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The global crane market in 2021 stood at US$33.74 billion, and is likely to reach US$45.84 billion by 2027. In recent years, infrastructure has come to be seen as fundamental to promoting countries' economic growth and prosperity. Infrastructure spending encourages economic inclusiveness, enables trade and connectivity, and results in improved productivity and growth. Infrastructure construction and civil engineering companies build large buildings, bridges, dams, pipelines, road networks, ports, railways, and aqueducts. This triggers high demand for cranes since they are used to lift or lower objects and move them horizontally. Cranes are in high demand since they are employed in so many different industries.
A crane is a type of machine that can be used to lift and lower materials as well as move them horizontally. It is often furnished with a hoist rope, wire ropes or chains, and sheaves. The majority of its applications involve lifting and moving heavy objects. The importance of cranes has grown quickly in the modern world as a result of the rising demand for the development of smart cities all over the globe and the surge in global construction investment. The global crane market is projected to grow at a CAGR of 5.24% during the forecast period of 2022-2027.
Market Segmentation Analysis:
By Type: The market report has segmented the global crane market into three segments on the basis of type: mobile cranes, marine & port cranes, and fixed cranes. The mobile cranes segment held more than 61% of the share in crane market in 2021, owing to rapid development in the power distribution sector across the globe, rising investments in the energy transmission and distribution (T&D) networks and growing industrialization across emerging nations. The global mobile crane market may be divided based on type: all-terrain crane, rough terrain crane, crawler crane, truck-mounted crane, and other mobile cranes. On the other hand, the global market for mobile cranes may be divided into the three primary application categories: construction, industrial, and utility.
By Application: The report splits the global crane market into five different segments: construction, industrial application, mining and excavation, oil & gas and other applications. The construction segment is the fastest growing segment with a CAGR of around 5.9% during the forecast period, owing to the increasing industrialization, as well as increasing investments in renewable power generation capacities and infrastructure projects in private & public sectors.
By Region: According to this report, the global market can be divided into four major regions: Asia Pacific (China, Japan, India, and Rest of the Asia Pacific), North America (the US, Canada, and Mexico), Europe (Germany, UK, France, and rest of Europe), and rest of the world (ROW). The fastest growing regional market is Asia Pacific which is expected to dominate the market in future owing to growing construction activities in emerging economies, such as China, India, and the Philippines, expansion of manufacturing sector in the region, the upgrading and expansion of existing networks and rising investments in the energy transmission and distribution (T&D) networks. The Indian crane market is anticipated to grow the quickest in Asia Pacific, owing to the increased expenditures on public infrastructure, and the rising construction industry.
Global Crane Market Dynamics:
Growth Drivers: The demand for various types of cranes has increased significantly in recent years due to the construction industry's strong recent growth, which allows for flexible lifting capability, heavy-duty loading, and high height reachability during building operations. Further, the market is expected to grow, driven by rising demand in metallurgical industries, escalating preference of rental services, rapid expansion of aerospace industry, expanding urbanization, etc. in recent years.
Challenges: Cranes are enormous, intricate equipment that need mounting hardware and cable harnesses. These machines can be challenging to handle properly, which increases the risk of accidents and material loss in industrial settings. Cranes require a technical expert for this reason. For the effective handling of the new technology, this necessitates recurring worker training. Thus, it is projected that a dearth of skilled labor will restrain the market for cranes from growing. Additionally, other factors like high investment cost, etc. are other challenges to the market.
Trends: One of the main applications for cranes is mining, and rising coal demand also raises demand for mining. Mining activities are difficult to manage and carry out in isolated and hazardous regions. Due to their special ability to lift and carry highly heavy materials that are beyond the scope of physical work, cranes are therefore in high demand as a result of the boom in mining activities, directly supporting market expansion over the upcoming years. More trends in the market are believed to grow the crane market during the forecasted period, which may include rapid growth of automotive industry, upswing in maritime activities and rising applications in power generation, etc.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 brought in many changes in the world, disruption in the supply chain of raw materials and halted construction & manufacturing activities across the world, caused by the COVID-19 pandemic, resulted in the downfall in demand for cranes in various end-use industries which eventually had a negative impact on its market growth globally. Further, the outbreak of pandemic resulted in reduction in maritime trade, decline in aircraft deliveries, and decreased copper production, which aggravated the decline of crane market. However, post pandemic market is expected to regain its momentum as economic activities resumed and manufacturing activities started across the world.
Competitive Landscape and Recent Developments:
The global crane market has been a consolidated market. Leading companies in the worldwide crane market are concentrating on taking advantage of the substantial need for dependable crane equipment in the mining, construction, and industrial sectors. While this is going on, several of the other major businesses are funding R&D initiatives to introduce cutting-edge technologies. Additionally, they are taking part in mergers and acquisitions to expand their reach internationally.
Further, key players in the crane market are:
- Xuzhou Construction Machinery Group Co., Ltd. (XCMG)
- Zoomlion Heavy Industry Science and Technology Co., Ltd.
- Liebherr Group
- Konecranes PLC
- SANY Heavy Industry Co. Ltd
- Cargotec Corporation
- TADANO LTD.
- The Manitowoc Company, Inc.
- Palfinger AG
- KOBELCO Group (KOBELCO Construction Machinery Co., Ltd.)
- Terex Corporation
- Manitex International, Inc. (Badger Equipment Company)
The major crane manufacturers are concentrating on designing cranes that can effectively meet a variety of industrial demands, such as executing complex lifting and lowering tasks in risky locations. Additionally, they are constantly enhancing the fuel efficiency of cranes, which lowers the cost of operating. Additionally, a number of significant manufacturers are introducing special-purpose cranes that can efficiently remove overburden from tunneling or shaft excavation in hydropower projects, which is improving the market prospects. For example: The German-based multinational equipment company Liebherr reported in January 2022 that the company had sold more than 80 brand-new marine mobile harbor cranes in 2021, which was a record number of sales. By producing advanced electric motors, the business intends to transform port handling. It is also working to develop CO2-neutral drive technology in an effort to stay at the forefront of this sector.