Meticulous Research®, a renowned global market research firm, has unveiled its latest report, "Cranes Market by Type, Class, Lifting Mechanism, Control Method, End-use Industry, and Geography – Global Forecast to 2031." According to the report, the global cranes market is projected to soar to $51.7 billion by 2031, growing at a CAGR of 4.6% from 2024 to 2031.
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Key Market Drivers
The market's growth is fueled by several factors:
• Urbanization and Infrastructure Development: Accelerating urbanization and substantial infrastructure projects worldwide are boosting demand for cranes.
• Global Trade: The rise in global trade is increasing port and shipyard operations, necessitating more cranes.
• Technological Advancements: Innovations in crane technology enhance capabilities and efficiency, driving adoption.
However, high initial investment and operational costs pose challenges to market expansion. Despite this, opportunities abound in smart city and infrastructure projects, along with the rising demand for renewable energy.
Market Segmentation
Type: The cranes market is categorized into tower cranes, mobile cranes, overhead cranes, telescopic cranes, crawler cranes, railroad cranes, floating cranes, aerial cranes, jib cranes, gantry cranes, and others. In 2024, tower cranes are expected to dominate with a 22% market share, attributed to their versatility and efficiency in construction projects.
Class: The market is segmented into six classes, with Class D (heavy service) cranes anticipated to hold the largest share due to their capability to handle substantial loads in various industries.
Lifting Mechanism: Hydraulic cranes are projected to lead the market with a 44% share in 2024, thanks to their versatility and ease of operation. However, electric cranes are expected to grow at the highest CAGR due to their sustainability and efficiency.
Control Method: Manual cranes will likely dominate with a 33% share in 2024, favored for their affordability and lower maintenance costs. Meanwhile, automated cranes are forecasted to grow at the highest CAGR, driven by their precision and efficiency.
End-use Industry: The construction sector is predicted to account for the largest market share of 35% in 2024, benefiting from the extensive use of cranes in enhancing productivity on construction sites.
Regional Insights
Asia-Pacific is set to lead the market, holding a 46% share in 2024, driven by rapid infrastructure development and major investments in transportation, energy, and construction. The region is also expected to grow at the highest CAGR of 6% during the forecast period.
Leading Companies
Key players in the cranes market include:
• Liebherr Group (Switzerland)
• Terex Corporation (U.S.)
• Tadano Ltd. (Japan)
• Caterpillar Inc. (U.S.)
• Gorbel Inc. (U.S.)
• Konecranes Plc (Finland)
• The Manitowoc Company, Inc. (U.S.)
• XCMG Group (China)
• Zoomlion Heavy Industry Science and Technology Co., Ltd. (China)
• SANY Heavy Industry Co., Ltd. (China)
• Pelloby Ltd. (U.K.)
• Demag Cranes & Components GmbH (Germany)
• Street Crane Company Limited (U.K.)
• Hitachi Construction Machinery Europe NV (Netherlands)
• Komatsu Ltd. (Japan)
Innovations and product launches are significant strategies among these players to enhance their market positions. For instance, The Manitowoc Company, Inc. recently introduced the Potain MCT 1005 M50, a topless tower crane, and KenzFigee launched its up-tower crane solution for offshore wind applications.
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