Autonomous Cranes Market Forecasts to 2028 - Global Analysis By Crane Type (Static Crane, Mobile Crane, Transporter Cranes and Overhead Traveling Cranes), Technology (Machine Learning, Computer Vision, Natural Language Processing and Other Technologies),

Autonomous Cranes Market Forecasts to 2028 - Global Analysis By Crane Type (Static Crane, Mobile Crane, Transporter Cranes and Overhead Traveling Cranes), Technology (Machine Learning, Computer Vision, Natural Language Processing and Other Technologies), End User (Construction, Marine & Offshore, Mining & Excavation, Transportation, Oil & Gas and Industrial) and Geography

According to Stratistics MRC, the Autonomous Cranes Market is accounted for $4.14 billion in 2022 and is expected to reach $14.13 billion by 2028 growing at a CAGR of 22.70% during the forecast period. Autonomous cranes are mechanical equipment components used for material handling applications that are linked to a set of wire ropes, sheaves, or chain hoist ropes, as well as smart technology enabled software and hardware, such as artificial intelligence (AI) and machine vision. The autonomous crane, a new generation of lifting and handling heavy materials, provides numerous benefits such as time savings, operational effectiveness, and collision avoidance.

According to the U.S. Census Bureau report on monthly construction spending in 2022, construction spending was expected to be $1,744.8 billion in April 2022, a 0.8% rise from the revised March estimate of $1,740.6 billion.

Market Dynamics:

Driver:

Rise in demand for Efficient & Safe Operations

The rising demand for goods and materials, the need to move them quickly and efficiently, and the desire to minimize accidents all contribute to the need for efficient operations. Furthermore, the desire to maintain production schedules is to lower the probability of accidents and lower the cost of repairs, which all contribute to the demand for reduced downtime.

Restraint:

Limited availability of skilled crane operator of autonomous cranes inhibiting market growth

Due to the increased demand for skilled workers, manufacturing companies have been compelled to hire people at higher rates, increasing labour expenses. The significant shortage of staff in organisations causes overwork and job dissatisfaction among team members. Automated cranes require a skilled workforce to operate them efficiently.

Opportunity:

Increasing construction activities to propel market growth

Global construction spending has increased as a result of rapid industrialization, urbanisation, and strong economic growth in emerging economies. As on-site construction teams invest in better time management, more efficient material handling equipment is required to ensure safe operations and reduce the risk of human loss. The increased spending on construction activities is predicted to enhance the usage or demand for cranes.

Threat:

High cost of autonomous cranes hampering market growth

The initial cost of setting up automated cranes is very considerable. It costs a significant amount of money to commence using cutting-edge technologies for automatic cranes, including computer vision, machine learning, the Internet of Things (IoT), and natural language processing.

Covid-19 Impact

The automated crane market has been impacted by the COVID-19 pandemic's rapid international expansion. The coronavirus epidemic in March 2020 prompted to lockdowns being implemented in the majority of countries globally. Industry players have been forced to permit their workers to work remotely due to restrictions imposed by various governments. The implementation of automated technologies to minimize human touch in industrial facilities is anticipated to support the growth of the global market over the course of the projected period. Due to modern electronics and automated technologies, firms were able to continue to operate during the outbreak, guaranteeing business continuity and increasing production.

The construction segment is expected to be the largest during the forecast period

The construction industry has experienced tremendous growth as both developing and developed nations witnessed substantial increase in residential and non-residential construction. As a result, there is a rising trend in demand for various cranes.

The mobile crane segment is expected to have the highest CAGR during the forecast period

Due to rising demand for mobile crane services in the construction and building sector as well as the mining and excavation industry, the mobile crane segment is expected to grow at the highest rate during the forecast period. Furthermore, flexibility, mobility, and lower cost will drive the growth of the mobile crane segment market.

Region with largest share:

The Asia Pacific region has become more urbanised as a result of rising GDP per capita and infrastructure development, turning rural areas into urban. Additionally, the cities had drifted into unsustainable consumption models as a result of the sudden increase in demand. Moreover, Asia Pacific is estimated to have significant demand due to its rapidly expanding population.

Region with highest CAGR:

The autonomous crane market in North America is anticipated to widen significantly due to an increase in demand, a rise in income, advanced technology and equipment, as well as programmes to raise awareness of the need. Furthermore, companies, government organisations, etc. are increasing their focus on developing customer-centric products, which will also help with the development of this region.

Key players in the market

Some of the key players in Autonomous Cranes market include Manitex International, Inc, Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd, Konecranes PLC, Terex Corporation, Cargotec Corporation, Henan Mine Crane Co. Ltd., INTSITE Ltd., Sumitomo Heavy Industries Construction Cranes Co. Ltd., Kito Corporation, LiuGong Machinery Co., Ltd., Eilbeck Cranes, Columbus McKinnon, Sany Group Co. Ltd and American Equipment Holdings.

Key Developments:

In February 2022, American Equipment Holdings, a USA-based manufacturer of industrial overhead cranes, crane services, and inspections acquired Kistler Crane & Hoist for an undisclosed amount. The acquisition by American Equipment is focused on expanding its geographic footprint in production and MRO in the overhead crane systems and hoists sector. Kistler Crane & Hoist is a USA-based provider of overhead crane systems, maintenance, repair, and overhaul services.

Crane Types Covered:
• Static Crane
• Mobile Crane
• Transporter Cranes
• Overhead Traveling Cranes

Technologies Covered:
• Machine Learning
• Computer Vision
• Natural Language Processing
• Other Technologies

End-users Covered:
• Building & Construction
• Marine & Offshore
• Mining & Excavation
• Transportation
• Oil & Gas
• Industrial

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements