Cranes are heavy-duty machines mainly used for lifting and transporting heavy loads and materials in various construction, mining, shipping & logistics and other industrial applications. The global crane market has witnessed notable technological advancements such as remote-controlled cranes, laser-guided remote controls, hybrid-electric cranes and IoT integration. Remote-controlled operations improve operational safety by eliminating the need for personnel to work in hazardous areas near suspended loads. Hybrid-electric cranes, equipped with both electric and diesel engines, offer improved fuel efficiency and reduced emissions.
The global Crane Market is estimated to be valued at US$ 45.98 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of remote-controlled and automated cranes integrated with advanced technologies such as IoT and AI is one of the major trends being witnessed in the global crane market. Remote-controlled operations provide improved visibility and precision of lifts while reducing human errors. IoT integration enables real-time monitoring of fleet performance, predictive maintenance, and remote diagnostic capabilities. Advanced automated features further optimize operations, improve productivity and reduce costs. Growing infrastructure investments and construction activities globally are expected to drive increased demand for technologically advanced cranes with remote and automated capabilities over the forecast period.
The global crane market is dominated by the mobile cranes segment, which accounted for more than 50% share of the market in 2023. Mobile cranes find widespread application in construction activities where they are used for lifting and transporting heavy equipment and machinery. Their mobility allows construction sites to efficiently manage the material handling needs. As infrastructure development and construction projects continue to increase globally, demand for mobile cranes will further rise in the forecast period.
The global crane market is expected to witness high growth. The global Crane Market is estimated to be valued at US$ 45.98 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030.
The Asia Pacific region currently dominates the global crane market and is expected to maintain its leading position during the forecast period. Rapid infrastructure development and urbanization in countries such as China and India are driving the demand for cranes from the construction sector in the region. Additionally, growth in industrial and manufacturing activities also contributes to the widespread adoption of cranes.
Key players related content comprises: Key players operating in the global crane market are Liebherr Group, Manitowoc, Tadano, Terex, Xuzhou Construction Machinery Group (XCMG), Zoomlion, Sany, KobelcoCrane, HitachiSumitomo, Furukaw, Konecrane, Manitowoc Cranes, TIL Limited. These players are focusing on new product launches and expansion of production capabilities to cater to the growing demand for cranes across major continents. For instance, Liebherr’s new mobile harbor crane types LHM 550 and LH 110 Pro were unveiled in 2023, expanding the company’s product portfolio.
- Source: Coherent Market Insights, Public sources, Desk research
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