Market Overview
The market price of the Crane Market is projected to reach USD 41,732.50 million and a CAGR of 4.18% in the forecast period from 2022 – 2030.
The global crane market is highly fragmented due to multiple major companies. These companies have used various techniques to expand their range and increase their market status, including acquisitions, mergers, partnerships and new product launches. Sales in the market are expected to be driven by the growing utilization of crane machines in the material-loading, manufacturing, construction, and building of ships throughout the globe. It is expected that the high load capacity and changing designs would meet the needs of various industries, including telecommunication work sites and sophisticated industrial processes.
The COVID-19 issue has affected the crane market businesses, majorly because the government has obliged market players to permit their personnel to work remotely due to the lockdown. Fortunately, the market share of cranes is projected to increase as automated technologies reduce physical contact in offices and industrial facilities. During the outbreak, businesses could operate because of technologies like automated machinery and sophisticated electronics.
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Market segments
The Crane market is classified into market application and type.The crane market application is divided into Shipping and port, oil and gas, construction, and mining. The construction segment will lead the market due to the rise in property investment and building construction.
Based on type, the crane market divides into offshore, port, and industrial cranes. Among the above types, industrial cranes will dominate the market due to their use in the construction industry and construction sites. Rough terrain cranes, mobile cranes, telescopic cranes, all-terrain cranes, and crawler cranes are the subsets of the industrial crane segment. The mobile crane will dominate the market share due to its ability to and flexibility to require less space where the static cranes cannot move.
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Regional analysis
The geographical analysis Shows immense growth in regions such as South America, Europe, North America, Asia-Pacific, the Middle East and Africa.
Among the major regions, Asia-Pacific will lead the global Crane market in the forecast period. Rapid industrialization in India, china, and japan increased investments in infrastructure for renovation and refurbishment of old buildings, and increased government investments contribute to the regional market growth.
By 2025, the global market is expected to grow at a CAGR of 6% in North America. Expansion of infrastructure and utility sectors, high spending capacity of US citizens, smart city developments, rising disposable income, rising consumer awareness about digitization, improved broadband network, the establishment of new telecommunication infrastructures, and high utilization of fixed and mobile cranes for the accessibility of trained operators, in combination with the presence of various enhanced training providers, are all contributing to the global crane market growth.
Key Market Players:
Prominent players profiled in the crane market report include Xuzhou Construction Machinery Group Co., Ltd. (China), Tadano Ltd. (Japan), Shanghai Zhenhua Heavy Industry Co. Ltd. (China), The Manitowoc Company, Inc. (the USA), Cargotec Oyj (Finland), Manitex International Inc. (USA), Liebherr Group (Switzerland), Terex Corporation (USA), Sumitomo Heavy Industries Construction Crane Co., Ltd (Japan), and Konecranes PLC (Finland), among others.
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Industry news
In February 2022– Kistler Crane & Hoist was purchased by American Equipment Holdings, a US-based provider of crane services, inspections, and industrial cranes. The deal intends to expand the company’s manufacturing and MRO capabilities in industrial crane equipment.
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