New York, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Crane Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Crane Market Size:
The global crane market is estimated to garner a revenue of USD 62,084.1 Million in the year 2031, by growing at a CAGR of 6.8% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 32,559.4 Million by the end of 2021. Increased demand for automation in logistics machinery is to elevate the market growth. With increase in e-commerce, enterprises are shifting towards complete automation of machines. Automation of intra-logistics have been found helpful for business expansion among nearly 61% of logistic operators. Furthermore, accelerated migration of people to urban areas is leading to construction of new homes. In developed nations, approximately 87% of people are expected to shift in urban areas by 2050. Along with this, surge in demands of all-terrain cranes over construction site is likely to boost the market growth. Mobile cranes manufacturers are expecting demand of about 35 units of 80-100 tons and nearly 60 units of 20-60 in all-terrain category.
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Global Crane Market: Key Takeaways
- Asia Pacific region gains the largest portion of the revenue
- Mobile crane segment to dominate the revenue graph
- Construction & infrastructure sub-segment remains prominent in the end-user segment
Government Construction Programs for Residence and Commercial Infrastructure to Promote Market Growth
Government are taking dynamic initiatives for sufficing the need of growing population. There have various plans launched for the construction of residential and commercial infrastructure. For instance, in the recent bidding of India’s Regional Rapid Transport System (RRTS) project, Afcons Infra won a part of project of nearly USD 201.7 crores. The whole project is spread on the area of around 3500 km2. Furthermore, increased construction of new corporate buildings is likely to propel the market growth. National Buildings Corporation, in 2021, proposed the redevelopment of government projects of worth USD 4302.9 Million and it is planned to be finished in next 3 years.
Global Crane Market: Regional Overview
The global crane market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Crane Market in the Asia Pacific is to Grow by Rise in Urbanization and Demand of Housing
With the rise in population, needs for housing is also increasing which leads to more construction. In the base fiscal year of 2021, India’s housing requirement grew by around 35% and is expected to increase again by nearly 10%. The Asia Pacific crane market garnered the revenue of USD 13186.5 million in 2021. By the end of 2031, the market value is expected to stand at USD 26075.3 million by growing at a CAGR of 7.2% over the forecast period. As of 2021, in India, shift to urbanization has driven approximately by 4% over the last decade. Therefore, market growth is also anticipated to augment on the account of growing urbanization.
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Rising Need for Rental Property, Increased Construction and Higher Investment to Fuel the Market Growth in Europe
Owing to increased demand for rental housing, commercial buildings, offices is prompting construction in Europe. According to European Commission, in broad construction sector, the number of enterprises has reached to 192,068 in 2019. Since last decade it has driven by 20.7% in 2020. Furthermore, government initiatives for renovating old homes and constructing new ones is likely to drive the market growth. For instance, in Brussels, under the Regional Hosing Plan and the Habitat Alliance, government is redeveloping existing housing and is constructing 6400 new houses. The Europe crane market is anticipated to garner the second largest revenue of USD 17011.0 Million by the end of 2031, up from a revenue of USD 9194.8 Million in the year 2021. Along with this, investment in machinery used for construction is to favor the market growth. OPAZ signed an agreement with Liebherr, a leading manufacturer of crane. Under the agreement, Liebherr is to furnish OPAZ with fully automated ship to shore container cranes and 12 rubber tire gantry cranes at a total value of nearly RO 28 million.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Crane Market, Segmentation by Type
- Mobile Crane
- Fixed Crane
- Marine & Offshore Crane
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The mobile crane segment is to grow with the highest CAGR of 6.4% over the forecast period. The market generated a revenue of USD 16,464.8 million in 2021. The sale of mobile cranes is expected to grow on the account of accelerated constructional activities, higher demands for rental housing and logistics services. In 2021, nearly 8 million units were purchased. There is various sort of mobile cranes, such as all-terrain crane, rough terrain crane, crawler crane, truck loader crane and others. The mobile crane segment is expected to garner a revenue of USD 30,158.2 million by the end of 2031.
Global Crane Market, Segmentation by End User
- Construction & Infrastructure
- Mining
- Shipping & Transport
- Oil & Gas
- Marine & Off Shore
- Others
By end user, the construction and infrastructure segment is to garner the maximum revenue of USD 16,521.6 million in the end of 2031. The market growth is attributed to rising construction of new homes. As of June 2022, nearly 2 billion new homes were constructed in United States. Furthermore, the rising demand of constructional equipment is to grow the crane market trends. The global sale volume of construction machinery is to reach over 1 million in 2022. Owing to all these factors the construction and infrastructure segment is to rise at a CAGR of 6.5% over the forecast period.
Global Crane Market, Segmentation by Sales
- Aftermarket
- New Sales
The global crane market that are profiled by Kenneth Research are Tadano Limited, Palfinger AG, Zoomlion Heavy Industry Science and Technology Co. Ltd., Liebherr International AG, Konecranes PLC, Favelle Favco Group, Kobelco Cranes Co. Ltd., Cargotec OYJ, Terex Corporation, Manitowoc, and others
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Recent Developments in the Global Crane Market
- February 2021, Liebherr-Werk Ehingen GmbH made an announcement to switch to hydrogenated vegetable oil (HVO) to fuel the machines and cranes. As hydrogenated vegetable oil is Co2 neutral therefore, Liebherr committed to reduce about 6500o tons of greenhouse gas emission. From September onwards, the company will only use HVO to power their cranes, as their machine and cranes engines are approved for HVO.
- April 2022, Palfinger AG, announced its strategic collaboration with Ammann, Rosenbauer, TTControl and Prinoth as a segment of Autonomous Operation Cluster (AOC). The prime motive of this intra industry collaboration is to provide modernise features based on advance artificial intelligence which aids the operators’ job, increase productivity and provide extra safety. It is also a solution to the biggest challenge faced by technology company that is to find compact solutions for tedious off-road operations, such as removal of snow, firefighting, cleaning of debris from landslides and others.
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