Crane Market Assessment, By Type [Mobile Cranes, Fixed Cranes], By Application [Construction and Mining, Marine and Offshore Exploration, Industrial, Others], By Region, Opportunities and Forecast, 2017-2031F

Crane Market Assessment, By Type [Mobile Cranes, Fixed Cranes], By Application [Construction and Mining, Marine and Offshore Exploration, Industrial, Others], By Region, Opportunities and Forecast, 2017-2031F

Global crane market is anticipated to witness a CAGR of 5.23% during the forecast period 2024-2031, growing from USD 38.51 billion in 2023 to USD 57.91 billion in 2031. The market thrives at a strong growth rate due to increased infrastructure development and urbanization.

The rising global population is propelling the demand for construction equipment and materials. The cranes play an extensive role in any construction, maintenance, and exploration program. Incorporating modern systems such as telematics and higher adoption of mobile cranes are revolutionizing the market expansion. Furthermore, the rapid expansion of commercial and residential spaces in emerging economies, such as India and China, is expected to garner market growth. In the past, overhead cranes were known for their colossal, long-lasting buildings. However, modern innovations and ingenious manufacturing techniques are pushing the boundaries of crane technology, producing smaller and lightweight cranes.

Lightweight cranes offer many advantages, such as reduced structural strain, increased lifting capability, and improved energy efficiency. The overhead crane sector has strongly focused on energy-efficient solutions in response to the growing global emphasis on sustainability. Manufacturers have created cutting-edge technology to lower power consumption without compromising performance and productivity. Modern overhead cranes have energy-saving technologies such as advanced power management systems, regenerative braking systems, and variable frequency drives.

For instance, in October 2023, PACEO Corp. and MITSUI E&S introduced hydrogen fuel cell-powered rubber-tired gantry (RTG) cranes at the Port of Los Angles. It is known as the H2-ZE RTG Transtainer Crane, which began commercial operations at Yusen Terminals Inc. on May 15, 2024. The Crane is powered by fuel-cell hydrogen technology, setting a new standard for emissions-free terminal operations. Unlike traditional diesel-powered cranes, the unique technology can achieve zero emissions without relying on the electric grid.

Infrastructure Expansion and Rapid Urbanization to Fuel the Market Growth

Rapid infrastructure, with large investments by the government and private sectors in large-scale projects, fuels the requirement for cranes for building purposes. The expansion of towns, especially in third-world nations, adds to its increase. With the expansion of town centers, it is evident that more houses and business premises are required, which certainly results in more development work being carried out, increasing construction equipment consumption. Improved structures are necessary for several industrial verticals, including manufacturing, oil and gas, and telecommunications, which helps with marketing. With better performance and less energy consumption than conventional options, these machines are becoming more common in various verticals. The expanding marine and shipping sector is projected to grow the market during the forecast period.

For instance, in December 2023, Maersk's Transport and Logistics division, named APM Terminals (APMT) Elizabeth, launched the installation of two new ZPMC Super Post-Panamax Ship-to-Shore (STS) cranes. The cranes can handle both Neo-Panamax and ultra-large container vessels (ULCVs) due to their 23-container outreach. According to reports, the cranes are tested and prepared to handle the largest ships, which can hold up to 18,000 TEU, that call on United States east coast ports.

Sustainable and Electric Cranes to Become the Future of Global Market Growth

Governments across the globe are pushing to limit carbon emissions and fossil fuel consumption. Hence, the origin of hydrogen fuel cell technology and electric cranes have come into existence. Electric cranes don't produce exhaust gases, so air pollution and greenhouse gas emissions decrease. Compared to conventional models, they are far quieter, lowering noise pollution and enhancing air quality. Moreover, current batteries have an 8-hour continuous runtime, greatly lowering energy dispersion and boosting efficiency. Electric cranes frequently have sophisticated safety features, including overload protection and precision control. These electric cranes are now being revised to have higher capacity and productivity.

For instance, At Bauma Conexpo 2023, India, ACE - Action Construction Equipment (ACE) Ltd. launched the country's first fully electric mobile crane, its largest domestic mobile crane with a lifting capability of 180 tonnes, and its first self-propelled aerial work platforms. The electric crane is built to give maximum power and productivity while keeping the equipment adaptable to Indian circumstances as a part of the commitment to promote sustainable technologies.

Rapid Urbanization to Fuel Construction Segment’s Growth

The construction segment is expected to lead the global crane market share. Cranes are essential for heavy lifting and material handling in construction projects, including residential and commercial structures, highways, bridges, and public transportation systems. Cranes are required in construction projects as they can handle large equipment and materials. Since lifting equipment is used extensively in numerous building activities, the construction industry is the major consumer of cranes. Moreover, the industry is benefiting from increased government initiatives related to infrastructure development. It is anticipated that end-users in the mining, oil and gas, industrial, and other sectors will have gradual market expansion and consistent global investment growth.

For instance, in August 2023, Sany Group launched its first 50-ton electric crane, the STC500BEV, and deployed it to the construction of the Changsha Xianglu Island Bridge Project. The STC500BEV crane's extraordinary silence, in stark contrast to the booming engines of other equipment, is what makes it stand out on the busy construction site.

Asia-Pacific Dominates the Global Crane Market Share

Asia-Pacific, including emerging economies such as China and India, are accelerating the regional market growth rate. These rapidly growing economies constantly indulge in construction, port development, trade, and other economic activities. Infrastructural growth requires a large amount of construction equipment, including cranes. Different types of terrains in these nations add dynamics to the market as varied environments demand specific cranes for lifting.

China's dominant position in the Asian market regarding market share and growth rate can be attributed in large part to the increase in real estate sector investments in residential and commercial infrastructure. The demand for China-based machinery has increased globally because the major Chinese manufacturers, SANY, Zoomlion, and XCMG, are using innovative technologies to carve out niches for themselves in the global market.

India, on the contrary, is deploying big cranes for its major construction projects to accelerate infrastructural growth. For instance, in March 2024, the new Noida International Airport will be built on the outskirts of New Delhi, and it will be led by Tata Projects. The business rented three MCT 385 A tower cranes from rental partners and bought two Potain MCT 565 A topless tower cranes to oversee lifting activities on the massive infrastructural expansion.

Future Market Scenario (2024 – 2031F)

Rapid infrastructural development along with increased maintenance activities are anticipated to fuel the market growth.

The market for cranes in the energy exploration, mining, and trade sectors is likely to grow due to the higher adoption of cranes.

Remote monitoring and control, extended rope life, automation, and integration of IoT are some of the major trends that are projected to shape the market growth trajectory.

The use of lightweight materials, compact designs, and greater customization and adaptability is expected to expand the global crane market.

Key Players Landscape and Outlook

Key participants in the global crane market are focusing on advancing the cranes with the latest technology to increase their capability and efficiency. Furthermore, the usage of lightweight material, compact design, and higher customization and adaptability are some of the elements which key players adopt while building cranes. Alongside, strategic partnerships, collaboration, acquisitions, and product launches are used as the major elements of the market’s strategic landscape.

In April 2024, Manitowoc Company Inc. launched two new Potain luffing jib cranes named MR 309 and MR 329. These variants come in 16 t and 25 t maximum capacity variants. Both cranes have a 60 m jib and a 3.4 t capacity at the tip, but because of their differing 2 m and 2.45 m pivot and mast arrangements, they have different load curves and heights under the pivot.

In May 2024, Liebherr Group launched mobile construction cranes in the United States. Three versions with three, four, or five-axle configurations, hook heights up to thirty-nine feet, lifting radiuses exceeding two hundred feet, and different lifting capacities make up the current MK series of mobile construction cranes.