Crane Market

Crane Market – Overview

The global crane market is projected to witness significant growth from 2021 to 2031 (forecast period). The global crane market is anticipated to gain from the adoption of automated technology to reduce human participation in manufacturing sites and offices. Moreover, the explosive growth of the infrastructure and building industries, due to multiple new construction and restoration projects, is creating a high demand for these types of equipment.

The global crane market is expected to be driven by the rising government and private investment in new construction and development projects to provide better infrastructure amenities. The market is also buoyed by the need for enhanced structures in a variety of industry verticals, including telecommunications, manufacturing, oil and gas, and others. Furthermore, due to their greater productivity and effectiveness over traditional options, these machines are gaining traction in a range of industries.

Crane Market – Competitive Landscape

Key players in the global crane market are Manitowoc, Cargotec, Tadano, Kobelco, Liebherr, Kone Cranes, Zoomlion, SANY Global, Palfinger, and XCMG.

Key players are investing extensively in new product research and development and worldwide delivery of cranes. They are also working on other expansion tactics such as mergers and acquisitions to bolster their positions.

Kone Cranes introduced the Generation 6 range of mobile harbor cranes (MHCs) in June 2021. According to Kone Cranes, the product nomenclature for the range is ESP, which represents electric, smart, and powerful. The range contains six versions, beginning with the ESP.6 and progressing to the ESP.9, the strongest of which can lift to 200 tons.

Crane Market – Trends and Opportunities

Rising urbanization rates can be observed throughout the world, particularly in emerging economies such as India, which also has a growing population. As a result, governments are expanding their investments in the development of residential and non-residential building structures to provide people with homes and other infrastructural facilities. These factors are expected to boost the global crane market. Other key elements likely to boost market growth include rapid technological developments and increased mining activities worldwide, ranging from natural gas and fuel to mineral ores, which necessitate heavy apparatus such as drills that must be lifted and moved regularly. These aspects are expected to have a beneficial impact on the global crane market growth.

The COVID-19 outbreak has hampered the global crane market growth, impacting industries like energy, construction, manufacturing, and automotive. As most countries throughout the world imposed stringent restrictions, disrupting the global supply chain, the construction industry suffered a significant decline in the number of projects. Following the pandemic, the global crane market is expected to pick up pace as manufacturing activities restart around the world.

Crane Market – Regional Landscape

The Asia Pacific crane market is projected to expand due to increased infrastructure initiatives. For example, in 2018, China's National Development and Reform Commission (NDRC) approved 27 infrastructure projects totaling around USD 219.43 billion. Thus, an increase in construction projects in emerging nations like China and India is likely to drive the crane market growth.

Moreover, China is expected to contribute substantially to the regional market due to massive capital investments and a boom in infrastructure development. With advanced technologies, the top Chinese manufacturers, Zoomlion, SANY, and XCMG, have established their market presence in the global market, consequently increasing demand for China-based machines around the world.

The crane market in North America is likely to witness considerable growth during the forecast period. The expansion of the mining industry in the United States is projected to boost the market growth in North America. Moreover, market participants are increasing their product offerings in order to acquire a competitive edge in the US market. Manitowoc Company, Inc., for example, launched all-terrain cranes Grove GMK4090.