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 global cranes market has been witnessing robust growth, driven by the increasing demand for infrastructure development, urbanization, and the expansion of the construction industry. As economies recover and investment in public and private infrastructure projects increases, the demand for various types of cranes, such as tower cranes, mobile cranes, and crawler cranes, is on the rise. The adoption of advanced technologies, such as telematics and automation, has further enhanced the efficiency and safety of crane operations, making them indispensable in large-scale construction projects. Moreover, the growing emphasis on sustainable construction practices and the integration of electric and hybrid cranes are shaping the future of the market, aligning with global efforts to reduce carbon footprints.
Another significant factor contributing to the growth of the cranes market is the rising demand from the mining and oil and gas industries. These sectors require heavy lifting equipment to handle large loads and operate in challenging environments, thus driving the demand for specialized cranes. The market is also influenced by the increasing focus on modernization and replacement of aging crane fleets to improve operational efficiency and meet stringent safety regulations. Additionally, the growth of e-commerce and logistics industries has spurred the need for efficient material handling equipment, including overhead cranes in warehouses and distribution centers. As these trends continue to evolve, the cranes market is expected to see sustained growth, supported by technological advancements and expanding industrial applications.
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Covid 19 impact analysis:
The latest report is the most recent study that offers coverage of the Cranes industry that has been facing the brunt of the adverse economic impact of the COVID-19 outbreak since the beginning of this year. The global health crisis has affected nearly every aspect of the business vertical and led to massive disruptions to the global Cranes market demand and supply chains. Researchers draw predictions for the market scenario in the post-COVID era. The report, additionally, assesses the present market situation and estimates its future outcomes, keeping in mind the impact of the pandemic on the global economic landscape.
Major companies profiled in the market report include
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
Research objectives:
The latest research report has been formulated using industry-verified data. It provides a detailed understanding of the leading manufacturers and suppliers engaged in this market, their pricing analysis, product offerings, gross revenue, sales network distribution channels, profit margins, and financial standing. The report’s insightful data is intended to enlighten the readers interested in this business sector about the lucrative growth opportunities in the Cranes market.
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It has segmented the global Cranes market
By Product Type
- Mobile
- Fixed
- Marine
By End-User
- Construction
- Mining
- Industrial
- Oil Gas
- Others
Key Objectives of the Global Cranes Market Report:
- The report conducts a comparative assessment of the leading market players participating in the global Cranes
- The report marks the notable developments that have recently taken place in the Cranes industry
- It details on the strategic initiatives undertaken by the market competitors for business expansion.
- It closely examines the micro- and macro-economic growth indicators, as well as the essential elements of the Cranes market value chain.
- The repot further jots down the major growth prospects for the emerging market players in the leading regions of the market
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