Pune, India, Jan. 21, 2022 (GLOBE NEWSWIRE) -- The global cranes market size is projected to exhibit tremendous growth by reaching USD 49.64 billion in 2028 from USD 36.36 billion in 2021 and registering a CAGR of 4.5% between 2021 and 2028. The soaring investments in infrastructure and construction sectors due to swift urbanization and industrialization are anticipated to bolster the growth of the market in the coming years. Fortune Business Insights™ has presented this information in its report titled “Cranes Market, 2021-2028”. The market size stood at USD 34.95 billion in 2020.
According to our analysis, the growth of crane rental services is also anticipated to boost the growth of the market as the rental options decrease service costs, and thus help customers to acquire advanced equipment when needed.
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List of Key Players in the Global Market:
- SANY GROUP (China)
- Konecranes (Finland)
- Manitowoc Company, Inc. (U.S.)
- Tadano Ltd (Japan)
- 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)
- XCMG Group (China)
- Caterpillar (U.S.)
- GORBEL INC. (U.S.)
- Street Crane Company Limited (U.K.)
- PALFINGER AG (Austria)
- ZPMC (China)
- Certex (U.K.)
- Cargotec (Finland)
- BUCKNER HEAVYLIFT CRANES, LLC (U.S.)
- Pelloby Ltd. (U.K.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 4.5% |
| 2028 Value Projection | USD 49.64 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 34.95 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 120 |
| Segments covered | Size, Share, Product Type, End-User, Geography |
| Growth Drivers | Increasing Investments in Construction and Infrastructure Sector to Swell Market |
| Accelerated Rental Services to Spur the Market Growth | |
| Mobile Crane is Expected to be the Fastest-growing Segment in Future | |
| Pitfalls & Challenges | High Investment Costs and Lack of Safety Measures to Hamper Market Growth |
COVID-19 Impact-
The unanticipated, rapid spread of the coronavirus pandemic has struck the market significantly. The downfall of numerous production processes due to the complete or partial lockdowns has adversely affected the market growth. The disruptions and halts in construction, oil & gas, industrial, and mining industries have further aggravated the situation. The demand is expected to remain volatile in 2021 as the world still recovers from the COVID-19 pandemic. However, the market is expected to witness tremendous growth post-pandemic.
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Report Coverage-
The report highlights the latest industry developments and key market trends. It advises strategies to overcome the challenges and restraints to market growth. It incorporates Porters’ Five Forces Analysis. It also showcases the COVID-19 pandemic impact on the market.
Further, it describes about the consumption rates and patterns associated with the market.
Drivers and Restraints-
Escalating Investments in Residential & Commercial Buildings Construction to Boost Market Growth
Rapid urbanization is resulting in huge demand to seamlessly transfer weights above 500 tons across Latin American and Asian countries. Moreover, several private and government sectors are investing heavily in commercial & residential buildings construction and public infrastructure. These factors are anticipated to collectively bolster the global cranes market growth. Additionally, the rising focus of governments of major economies on green building development is anticipated to offer lucrative opportunities for the market.
The rising use of cranes for overall transportation process across automotive, mining, oil & gas, and others is expected to complement the market growth.
Lastly, the growth of crane rental services is anticipated to boost the growth of the market. The rental options decrease service costs, and thus help customers to acquire advanced equipment when needed. Moreover, the growing shift of rental companies to become premium service providers is expected to benefit the market.
However, the lack of safety measures and high investment costs are expected to restrain the market growth.
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Segments-
On the basis of product type, the market is trifurcated into marine, fixed, and mobile. On the basis of end-user, it is fragmented into oil & gas, mining, construction, industrial, and others. Geographically, it is studied across Latin America, North America, Europe, Asia Pacific, and the Middle East & Africa.
Regional Insights-
Soaring Infrastructure Projects to Fuel Growth in Asia Pacific
Asia Pacific is projected to experience the fastest-growth in the global cranes market share. The soaring infrastructure projects and construction activities across developing nations, such as China and India, are anticipated to fuel the market growth. China is anticipated to be the leading region in the Asia Pacific market due to increasing investments in real estate sector for residential and commercial infrastructures.
North America is expected to witness considerable growth in the global market due to the growth of the mining industry in the U.S.
Europe is anticipated to gain substantial growth in the coming years due to rising number of construction projects. The transport upgrade is also gaining traction and is expected to aid the market growth in the forthcoming years.
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Competitive Landscape-
Key Players Adopt Ingenious Strategies to Garner Growth
The market is primarily dominated by players such as Terex Corporation, SANY Group, Liebherr Group, Manitowoc Company Inc., and Komatsu Ltd. The top players emphasize technological developments to deliver tailored products. They adopt ingenious growth strategies, including technological advancements, product launches, patents, collaborations, partnerships, and others to bolster their market positions. For instance, since receiving the second delivery of Manitowoc’s compact and versatile all-terrain crane, Grove GMK5200-1, John Sutch Cranes has started raising awareness on cancer, beginning July 2021. The company has been using the same crane specially wrapped to raise funds for cancer charity.
Industry Developments:
- August 2021: Two Potain tower cranes by Manitowoc successfully conquered the development site working spaces of the Haverly Apartments in downtown Phoenix.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Cranes Market Share Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
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