Crane Market Size, Share & Trends Analysis Report By Product (Mobile Crane, Fixed Crane), By Application (Construction, Mining), By Region, And Segment Forecasts, 2023 - 2030

Crane Market Size, Share & Trends Analysis Report By Product (Mobile Crane, Fixed Crane), By Application (Construction, Mining), By Region, And Segment Forecasts, 2023 - 2030

Crane Market Growth & Trends

The global crane market size is expected to reach USD 34.89 billion by 2030 and grow at a CAGR of 4.7% from 2023 to 2030, according to a recent report by Grand View Research, Inc. The growing activities of urbanization and global population growth have heightened the need for the residential and commercial sectors. Consequently, this has resulted in a surge in the construction of tall buildings and skyscrapers, which require the utilization of cranes for efficient construction and vertical transportation of materials. Moreover, infrastructure development extends beyond the construction industry and encompasses the expansion and modernization of transportation networks. Various countries have witnessed significant investments in the development of roads, railways, airports, and ports. Cranes play a vital role in these projects by facilitating the handling of heavy machinery, containers, and other materials during construction and maintenance activities.

The crane industry has experienced a significant surge in adopting advanced technologies, presenting lucrative opportunities in the foreseeable future. Manufacturers in this sector have acknowledged the potential advantages of integrating remote control systems, automation, and telematics into their crane designs. The technological advancements in cranes have captured the attention of infrastructure developers who are constantly seeking cutting-edge equipment to enhance their construction processes. By incorporating advanced technologies into cranes, the industry meets the demand for efficient equipment capable of performing complex tasks, reducing labor-intensive activities, and boosting overall project productivity. The utilization of advanced cranes enables infrastructure developers to enhance construction timelines, mitigate risks, and achieve cost savings. For instance, in March 2023, Kobelco Construction Machinery Co., Ltd. launched G-3 series crawler models (CK1600G-3, CK2000G-3, CK2750G-2) at CONEXPO-

CON/AGG 2023. Each model in the G-3 series is installed with Isuzu Tier 4 compliant engine and added various features such as KCROSS telematics, touch screen LMI, fuel-saving G-modes, and swing limiter, among others.

The market players are investing heavily on research & development activities to launch new and technologically advanced products in the market. Market players are also focusing on various strategies such as partnerships, mergers & acquisitions, collaborations, and business expansion, among others to stay competitive in the market. For instance, in April 2023, The Manitowoc Company, Inc., launched Potain MCT 1105, a tower crane manufactured at Zhangjiagang facility in China. The crane has capacity of 50 tons and is available with three counter jib options i.e., 15m, 20m, and 25m.

Crane Market Report Highlights

• Based on product, the fixed cranes segment is expected to register the fastest CAGR over the forecast period. Fixed cranes are often more cost-effective than mobile cranes for long-term construction projects
• Based on application, the construction segment is anticipated to register the fastest CAGR over the forecast period. Government and private enterprises have invested in developing bridges, highways, and airports to enhance connectivity, which is anticipated to drive the demand for cranes in construction segment
• Asia Pacific is anticipated to register the fastest CAGR from 2023-2030. The growth of manufacturing and industrial sectors in countries such as India and China is boosting the demand for cranes for material handling and manufacturing processes

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