Crane Market healthy pace throughout 2024 just published

The global crane market 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. A crane represents a category of construction machine that is used to move the loads horizontally. It is equipped with a hoist rope, wire ropes and sheaves, and can be used to lift heavy loads or transport them to other locations. The mechanical advantages created by various components on the crane can generate powerful strength. The designs of cranes have evolved to meet the requirements of a variety of industries with modern cranes having the capability to coordinate simple systems to attain complex lifting tasks. A wide range of different types of crane can be used in construction projects to lift and move materials and other building elements from one location to another. Cranes can be of multiple types and can range from a simple rope pulley to a tower crane fixed to the top of a high-rise building. The choice of crane for a particular application will depend on a number of different factors. For the purpose of this report, cranes have been broadly classified as mobile cranes, static cranes, and marine and port cranes.

The global demand of cranes has been continuously rising driven by their unique property of lifting and transporting extremely heavy materials that are beyond the capability of manual labour. Cranes have been designed with such a technology that they can efficiently fulfil various industrial needs of achieving complex lifting and lowering tasks and that too in very dangerous environments. Cranes can function well even in severely dusty, smoky areas including the areas with extreme weather. Moreover, cranes have multidimensional uses. They are not only used in construction but are equally useful in the fields of mining; oil fields; transportation of goods and cargo; warehouse and logistics operations; etc.

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The global crane market segments include types and application.

Types are segmented into:

Mobile cranes
Fixed cranes
Marine & port cranes
Others

Applications are segmented into:

Construction & infrastructure
Mining & excavation
Marine & offshore
Industrial
Others

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.

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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