The global crane market is expected to grow at a CAGR of 6.8%

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New York, Oct. 18, 2022 (GLOBE NEWSWIRE) — Kenneth Research has released an in-depth market report on “Global crane market‘ for the forecast period i.e. 2022 – 2031 which includes the following factors:

  • Market Growth Over the Forecast Period
  • Detailed regional synopsis
  • Market segmentation
  • Growth engines
  • Challenges
  • Major market players and their detailed profiling

world crane Market size:

The global crane market is estimated to generate a revenue of USD 62,084.1 million in 2031, growing at a CAGR of 6.8% over the forecast period, i.e., 2022-2031 . Furthermore, the market generated a revenue of USD 32,559.4 million by the end of 2021. The increased demand for logistics machine automation is expected to accelerate the growth of the market. With the rise of e-commerce, businesses are moving towards full machine automation. Intra-logistics automation has proven useful for business expansion for nearly 61% of logistics operators. In addition, the accelerated migration of people to urban areas leads to the construction of new housing. In developed countries, around 87% of people are expected to move to urban areas by 2050. Along with this, increasing demand for all terrain cranes at construction sites is expected to drive the growth of the market. Manufacturers of mobile cranes foresee a demand of around 35 units of 80-100 tonnes and around 60 units of 20-60 in the off-road category.

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Global crane market: Key points to remember

  • The Asia-Pacific region obtains the largest share of revenue
  • Mobile crane segment will dominate the revenue chart
  • The construction and infrastructure sub-segment remains predominant in the end-user segment

Government residential and commercial infrastructure construction programs to promote market growth

The government is taking aggressive initiatives to meet the needs of a growing population. Various plans have been launched for the construction of residential and commercial infrastructure. For example, in the recent tender for India’s Regional Rapid Transit System (RRTS) project, Afcons Infra won a portion of the project worth almost USD 201.7 crore. The entire project covers an area of ​​approximately 3500 km2. Also, the increase in the construction of new corporate buildings is expected to propel the growth of the market. The National Buildings Corporation in 2021 proposed the redevelopment of government projects worth $4302.9 million and it is expected to be completed within the next 3 years.

Global crane market: Regional overview

The global crane market is segmented into five major regions, namely North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

Crane Market in Asia Pacific to Grow Due to Increase in Urbanization and Demand for Housing

With the increase in population, the need for housing also increases, which leads to more construction. In the base fiscal year of 2021, India’s housing needs have increased by around 35% and are expected to increase further by almost 10%. Asia-Pacific Cranes Market generated a revenue of USD 13186.5 million in 2021. By the end of 2031, the market value is expected to reach USD 26075.3 million growing at a CAGR 7.2% over the forecast period. In 2021, in India, the shift to urbanization has increased by around 4% over the past decade. Hence, market growth is also expected to increase due to increasing urbanization.

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Growing need for rental properties, increase in construction and increase in investment to fuel market growth in Europe

Due to the increase in demand for rental housing, commercial buildings, offices are driving construction in Europe. According to the European Commission, in the construction sector as a whole, the number of companies reached 192,068 in 2019. Since the last decade, it has increased by 20.7% in 2020. In addition, government initiatives to renovation of old houses and construction of new ones are likely to drive the growth of the market. For example, in Brussels, within the framework of the Regional Housing Plan and Alliance Habitat, the government is redeveloping existing housing and building 6,400 new houses. The European crane market is expected to generate the second largest revenue of USD 17011.0 million by the end of 2031, from a revenue of USD 9194.8 million in 2021. Along with this, the Investment in machinery used for construction must favor the market. growth. OPAZ has signed an agreement with Liebherr, one of the leading crane manufacturers. Under the agreement, Liebherr is to supply OPAZ with fully automated ship-to-shore container cranes and 12 rubber-tired gantry cranes for a total value of nearly RO28 million.

The study further incorporates annual growth, demand and supply and forecasts future opportunities in:

  • North America (USA, Canada)
  • Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, Rest of Europe)
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
  • Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman]North Africa, South Africa, Rest of the Middle East and Africa).

Global cranes market, segmentation by type

  • Mobile crane
  • Fixed crane
  • Marine and offshore crane

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The mobile crane segment is expected to grow with the highest CAGR of 6.4% over the forecast period. The market generated a revenue of $16,464.8 million in 2021. The sale of mobile cranes is expected to grow due to the acceleration of construction activities, increased demand for rental housing and logistics services. In 2021, nearly 8 million units have been purchased. There are different types of mobile cranes, such as all terrain crane, rough terrain crane, crawler crane, truck loading crane and others. The mobile crane segment is expected to generate revenue of $30,158.2 million by the end of 2031.

Global crane market, segmentation by end user

  • Construction & Infrastructure
  • Mining
  • Shipping and transport
  • petroleum gas
  • Marine & Offshore
  • Others

By end user, the construction and infrastructure segment is expected to generate the peak revenue of USD 16,521.6 million by the end of 2031. The growth of the market is attributed to the increase in the construction of new homes. By June 2022, nearly 2 billion new homes had been built in the United States. In addition, the growing demand for construction equipment is developing crane market trends. The global construction machinery sales volume is expected to reach over 1 million in 2022. Due to all these factors, the construction and infrastructure segment is expected to grow at a CAGR of 6.5% over the forecast period.

Global crane market, segmentation by sales

The global crane market described by Kenneth Research is Tadano Limited, Palfinger AG, Zoomlion Heavy Industry Science and Technology Co. Ltd., Liebherr International AG, Konecranes PLC, Favelle Favco Group, Kobelco Cranes Co. Ltd., Cargotec OYJ, Terex Corporation , Manitowoc and others

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Recent Developments in the Global Crane Market

  • February 2021, Liebherr-Werk Ehingen GmbH announced the switch to hydrogenated vegetable oil (HVO) to power machinery and cranes. Since hydrogenated vegetable oil is therefore CO2-neutral, Liebherr is committed to reducing greenhouse gas emissions by around 6,500 tonnes. From September, the company will only use HVO to power its cranes, as the engines in its machines and cranes are HVO approved.
  • In April 2022, Palfinger AG announced its strategic collaboration with Ammann, Rosenbauer, TTControl and Prinoth as a segment of the Autonomous Operating Group (AOC). The main motive for this intra-industry collaboration is to provide modernization features based on advanced artificial intelligence that facilitates the work of operators, increases productivity and provides additional safety. It is also a solution to the biggest challenge facing a technology company which is to find compact solutions for tedious off-road operations, such as snow removal, firefighting, clearing debris from landslides and others.

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