New York (US), May 04, 2023 (GLOBE NEWSWIRE) -- Static Crane Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), "Static Crane Market Information by Type, End-User, and Region - Forecast till 2030", The market for static cranes can rise from USD 14.0 billion in 2023 to USD 20.61 billion by 2030, with a growth rate of 5.3% between 2023 and 2030.
Market Synopsis
Although static cranes resemble standard tower cranes in appearance, they vary in that the lattice mast is positioned on the slewing ring, allowing the entire tower to rotate from a single fixed point. They are equipped with a hoist block and trolley that can travel along the length of the luffing jib, which can be lifted 90 degrees from horizontal.
The length of the jib, the height at which it is hoisted, and the placement of the hoist block along its length all affect how much weight it can lift. Static cranes are useful because they frequently provide a closer approach to the face of a structure and are typically employed for limited-capacity lifting.
In the construction, mining, power plant, and maritime industries, they are mostly utilized for material handling. The most difficult tasks on building sites may be handled by these cranes. Construction work is easier and significantly more efficient when static cranes are used. These cranes are becoming essential elements of building projects. An increase in infrastructure-building activities is predicted to speed up market development between 2023 and 2030. The research of the static crane market shows that the need for static cranes is being driven by the increasing urbanization and infrastructural growth occurring all over the world. In a number of nations, including Germany, the United Kingdom, the United States, and India, the development of high-rise structures has expanded dramatically. Over the anticipated timeframe, this is expected to increase the market value for static cranes.
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Market Competitive Landscape:
The affluent vendors in the static crane industry are
- SANY Group
- XCMG Group
- Liebherr International AG
- TEREX Corporation
- JASO Tower Cranes
- Manitowoc Company Inc.
- Zoomlion Heavy Industry Science & Technology Co. Ltd.
- ACE Equipment Company
- KITO Corporation
- WOLFKRAN International AG
- Among others.
The worldwide static cranes market, which has a significant presence in a variety of industries and regions, is fiercely competitive and dominated by well-established, pure-play manufacturers. More than 30 manufacturers serve this industry, and they regularly improve their products to satisfy the changing demands of enterprises by implementing new technologies and advancements to make cranes more useful. To serve various consumer groups, these suppliers have a wide geographic reach and a strong partner network. With several suppliers providing comparable goods and services, the static crane market is extremely competitive.
Manufacturing locally is one of the main business tactics used by manufacturers in the worldwide market that not only benefits the customers but also helps them increase their share. this enables them to lower operational expenses.
Report Scope:
| Report Attribute | Details |
| Market Size | USD 20.61 billion |
| CAGR | 5.3% (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019 & 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End User, and Region |
| Geographies Covered | Europe, North America, Asia-Pacific, Middle East & Africa, and South America. |
| Key Market Drivers | Rapid infrastructure development across the globe Rise in government infrastructure in public and private infrastructure projects |
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Market USP Covered:
Market Drivers:
Around the world, governmental infrastructure projects, new commercial and residential structures, and private sector organizations are all receiving major funding. The static crane business is being driven by this globally. According to the Institution of Civil Engineers, the worldwide construction market is anticipated to reach over US$ 8.0 trillion by the end of 2030. This will help the static crane market's expansion throughout the anticipated term.
Numerous international, regional, and local suppliers may be found in the market for static cranes. All of the companies in the industry are vying for the largest possible portion of the market, which is very competitive. Market expansion is significantly impacted by fierce competition, frequent changes to legislation and government policies, and other variables. Cost, product quality, dependability, and aftermarket services are the criteria on which the suppliers compete. In a highly competitive market situation, the suppliers must offer high-quality static cranes that are both affordable and reliable if they are to remain in business.
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Market Restraints:
One of the major restraints is the scarcity of competent workers in the industrial sector. This is explained by the fact that static cranes have intricate arrangements, which need intensive operator training in order to achieve desired outcomes. In addition, shifts in the cost of raw materials impede market expansion. Crane manufacturing and sales have also been put on hold as a result of the COVID-19 pandemic due to the extended lockdown in several developed nations, including the U.S., Italy, and the UK. This has considerably slowed the market expansion for static cranes.
COVID 19 Analysis
The COVID-19 pandemic, which began in November 2019, has had a detrimental effect on the world economy since it greatly damaged industries including energy, manufacturing, construction, and automotive. The number of projects in the construction industry have significantly decreased on a global scale. Lockdown restrictions have been implemented in the majority of nations around the world, which has caused supply chain disruptions, demand changes, a decline in production, the closure of manufacturing facilities, and the suspension of numerous projects and other construction-related activities, all of which have decreased end-user demand for static cranes.
Due to the worldwide suspension or postponement of infrastructure and building projects, there has been a decline in demand for static cranes on the international market. The COVID-19 epidemic has thus had a negative effect on the global market for static cranes. Additionally, the producers and suppliers of static cranes face a number of difficulties, including production halts, supply chain hiccups, a shortage of laborers and raw materials, and cash flow issues.
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Market Segmentation
By Type
Tower cranes, overhead cranes, and level-luffing cranes are the three major types of static cranes in the global market. According to estimates, the tower crane sector will rule the market over the projection period. This is a result of the expansion of the building, shipbuilding, energy, and utility sectors on a worldwide scale. Large infrastructure projects frequently employ these cranes. Tower cranes can lift a lot of weight and operate well in challenging environments.
By End-Use
Construction, mining, maritime, power & utilities, and other end-user industries are the top static cranes market end-user. Due to the increasing need for material handling at heights in the construction sector, static cranes are frequently utilized. But it's also employed in the building of industrial facilities, power plants, bridges, and dams.
Regional Insights
Since the European government authorities are investing heavily in new smart city initiatives, the region holds the highest share in the static cranes market. By 2025, it's anticipated that the European Union's nations will have more than 350 smart cities, which will increase the use of high-tech construction equipment. Furthermore, over the anticipated period, the market expansion would be aided by the rising number of residential infrastructure projects in Germany, France, and Russia. The "Big Investment Plan" was designed by the French government with a USD 66 billion investment to promote regional structural development. In the time frame anticipated, this will aid in the market's expansion throughout Europe.
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