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Cranes Market Report Scope & Overview:

The Cranes Market size was estimated at USD 44.0 Billion in 2022 and is expected to reach USD 67.3 Billion by 2030 at a CAGR of 4.5% during the forecast period of 2023-2030.

The use of Cranes allows for the horizontal transportation of goods. It is outfitted with hoist ropes, wire ropes, and sheaves to facilitate lifting and lowering huge cargo. The key divisions of the structure are the hydraulic system, the electric system, the boom system, the turntable assembly, the operator cabin, and the chassis.

Cranes Market Revenue Analysis

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The market is expanding as a result of rising demand from the building industry. It is anticipated that the adapting designs and high load-lifting capability would meet the needs of a number of sectors, including complicated manufacturing, telecommunications installations, and shipbuilding. Additionally, since renting or leasing hoists has taken off as a market trend, manufacturers are focused on this. India, Italy, Vietnam, Turkey, and other countries are placing increased emphasis on renting services despite global economic difficulties.

MARKET DYNAMICS

DRIVERS

  • Infrastructure Growth

The need for Cranes for construction and maintenance is driven by the requirement for contemporary infrastructure, such as bridges, roads, airports, and ports.

  • Urbanization

The need for residential and commercial development rises as a result of the rapid urbanization of emerging countries, which raises the demand for construction cranes.

  • Industrialization

Material-handling Cranes are needed for manufacturing, warehousing, and logistics facilities in expanding industrial sectors.

RESTRAIN

  • Infrastructure Development

The need for modern infrastructure, such as bridges, highways, airports, and ports, drives the need for Cranes in development and maintenance.

  • Urbanization

The growing urbanization of emerging nations increases the need for residential and commercial development, which increases the need for construction cranes.

  • Industrialization

Manufacturing, storage, and logistics facilities in developing industrial sectors require material-handling cranes.

OPPORTUNITY 

  • Technological Progress

Continuous improvements in crane technology, such as automation and safety features, provide manufacturers with the chance to provide cutting-edge goods.

  • Growing Rental Market

As more businesses choose to rent cranes rather than own them, the crane rental market is growing and potentially giving expansion prospects.

CHALLENGES

  • Concerns about liability and safety

In order to prevent accidents and legal troubles, businesses must uphold strict safety requirements when using cranes.

  • Technical Adjustment

Businesses must adapt to new technology, which can be costly and need for staff retraining.

IMPACT OF RUSSIAN-UKRAINE WAR

Construction businesses' operating expenses have grown dramatically, as a result of the situation in Ukraine, which has resulted in record fuel prices and higher material costs. Fuel expenses: Increasing fuel costs, especially for diesel, make it much more expensive to run trucks, cranes, and other heavy machinery.

Economic decline in the impacted areas might result from wartime situations. Crane demand may decline as a result of fewer infrastructure and building projects as a result of lower economic activity.  Infrastructure damage might be rather severe in locations where the violence is most acute. Due to the need for cranes during the post-war period of restoration and rebuilding, this may occur. In crisis zones, there may be a greater need for military cranes for logistical support, equipment handling, and debris clearance, which might have an impact on the availability and cost of such specialist cranes.

IMPACT OF ONGOING RECESSION

Construction projects are frequently reduced during economic downturns as firms and people scale back on remodeling and constructing projects. Construction crane demand is thus decreased. During a recession, public infrastructure projects could experience budget cuts or delays. This may have an impact on the demand for cranes employed in extensive infrastructure construction. The real estate market may slow down during a recession. Crane demand for residential and commercial building projects is thus impacted by this.

KEY MARKET SEGMENTATION

By Product Type

  • Mobile

  • Fixed

  • Marine

By End-User

  • Construction

  • Mining

  • Industrial

  • Oil & Gas

  • Others

Cranes Market Segmentation Analysis

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REGIONAL COVERAGE

North America

  • US

  • Canada

  • Mexico

Europe

  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of the Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America

REGIONAL ANALYSES

Asia Pacific is the crane industry's largest market area. Due to a number of factors, Asia Pacific is a sizable contributor to the global cranes industry. There is a strong need for construction and material handling equipment, especially cranes, in the area, due to the fast urbanization and infrastructural development taking place there. Significant investments have been made in infrastructure projects, such as roads, bridges, airports, and residential and commercial buildings in nations like China, India, Japan, and South Korea. Cranes must be used for these projects to efficiently lift and carry big objects. In addition, the rise of the industrial industry in Asia and the Pacific includes various sectors including the consumer goods, electronics, and automobile industry.

The Middle East and Africa (MEA) are the markets for cranes that are expanding at the highest rate. Infrastructure development is booming in the MEA area, especially in nations like South Africa, the United Arab Emirates, Saudi Arabia, and Qatar. These nations are making significant investments in the development of crane-dependent high-rise structures, commercial complexes, transit networks, and energy infrastructure. The growth of large-scale projects like Expo 2020 in Dubai and the FIFA World Cup in Qatar in 2022 has boosted demand for cranes in the area. The Middle Eastern oil and gas sector is a major factor in the expansion of the crane market.

Key Players

The major Key players are SANY GROUP (China), Konecranes (Finland), Manitowoc Company, Inc. (U.S.), Tadano Ltd (apan), Komatsu Ltd (Japan), Terex Corporation (U.S.), Liebherr Group (Germany), Hitachi Construction Machinery Europe NV (Netherlands), Demag Cranes & Components GmbH (Germany), Zoomlion Heavy Industry Science and Technology Co., Ltd (China), and others.

Konecranes (Finland)-Company Financial Analysis

RECENT DEVELOPMENT

Strabag: In July 2021, an Austrian customer, erected a Potain MDT 809 Tower Crane from Manitowoc for use in building a facility in Germany. This crane has a 40 t capacity and 80 m of jib.

Arab Potash Company: In June 2021, Jordan is using SANY's crawler crane SCC1000A  to stop the leaking of potassium-rich seawater from the Dead Sea to the major dikes.

Cranes Market Report Scope:

Report Attributes Details
Market Size in 2022  US$ 44.0 Bn
Market Size by 2030   US$ 67.3 Bn
CAGR   CAGR of 4.5% From 2023 to 2030
Base Year  2022
Forecast Period  2023-2030
Historical Data  2019-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Product Type (Mobile, Fixed, Marine)
• By End-User (Construction, Mining, Industrial, Oil & Gas, Others)

 
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Company Profiles SANY GROUP (China), Konecranes (Finland), Manitowoc Company, Inc. (U.S.), Tadano Ltd (apan), Komatsu Ltd (Japan), Terex Corporation (U.S.), Liebherr Group (Germany), Hitachi Construction Machinery Europe NV (Netherlands), Demag Cranes & Components GmbH (Germany), Zoomlion Heavy Industry Science and Technology Co., Ltd (China),
Key Drivers • Infrastructure Growth
The need for Cranes for construction and maintenance is driven by the requirement for contemporary infrastructure, such as bridges, roads, airports, and ports.
• Urbanization
The need for residential and commercial development rises as a result of the rapid urbanization of emerging countries, which raises the demand for construction cranes.
Market Opportunity • Technological Progress
Continuous improvements in crane technology, such as automation and safety features, provide manufacturers with the chance to provide cutting-edge goods.
• Growing Rental Market
As more businesses choose to rent cranes rather than own them, the crane rental market is growing and potentially giving expansion prospects.

 

Frequently Asked Questions

The Cranes Market is expected to grow at a CAGR of 4.5% from 2023 to 2030.

According to our analysis, the Cranes Market is anticipated to reach USD 67.3 Million By 2030.

 The largest market share is anticipated to belong to the construction sector.

The leading participants in the SANY GROUP (China), Konecranes (Finland), Manitowoc Company, Inc. (U.S.), Tadano Ltd (apan), Komatsu Ltd (Japan), Terex Corporation (U.S.), Liebherr Group (Germany), Hitachi Construction Machinery Europe NV (Netherlands).

Yes, you may request customization based on your company's needs. 

TABLE OF CONTENTS

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumption

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 Impact of the Russia-Ukraine War

4.2 Impact of Ongoing Recession

4.2.1 Introduction

4.2.2 Impact on major economies

4.2.2.1 US

4.2.2.2 Canada

4.2.2.3 Germany

4.2.2.4 France

4.2.2.5 United Kingdom

4.2.2.6 China

4.2.2.7 Japan

4.2.2.8 South Korea

4.2.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Cranes Market SegmentationBy Product Type

8.1 Mobile

8.2 Fixed

8.3 Marine

9. Cranes Market Segmentation, By End-User

9.1 Construction

9.2 Mining

9.3 Industrial

9.4 Oil & Gas

9.5 Others

10. Regional Analysis

10.1 Introduction

10.2 North America

10.2.1 North America Cranes Market  By Country

10.2.2North America Cranes Market  By Product Type

10.2.3 North America Cranes Market  By End-User

10.2.4 USA

10.2.4.1 USA Cranes Market By Product Type

10.2.4.2 USA Cranes Market By End-User

10.2.5 Canada

10.2.5.1 Canada Cranes Market By Product Type

10.2.5.2 Canada Cranes Market By End-User

 10.2.6 Mexico

10.2.6.1 Mexico Cranes Market  By Product Type

10.2.6.2 Mexico Cranes Market  By End-User

10.3 Europe

10.3.1 Eastern Europe

10.3.1.1 Eastern Europe Cranes Market  By Country

10.3.1.2 Eastern Europe Cranes Market  By Product Type

10.3.1.3 Eastern Europe Cranes Market  By End-User

10.3.1.4 Poland

10.3.1.4.1 Poland Cranes Market  By Product Type

10.3.1.4.2 Poland Cranes Market  By End-User

10.3.1.5 Romania

10.3.1.5.1 Romania Cranes Market  By Product Type

10.3.1.5.2 Romania Cranes Market  By End-User

10.3.1.6 Hungary

10.3.1.6.1 Hungary Cranes Market  By Product Type

10.3.1.6.2 Hungary Cranes Market  By End-User

10.3.1.7 Turkey

10.3.1.7.1 Turkey Cranes Market  By Product Type

10.3.1.7.2 Turkey Cranes Market  By End-User

10.3.1.8 Rest of Eastern Europe

10.3.1.8.1 Rest of Eastern Europe Cranes Market  By Product Type

10.3.1.8.2 Rest of Eastern Europe Cranes Market  By End-User

10.3.2 Western Europe

10.3.2.1 Western Europe Cranes Market  By Country

10.3.2.2 Western Europe Cranes Market  By Product Type

10.3.2.3 Western Europe Cranes Market  By End-User

10.3.2.4 Germany

10.3.2.4.1 Germany Cranes Market  By Product Type

10.3.2.4.2 Germany Cranes Market  By End-User

10.3.2.5 France

10.3.2.5.1 France Cranes Market  By Product Type

10.3.2.5.2 France Cranes Market  By End-User

10.3.2.6 UK

10.3.2.6.1 UK Cranes Market  By Product Type

10.3.2.6.2 UK Cranes Market  By End-User

10.3.2.7 Italy

10.3.2.7.1 Italy Cranes Market  By Product Type

10.3.2.7.2 Italy Cranes Market  By End-User

10.3.2.8 Spain

10.3.2.8.1 Spain Cranes Market  By Product Type

10.3.2.8.2 Spain Cranes Market  By End-User 

10.3.2.9 Netherlands

10.3.2.9.1 Netherlands Cranes Market  By Product Type

10.3.2.9.2 Netherlands Cranes Market  By End-User

10.3.2.10 Switzerland

10.3.2.10.1 Switzerland Cranes Market  By Product Type

10.3.2.10.2 Switzerland Cranes Market  By End-User

10.3.2.11 Austria

10.3.2.11.1 Austria Cranes Market  By Product Type

10.3.2.11.2 Austria Cranes Market  By End-User 

10.3.2.12 Rest of Western Europe

10.3.2.12.1 Rest of Western Europe Cranes Market  By Product Type

10.3.2.12.2 Rest of Western Europe Cranes Market  By End-User

10.4 Asia-Pacific

10.4.1 Asia Pacific Cranes Market  By Country

10.4.2 Asia Pacific Cranes Market  By Product Type

10.4.3 Asia Pacific Cranes Market  By End-User

10.4.4 China

10.4.4.1 China Cranes Market  By Product Type

10.4.4.2 China Cranes Market  By End-User

10.4.5 India

10.4.5.1 India Cranes Market  By Product Type

10.4.5.2 India Cranes Market  By End-User 

10.4.6 Japan

10.4.6.1 Japan Cranes Market  By Product Type

10.4.6.2 Japan Cranes Market  By End-User

10.4.7 South Korea

10.4.7.1 South Korea Cranes Market  By Product Type

10.4.7.2 South Korea Cranes Market  By End-User

10.4.8 Vietnam

10.4.8.1 Vietnam Cranes Market  By Product Type

10.4.8.2 Vietnam Cranes Market  By End-User

10.4.9 Singapore

10.4.9.1 Singapore Cranes Market  By Product Type

10.4.9.2 Singapore Cranes Market  By End-User

10.4.10 Australia

10.4.10.1 Australia Cranes Market  By Product Type

10.4.10.2 Australia Cranes Market  By End-User

10.4.11 Rest of Asia-Pacific

10.4.11.1 Rest of Asia-Pacific Cranes Market  By Product Type

10.4.11.2 Rest of Asia-Pacific APAC Cranes Market  By End-User

10.5 Middle East & Africa

10.5.1 Middle East

10.5.1.1 Middle East Cranes Market  By Country

10.5.1.2 Middle East Cranes Market  By Product Type

10.5.1.3 Middle East Cranes Market  By End-User

10.5.1.4 UAE

10.5.1.4.1 UAE Cranes Market  By Product Type

10.5.1.4.2 UAE Cranes Market  By End-User

10.5.1.5 Egypt

10.5.1.5.1 Egypt Cranes Market  By Product Type

10.5.1.5.2 Egypt Cranes Market  By End-User

10.5.1.6 Saudi Arabia

10.5.1.6.1 Saudi Arabia Cranes Market  By Product Type

10.5.1.6.2 Saudi Arabia Cranes Market  By End-User

10.5.1.7 Qatar

10.5.1.7.1 Qatar Cranes Market  By Product Type

10.5.1.7.2 Qatar Cranes Market  By End-User

10.5.1.8 Rest of Middle East

10.5.1.8.1 Rest of Middle East Cranes Market  By Product Type

10.5.1.8.2 Rest of Middle East Cranes Market  By End-User

10.5.2 Africa

10.5.2.1 Africa Cranes Market  By Country

10.5.2.2 Africa Cranes Market  By Product Type

10.5.2.3 Africa Cranes Market  By End-User

10.5.2.4 Nigeria

10.5.2.4.1 Nigeria Cranes Market  By Product Type

10.5.2.4.2 Nigeria Cranes Market  By End-User

10.5.2.5 South Africa

10.5.2.5.1 South Africa Cranes Market  By Product Type

10.5.2.5.2 South Africa Cranes Market  By End-User

10.5.2.6 Rest of Africa

10.5.2.6.1 Rest of Africa Cranes Market  By Product Type

10.5.2.6.2 Rest of Africa Cranes Market  By End-User

10.6 Latin America

10.6.1 Latin America Cranes Market  By Country

10.6.2 Latin America Cranes Market  By Product Type

10.6.3 Latin America Cranes Market  By End-User

10.6.4 Brazil

10.6.4.1 Brazil Cranes Market  By Product Type

10.6.4.2 Brazil Africa Cranes Market  By End-User

10.6.5 Argentina

10.6.5.1 Argentina Cranes Market  By Product Type

10.6.5.2 Argentina Cranes Market  By End-User

10.6.6 Colombia

10.6.6.1 Colombia Cranes Market  By Product Type

10.6.6.2 Colombia Cranes Market  By End-User 

10.6.7 Rest of Latin America

10.6.7.1 Rest of Latin America Cranes Market  By Product Type

10.6.7.2 Rest of Latin America Cranes Market  By End-User

11. Company Profile

11.1 SANY GROUP (China)

11.1.1 Company Overview

11.1.2 Financials

11.1.3 Product/Equipment Types Offered

11.1.4 SWOT Analysis

11.1.5 The SNS View

11.2  Konecranes (Finland)

11.2.1 Company Overview

11.2.2 Financials

11.2.3 Product/Equipment Types Offered

11.2.4 SWOT Analysis

11.2.5 The SNS View

11.3 Manitowoc Company, Inc. (U.S.)

11.3.1 Company Overview

11.3.2 Financials

11.3.3 Product/Equipment Types Offered

11.3.4 SWOT Analysis

11.3.5 The SNS View

11.4 Tadano Ltd (apan)

11.4.1 Company Overview

11.4.2 Financials

11.4.3 Product/Equipment Types Offered

11.4.4 SWOT Analysis

11.4.5 The SNS View

11.5 Komatsu Ltd (Japan)

11.5.1 Company Overview

11.5.2 Financials

11.5.3 Product/Equipment Types Offered

11.5.4 SWOT Analysis

11.5.5 The SNS View

11.6  Terex Corporation (U.S.)

11.6.1 Company Overview

11.6.2 Financials

11.6.3 Product/Equipment Types Offered

11.6.4 SWOT Analysis

11.6.5 The SNS View

11.7  Liebherr Group (Germany)

11.7.1 Company Overview

11.7.2 Financials

11.7.3 Product/Equipment Types Offered

11.7.4 SWOT Analysis

11.7.5 The SNS View

11.8 Hitachi Construction Machinery Europe NV (Netherlands)

11.8.1 Company Overview

11.8.2 Financials

11.8.3 Product/Equipment Types Offered

11.8.4 SWOT Analysis

11.8.5 The SNS View

11.9 Demag Cranes & Components GmbH (Germany)

11.9.1 Company Overview

11.9.2 Financials

11.9.3 Product/Types Offered

11.9.4 SWOT Analysis

11.9.5 The SNS View

11.10   Zoomlion Heavy Industry Science and Technology Co., Ltd (China)

11.10.1 Company Overview

11.10.2 Financials

11.10.3 Product/Equipment Types Offered

11.10.4 SWOT Analysis

11.10.5 The SNS View

12. Competitive Landscape

12.1 Competitive Benchmarking

12.2 Market Share Analysis

12.3 Recent Developments

12.3.1 Industry News

12.3.2 Company News

12.3.3 Mergers & Acquisitions

13. USE Cases and Best Practices

14. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

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This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

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Data Bank Validation

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