, such as roads, bridges, airports, and residential and commercial buildings in nations like China, India, Japan, and South Korea. Cranes must be used for these projects to efficiently lift and carry big objects. In addition, the rise of the industrial industry in Asia and the Pacific includes various sectors including the consumer goods, electronics, and automobile industry.
The Middle East and Africa (MEA) are the markets for cranes that are expanding at the highest rate. Infrastructure development is booming in the MEA area, especially in nations like South Africa, the United Arab Emirates, Saudi Arabia, and Qatar. These nations are making significant investments in the development of crane-dependent high-rise structures, commercial complexes, transit networks, and energy infrastructure. The growth of large-scale projects like Expo 2020 in Dubai and the FIFA World Cup in Qatar in 2022 has boosted demand for cranes in the area. The Middle Eastern oil and gas sector is a major factor in the expansion of the crane market.
The major Key players are SANY GROUP (China), Konecranes (Finland), Manitowoc Company, Inc. (U.S.), Tadano Ltd (apan), Komatsu Ltd (Japan), Terex Corporation (U.S.), Liebherr Group (Germany), Hitachi Construction Machinery Europe NV (Netherlands), Demag Cranes & Components GmbH (Germany), Zoomlion Heavy Industry Science and Technology Co., Ltd (China), and others.
Konecranes (Finland)-Company Financial Analysis
RECENT DEVELOPMENT
Strabag: In July 2021, an Austrian customer, erected a Potain MDT 809 Tower Crane from Manitowoc for use in building a facility in Germany. This crane has a 40 t capacity and 80 m of jib.
Arab Potash Company: In June 2021, Jordan is using SANY's crawler crane SCC1000A to stop the leaking of potassium-rich seawater from the Dead Sea to the major dikes.
| Report Attributes | Details |
| Market Size in 2022 | US$ 44.0 Bn |
| Market Size by 2030 | US$ 67.3 Bn |
| CAGR | CAGR of 4.5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product Type (Mobile, Fixed, Marine) • By End-User (Construction, Mining, Industrial, Oil & Gas, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | SANY GROUP (China), Konecranes (Finland), Manitowoc Company, Inc. (U.S.), Tadano Ltd (apan), Komatsu Ltd (Japan), Terex Corporation (U.S.), Liebherr Group (Germany), Hitachi Construction Machinery Europe NV (Netherlands), Demag Cranes & Components GmbH (Germany), Zoomlion Heavy Industry Science and Technology Co., Ltd (China), |
| Key Drivers | • Infrastructure Growth The need for Cranes for construction and maintenance is driven by the requirement for contemporary infrastructure, such as bridges, roads, airports, and ports. • Urbanization The need for residential and commercial development rises as a result of the rapid urbanization of emerging countries, which raises the demand for construction cranes. |
| Market Opportunity | • Technological Progress Continuous improvements in crane technology, such as automation and safety features, provide manufacturers with the chance to provide cutting-edge goods. • Growing Rental Market As more businesses choose to rent cranes rather than own them, the crane rental market is growing and potentially giving expansion prospects. |
The Cranes Market is expected to grow at a CAGR of 4.5% from 2023 to 2030.
According to our analysis, the Cranes Market is anticipated to reach USD 67.3 Million By 2030.
The largest market share is anticipated to belong to the construction sector.
The leading participants in the SANY GROUP (China), Konecranes (Finland), Manitowoc Company, Inc. (U.S.), Tadano Ltd (apan), Komatsu Ltd (Japan), Terex Corporation (U.S.), Liebherr Group (Germany), Hitachi Construction Machinery Europe NV (Netherlands).
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TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumption
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Cranes Market Segmentation, By Product Type
8.1 Mobile
8.2 Fixed
8.3 Marine
9. Cranes Market Segmentation, By End-User
9.1 Construction
9.2 Mining
9.3 Industrial
9.4 Oil & Gas
9.5 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Cranes Market By Country
10.2.2North America Cranes Market By Product Type
10.2.3 North America Cranes Market By End-User
10.2.4 USA
10.2.4.1 USA Cranes Market By Product Type
10.2.4.2 USA Cranes Market By End-User
10.2.5 Canada
10.2.5.1 Canada Cranes Market By Product Type
10.2.5.2 Canada Cranes Market By End-User
10.2.6 Mexico
10.2.6.1 Mexico Cranes Market By Product Type
10.2.6.2 Mexico Cranes Market By End-User
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Cranes Market By Country
10.3.1.2 Eastern Europe Cranes Market By Product Type
10.3.1.3 Eastern Europe Cranes Market By End-User
10.3.1.4 Poland
10.3.1.4.1 Poland Cranes Market By Product Type
10.3.1.4.2 Poland Cranes Market By End-User
10.3.1.5 Romania
10.3.1.5.1 Romania Cranes Market By Product Type
10.3.1.5.2 Romania Cranes Market By End-User
10.3.1.6 Hungary
10.3.1.6.1 Hungary Cranes Market By Product Type
10.3.1.6.2 Hungary Cranes Market By End-User
10.3.1.7 Turkey
10.3.1.7.1 Turkey Cranes Market By Product Type
10.3.1.7.2 Turkey Cranes Market By End-User
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Cranes Market By Product Type
10.3.1.8.2 Rest of Eastern Europe Cranes Market By End-User
10.3.2 Western Europe
10.3.2.1 Western Europe Cranes Market By Country
10.3.2.2 Western Europe Cranes Market By Product Type
10.3.2.3 Western Europe Cranes Market By End-User
10.3.2.4 Germany
10.3.2.4.1 Germany Cranes Market By Product Type
10.3.2.4.2 Germany Cranes Market By End-User
10.3.2.5 France
10.3.2.5.1 France Cranes Market By Product Type
10.3.2.5.2 France Cranes Market By End-User
10.3.2.6 UK
10.3.2.6.1 UK Cranes Market By Product Type
10.3.2.6.2 UK Cranes Market By End-User
10.3.2.7 Italy
10.3.2.7.1 Italy Cranes Market By Product Type
10.3.2.7.2 Italy Cranes Market By End-User
10.3.2.8 Spain
10.3.2.8.1 Spain Cranes Market By Product Type
10.3.2.8.2 Spain Cranes Market By End-User
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Cranes Market By Product Type
10.3.2.9.2 Netherlands Cranes Market By End-User
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Cranes Market By Product Type
10.3.2.10.2 Switzerland Cranes Market By End-User
10.3.2.11 Austria
10.3.2.11.1 Austria Cranes Market By Product Type
10.3.2.11.2 Austria Cranes Market By End-User
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Cranes Market By Product Type
10.3.2.12.2 Rest of Western Europe Cranes Market By End-User
10.4 Asia-Pacific
10.4.1 Asia Pacific Cranes Market By Country
10.4.2 Asia Pacific Cranes Market By Product Type
10.4.3 Asia Pacific Cranes Market By End-User
10.4.4 China
10.4.4.1 China Cranes Market By Product Type
10.4.4.2 China Cranes Market By End-User
10.4.5 India
10.4.5.1 India Cranes Market By Product Type
10.4.5.2 India Cranes Market By End-User
10.4.6 Japan
10.4.6.1 Japan Cranes Market By Product Type
10.4.6.2 Japan Cranes Market By End-User
10.4.7 South Korea
10.4.7.1 South Korea Cranes Market By Product Type
10.4.7.2 South Korea Cranes Market By End-User
10.4.8 Vietnam
10.4.8.1 Vietnam Cranes Market By Product Type
10.4.8.2 Vietnam Cranes Market By End-User
10.4.9 Singapore
10.4.9.1 Singapore Cranes Market By Product Type
10.4.9.2 Singapore Cranes Market By End-User
10.4.10 Australia
10.4.10.1 Australia Cranes Market By Product Type
10.4.10.2 Australia Cranes Market By End-User
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Cranes Market By Product Type
10.4.11.2 Rest of Asia-Pacific APAC Cranes Market By End-User
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Cranes Market By Country
10.5.1.2 Middle East Cranes Market By Product Type
10.5.1.3 Middle East Cranes Market By End-User
10.5.1.4 UAE
10.5.1.4.1 UAE Cranes Market By Product Type
10.5.1.4.2 UAE Cranes Market By End-User
10.5.1.5 Egypt
10.5.1.5.1 Egypt Cranes Market By Product Type
10.5.1.5.2 Egypt Cranes Market By End-User
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Cranes Market By Product Type
10.5.1.6.2 Saudi Arabia Cranes Market By End-User
10.5.1.7 Qatar
10.5.1.7.1 Qatar Cranes Market By Product Type
10.5.1.7.2 Qatar Cranes Market By End-User
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Cranes Market By Product Type
10.5.1.8.2 Rest of Middle East Cranes Market By End-User
10.5.2 Africa
10.5.2.1 Africa Cranes Market By Country
10.5.2.2 Africa Cranes Market By Product Type
10.5.2.3 Africa Cranes Market By End-User
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Cranes Market By Product Type
10.5.2.4.2 Nigeria Cranes Market By End-User
10.5.2.5 South Africa
10.5.2.5.1 South Africa Cranes Market By Product Type
10.5.2.5.2 South Africa Cranes Market By End-User
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Cranes Market By Product Type
10.5.2.6.2 Rest of Africa Cranes Market By End-User
10.6 Latin America
10.6.1 Latin America Cranes Market By Country
10.6.2 Latin America Cranes Market By Product Type
10.6.3 Latin America Cranes Market By End-User
10.6.4 Brazil
10.6.4.1 Brazil Cranes Market By Product Type
10.6.4.2 Brazil Africa Cranes Market By End-User
10.6.5 Argentina
10.6.5.1 Argentina Cranes Market By Product Type
10.6.5.2 Argentina Cranes Market By End-User
10.6.6 Colombia
10.6.6.1 Colombia Cranes Market By Product Type
10.6.6.2 Colombia Cranes Market By End-User
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Cranes Market By Product Type
10.6.7.2 Rest of Latin America Cranes Market By End-User
11. Company Profile
11.1 SANY GROUP (China)
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Equipment Types Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Konecranes (Finland)
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Equipment Types Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Manitowoc Company, Inc. (U.S.)
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Equipment Types Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Tadano Ltd (apan)
11.4.1 Company Overview
11.4.2 Financials
11.4.3 Product/Equipment Types Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Komatsu Ltd (Japan)
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Equipment Types Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Terex Corporation (U.S.)
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Equipment Types Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Liebherr Group (Germany)
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Equipment Types Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Hitachi Construction Machinery Europe NV (Netherlands)
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Equipment Types Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Demag Cranes & Components GmbH (Germany)
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/Types Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Zoomlion Heavy Industry Science and Technology Co., Ltd (China)
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Equipment Types Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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