Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global crane market size reached US$ 49.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 65.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.6% during 2023-2028.

A crane represents a category of construction machine that is used to move the loads horizontally. It is equipped with a hoist rope, wire ropes and sheaves, and can be used to lift heavy loads or transport them to other locations. The mechanical advantages created by various components on the crane can generate powerful strength. The designs of cranes have evolved to meet the requirements of a variety of industries with modern cranes having the capability to coordinate simple systems to attain complex lifting tasks. A wide range of different types of crane can be used in construction projects to lift and move materials and other building elements from one location to another. Cranes can be of multiple types and can range from a simple rope pulley to a tower crane fixed to the top of a high-rise building. The choice of crane for a particular application will depend on a number of different factors. For the purpose of this report, cranes have been broadly classified as mobile cranes, static cranes, and marine and port cranes. 

The global demand of cranes has been continuously rising driven by their unique property of lifting and transporting extremely heavy materials that are beyond the capability of manual labour. Cranes have been designed with such a technology that they can efficiently fulfil various industrial needs of achieving complex lifting and lowering tasks and that too in very dangerous environments. Cranes can function well even in severely dusty, smoky areas including the areas with extreme weather. Moreover, cranes have multidimensional uses. They are not only used in construction but are equally useful in the fields of mining; oil fields; transportation of goods and cargo; warehouse and logistics operations; etc. Styles incorporate crane dream, crane market square, crane premium pointe 360, and crane carolina sands.

Catalysed by rising industrialisation and urbanisation, the construction industry has witnessed strong growth over the last few decades. Both residential and non-residential construction has witnessed strong growth in both emerging and developed markets. This has resulted in a continuous growth in the demand of various types of cranes. Growth in a number of other end-use industries such as mining; automotive; oil and gas; etc. have also created a positive impact on the global demand of cranes. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global crane market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product type and application.

Breakup by Product Type:

Mobile Cranes
Marine and Port Cranes
Fixed Cranes
 
Based on the product type, the market has been segmented as mobile cranes, marine and port cranes and fixed cranes. 

Breakup by Application:

Construction and Infrastructure
Mining
Oil and Gas
Others

On basis of application, the market has been segmented into construction and infrastructure; mining; oil and gas; and others. 

Regional Insights:

Asia Pacific
Europe
North America
Middle East and Africa
Latin America

Region-wise, the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the biggest market accounting for the majority of the market share.

Competitive Landscape:

The competitive landscape of the market has also been examined with some of the top crane manufacturers being Cargotec, Konecranes, Liebherr-International, Manitowoc, Terex, XCMG Group, American Crane and Equipment, Badger Equipment, Broderson, IHI Construction Machinery, Link-Belt Construction Equipment and Kobelco Cranes.

This report provides a deep insight into the global crane market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the crane industry in any manner.

Key Questions Answered in This Report:

What was the size of the global crane market in 2022?
What is the expected growth rate of the global crane market during 2023-2028?
What are the key factors driving the global crane market?
What has been the impact of COVID-19 on the global crane market?
What is the breakup of the global crane market based on the product type?
What is the breakup of the global crane market based on the application?
What are the key regions in the global crane market?
Who are the key players/companies in the global crane market?