Crane Market: Quantitative Market Size, Share, Growth Analysis & Forecast 2024

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Crane Market: Overview

A crane is a huge machine that has wire ropes or chains, hoist rope, and sheaves. It is basically used for the carrying of the heavy materials from one place to another. The major end-user industry that has huge utilization of the cranes is the construction industry. In all the developing nations the rate of the constructional activities has increased considerably thus increasing the demand for the cranes. There are several types of cranes available in the market which include crawler cranes, wheel mounted cranes, side boom, railroad crane, straddle crane, and aerial cranes.

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Crane Market: Segmentation

The global market for the crane is fragmented into its product type and supply type. Based on the product type, the global market is segregated into mobile cranes, marine cranes, and fixed cranes. The mobile crane segment is sub-categorized into truck cranes, crawler cranes, straddle crane, floating crane, all terrain cranes, side boom, aerial cranes, and railroad crane. The marine crane segment is sub-divided into ship cranes, harbor cranes, and others. The fixed crane segment is sub-segmented into tower cranes, level luffing cranes, stiff-leg derrick, overhead track-mounted cranes, and underhung cranes. Based on the supply type, the market is bifurcated into automotive, oil & gas industry, construction industry, mining industry, shipping & port building, and others.

Crane Market: Growth Factors

The primary factor that is driving the cranes market is the increasing mega constructional activities in several developing regions and the increasing demand for the smart cities. The major factor that favors the growth of the market is a rise in the investments that are made by the private sector organizations and the government for the infrastructural development. The other factor that is driving the growth of the market is the growing demand for the high-capacity lifting triggers the demand for the specialized products which include mobile cranes.

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Crane Market: Regional Analysis

On the basis of the regional segmentation, the global cranes market includes regions such as North America, Western Europe, Asia Pacific, the Middle East and Africa, Latin America, and Eastern Europe. The region that is dominating the crane market is Asia Pacific. This dominance will be retained in the coming years too owing to the significant development of the construction industry. In Asia Pacific region, the developing regions such as India and China are contributing the major revenue in the global crane market. The next big market for the cranes is Europe. There is an increased demand for the cranes from the Western European region. North America is also having a mature market for the cranes. In the coming years, the region will experience a rapid growth in the market. A moderate rate of market growth is being experienced by the Middle East and Africa region.

Crane Market: Competitive Players

The key market players that are involved in the crane market include Terex Corporation, Altech Industries, XCMG Construction Machinery Co., Ltd., Kato Works Co., Ltd., Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd., Columbus McKinnon Corporation, Liebherr Group, Zoomlion Heavy Industry Science and Technology Co., Ltd., Tadano Ltd., Sany Heavy Industry Co., Ltd., Kobelco Construction Machinery Co., Ltd., and Furukawa Unic Corporation.

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Crane Market by Regional Analysis: North America( U.S.), Europe( UK, France, Germany), Asia-Pacific (China, Japan, India), Latin America( Brazil), Middle East and Africa

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