Cranes Market Size to Hit $49.64 Billion by 2028 | Rising Investments in Infrastructure and Construction Industries to Amplify Market Growth: Reports Fortune Business Insights™

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Cranes Market to Exhibit a CAGR of 4.5% between 2021 and 2028; Jobsite Conquer by Potain Cranes at Downtown Phoenix to Incite Development: Says Fortune Business Insights™

Pune, India, Dec. 12, 2023 (GLOBE NEWSWIRE) — The global cranes market size is projected to exhibit tremendous growth by reaching USD 49.64 billion by 2028 and registering a CAGR of 4.5% between 2021 and 2028. The soaring investments in infrastructure and construction sectors due to swift urbanization and industrialization are anticipated to bolster the growth of the market in the coming years. Fortune Business Insights™ has presented this information in its report titled “Cranes Market, 2021-2028”. The market size stood at USD 34.95 billion in 2020.

According to our analysis, the growth of crane rental services is also anticipated to boost the growth of the market as the rental options decrease service costs, and therefore help customers to acquire advanced equipment when needed.

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Report Scope & Segmentation

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 4.5 %
2020 Value Projection USD 34.95 billion
Base Year 2020
Cranes Market Share in 2028 USD 49.64 billion
Historical Data for 2017 to 2019
No. of Pages 120
Segments covered By Type, End-User, and Region
Cranes Market Growth Drivers Increasing Investments in Construction and Infrastructure Sector to Swell Market
Accelerated Rental Services to Spur the Market Growth

Report Coverage-

  • It highlights the latest industry developments and key market trends.
  • It advises strategies to overcome the challenges and restraints to market growth.
  • It incorporates Porters’ Five Forces Analysis.
  • It showcases the COVID-19 pandemic impact on the market.
  • It describes about the consumption rates and patterns associated with the market.

Industry Developments:
August 2021: Two Potain tower cranes by Manitowoc have successfully conquered the development site working spaces of the Haverly Apartments in downtown Phoenix.

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Competitive Landscape-

Key Players Adopt Ingenious Strategies to Garner Growth

The market is primarily dominated by players such as Terex Corporation, SANY Group, Liebherr Group, Manitowoc Company Inc., Komatsu Ltd., among others. The top players emphasize technological developments to deliver tailored products. They adopt ingenious growth strategies including technological advancements, new product launches, patents, collaborations, partnerships, and others, to bolster their market positions. For instance, since receiving the second delivery of Manitowoc’s compact and versatile all-terrain crane, Grove GMK5200-1, John Sutch Cranes has started raising awareness on cancer, beginning July 2021. The company has been using the same crane specially wrapped to raise funds for cancer charity.

List of Key Players in the Global Cranes Market:

  • SANY GROUP (China)
  • Konecranes (Finland)
  • Manitowoc Company, Inc. (U.S.)
  • Tadano Ltd (Japan)
  • Komatsu Ltd (Japan)
  • Terex Corporation (U.S.)
  • Liebherr Group (Germany)
  • Hitachi Construction Machinery Europe NV (The Netherlands)
  • Demag Cranes & Components GmbH (Germany)
  • Zoomlion Heavy Industry Science and Technology Co., Ltd (China)
  • XCMG Group (China)
  • Caterpillar (U.S.)
  • GORBEL INC. (U.S.)
  • Street Crane Company Limited (U.K.)
  • PALFINGER AG (Austria)
  • ZPMC (China)
  • Certex (U.K.)
  • Cargotec (Finland)
  • BUCKNER HEAVYLIFT CRANES, LLC (U.S.)
  • Pelloby Ltd. (U.K.)

Segmentation-

On the basis of product type, the market is trifurcated into marine, fixed, and mining. On the basis of end-user, the market is fragmented into oil & gas industry, mining, construction, industrial, and others. Geographically, the market is classified into Latin America, North America, Europe, Asia Pacific, and the Middle East & Africa.

Regional Insights-

Soaring Infrastructure Projects to Fuel Growth in Asia Pacific

Asia Pacific is projected to experience the fastest-growth in the global cranes market share. The soaring infrastructure projects and construction activities across developing nations such as China and India are anticipated to fuel the market’s growth. China is anticipated to be the leading growth region in the market for Asia Pacific due to the increasing investments in real estate sector for residential and commercial infrastructures.

North America is expected to witness considerable growth in the global market due to the growth of the mining industry in the U.S.

Europe is anticipated to gain substantial growth in the coming years due to the rising number of construction projects. The transport up-gradation is also gaining traction and is likely to aid the market growth in the forthcoming years.

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Drivers & Restraints-

Escalating Investments in Residential & Commercial Buildings Construction to Boost Market Growth

The rapid urbanization is resulting in a huge demand to seamlessly transfer weights above 500 tons across Latin American and Asian countries. Moreover, several private and government sectors are investing heavily in commercial & residential buildings construction and public infrastructure. These factors are anticipated to collectively bolster the global cranes market growth. Additionally, the rising focus of governments of major economies on green building development is anticipated to offer lucrative opportunities for the market.

The rising use of cranes for overall transportation process across automotive, mining, oil & gas, and others is likely to complement the market’s growth.

Lastly, the growth of crane rental services is anticipated to boost the growth of the market.  The rental options decrease service costs, and therefore help customers to acquire advanced equipment when needed. Moreover, the growing shift of rental companies to become premium service providers is likely to benefit the market.

However, the lack of safety measures and the high investment costs are likely to restrain the market’s growth.

Major Table of Contents:

  • Introduction
    • Definition, By Segment
    • Research Approach
    • Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Force Analysis
    • Global Cranes Market Share Analysis, 2020
  • Key Market Insights and Strategic Recommendations
  • Profiles of Key Players (Would be provided for 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Gross Margin
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Primary Interview Responses
  • Annexure / Appendix

To be Continue…

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