Crane Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2028

 

Cranes are machines that lift, lower, and move heavy objects or freight from one location to another, typically for transportation or construction work. One of the major driving factors for the rising demand for cranes is increased government investment in the development of smart cities. For example, according to the Indian government's Union Budget 2018-19, the government has selected 99 cities under the smart city mission and will provide a fund of US$ 3.1 billion for their development. Furthermore, increased mining production has increased global demand for cranes. According to the World Mining Congress, global mining production was 16.9 billion metric tonnes in 2016, up from 15.8 billion metric tonnes in 2010.

Crane Market services include renting cranes for heavy material movement and construction assistance. Cranes' specific applications are determined by the industry that rents them.

Cranes are classified into two types: Crane Market and mobile cranes. A static crane is a permanent or semi-permanent structure that is fixed to the ground or a building and lifts and moves loads along a predetermined path. A mobile crane is a crane that is mounted on treads or wheels and can be moved from one job site to another.

The Crane Market is growing as a result of increased government and private spending on new construction and development projects to provide better infrastructure amenities. Marketing is also aided by the need for improved structures in several industry verticals such as telecommunications, oil and gas, and manufacturing. These machines are gaining popularity in a variety of industries due to their superior performance and efficiency over traditional options.

Over the forecast period, the crane industry is expected to benefit from the deployment of automated technology to reduce human involvement in manufacturing facilities and offices. The rapid expansion of the infrastructure and building industries to various new construction and restoration projects creates a high demand for these types of equipment.

Key Players

Liebherr Group, Manitowoc, Tadano, Terex, Xuzhou Construction Machinery Group (XCMG), Zoomlion, Sany, KobelcoCrane, HitachiSumitomo, Furukaw, Konecranes, Manitowoc Cranes, and TIL Limited are key players in the global crane market.