Global Crane Market - Overview
Market Research Future (MRFR) has announced a new report on the global crane market. The report looks at the various factors affecting the global cranes market’s development, including its historical development, present conditions, and likely future growth potential. The global crane market is expected to grow at a strong 4.96% CAGR over the forecast period from 2021 to 2030.
Cranes are mechanical devices used to lift or carry heavy loads. They utilize a mechanical advantage to lift heavy loads and are mostly used in construction applications, in addition to being used in mining and oil and gas applications. Cranes are among the first construction tools built by mankind, with the basic principle behind gaining a mechanical advantage through cranes being a well-known fact since the time of Ancient Greece. With the introduction of motor power, design changes were made in subsequent years to make cranes equipped to deal with the sea change around them. The growth of the construction industry has driven the global crane market in recent years and is likely to remain the major driving factor for the global crane market over the forecast period.
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Global Crane Market – Prominent Players
Xuzhou Construction Machinery Group Co., Ltd. (China), Tadano Ltd. (Japan), Shanghai Zhenhua Heavy Industry Co. Ltd. (China), The Manitowoc Company, Inc. (the USA), Cargotec Oyj (Finland), Manitex International Inc. (USA), Liebherr Group (Switzerland), Terex Corporation (USA), Sumitomo Heavy Industries Construction Crane Co., Ltd (Japan), and Konecranes PLC (Finland), among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Crane Market.
Cranes are heavy equipment primarily used for lifting large loads and their transportation to other places. Cranes are widely used in building and constructions, mining, shipyards and marine sector. Growing construction and infrastructure sector across the globe, is the primary driving force behind the crane market growth. Technological innovations in crane models are influencing the market growth positively, leading to the emergence of lighter and more energy efficient cranes.
Although existing since decades cranes are still evolving, constantly undergoing a number of transformations. Evidently, manufacturers bringing up these transformations account for the major driving forces behind pushing the market growth up. Technological advancement transpired in the field are increasing the adoption of cranes escorting its market value to an unparalleled level, globally. The factors driving the growth of the crane market are constant upgradation of the manufacturing plants and the expansion and upgradation of power grids and distribution networks.
Other notable technology innovations include the dramatic growth in the population and industrialization in many developing countries. Not only does the large-scale industrialisation create a need for rapid improvements in infrastructure, but also demands higher-quality infrastructure.
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Crane Market - Segments:
The global crane market is segmented on the basis of crane type, application, and region.
On the basis of crane type, the global crane market is segmented into mobile cranes, fixed cranes, and marine cranes.
On the basis of application, the global crane market is segmented into construction and infrastructure, mining, oil and gas, and others.
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Crane Market - Regional Analysis:
Global Crane Market -Regional Analysis
The Asia Pacific region accounts for the largest share in the global crane market, followed by Europe and North America, respectively. Rapidly growing construction activities in the region drive the market demand. Among APAC countries China, Singapore, Japan, and India account for the major markets.
The dramatic population growth particularly in India and China, and represents a major driver in crane usages. Not only does large-scale industrialization in the region create a need for rapid improvements in infrastructure, but increasingly prosperous population demands higher-quality housing and better living conditions. Moreover, factors such as rapid urbanization and improving economic conditions in the region that are increasing consumers’ purchasing power has the positive influence on the growth of the market.
The European region accounts for the second-largest share in the global crane market owing to the growing residential and non-residential construction activities. The use of cranes in residential construction in Europe, is expected to increase over the forecast period. Furthermore, the growth of the crane market in this region can be attributed to the booming industrial sector and the safety concerns at workplaces, especially in industries such as automotive and metal & heavy industries. Crane also facilitate the distribution and production of materials majorly in the e-commerce industry, thereby leading to the growth of the crane market in the region.
The North American region is rapidly emerging as a promising market for cranes. Growing construction projects hugely contribute to the market growth in the region. Besides the growing technological advancements foster the market growth in the region. Displaying a moderate demand for cranes, the North American market is expected to register a substantial CAGR during the assessment period. Expansion and upgradation of power grids and distribution networks are driving the demand in the crane market in this region.
Industry/ Innovation/ Related News:
November 09, 2018 – Sarens (Belgium), a multinational company involved in heavy lift, engineered transport, and crane rental services officially launched its new crane the SGC-250 which apparently happens to be the world's largest crane. This giant crane will be used to perform all the major lifts at the Hinkley Point C nuclear power plant, the UK. Inspired by the "increasing trend" towards modularisation the SGC-250 is designed to cater the clientele that prefer to pre-assemble large portions, or modules, in a controlled environment and then transport and lift them into their final position.
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