Global crane market to reach US$ 54.3 billion by 2024
The global crane market size reached a value of US$ 42.2 billion in 2018. The market is further expected to reach a value of US$ 54.3 billion by 2024, exhibiting a CAGR of around 4% during 2019-2024.
According to the latest report by IMARC Group, titled "Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023", the global crane market price reached a value of around US$ 42.2 Billion in 2018. Crane refers to a type of construction machinery utilized for lifting and transporting heavy loads. It is used in industries such as the transport industry for loading and unloading freight and the manufacturing industry for assembling heavy equipment. Earlier, cranes were manually powered by the laborers and used pulleys and ropes to lift objects. Nowadays, the advanced cranes utilize hydraulic and internal combustion engine systems which provide greater lifting capabilities. There is a wide variety of construction cranes available in the market including aerial cranes, truck-mounted cranes and mobile cranes which are used to build all types of structures ranging from high-rise office buildings to modular home constructions. As per the demand the construction and infrascture sector has emerged as top market for crane services followed by mining, and oild and gas sector.
The governments of various nations are spending a considerable amount of money on the development of their country's infrastructure, such as roads, airports, railways, commercial spaces and housing establishments. The ongoing construction of smart cities in the emerging regions, particularly in India and China, have also escalated the demand for cranes. Apart from this, there have been developments in crane technologies that will create a positive impact on the growth of the global crane market. For instance, the manufacturers in India have introduced special purpose cranes enabling rapid removal of overburden from tunnelling or shaft excavation when used for hydel power projects. Styles incorporate crane dream, crane market square, crane premium pointe 360, and crane Carolina sands. Moreover, the manufacturers have launched innovative mobile cranes which are compact and can be easily assembled. Looking forward, the crane market size is projected to reach a value of US$ 54.3 Billion by 2024, exhibiting a CAGR of around 4% during 2019-2024.
Crane Market Summary
- Based on types, the market has been segmented as mobile cranes, marine and port cranes, and fixed cranes. Currently, mobile cranes dominate the market, holding the largest share.
- Region-wise, Asia Pacific enjoys the leading position in the global crane market. Other major regions include Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the global crane market has also been examined with some of the key players being Cargotec, Konecranes, Liebherr-International, Manitowoc, Terex, XCMG Group, American Crane and Equipment, Badger Equipment, Broderson, IHI Construction Machinery, Link-Belt Construction Equipment and Kobelco Cranes.
(With inputs from IMARC Group)