Global Cranes Market Grows Steadily at a CAGR of 4.8%

Introduction

Cranes are used to lift and carry bulky objects using a hoisting mechanism equipped with hoist ropes, wire ropes, chains, and shelves. In addition, they are available in several distinct types, including traveling overhead cranes, girder cranes, bridge cranes, crawler cranes, pedestal jib cranes, and others. A crane is a mechanical device with a hoisting mechanism and wire ropes, hoist ropes, sheaved ropes, or chains for attachment. Cranes are used for material handling on construction sites and in industrial environments.

Market Dynamics

Increasing Public-Private Partnerships (PPPs) and Focus on Service and Aftermarket Industries Drives the Global Market

The lack of government funding is one of the most significant obstacles to infrastructure development, particularly in developing nations. The construction of new infrastructure is a significant contributor to the rapid growth of urban areas. The infrastructure deficit is caused by insufficient financial resources and ineffective channels for efficiently mobilizing resources for the country's development. Public-private partnerships have effectively channeled private funds toward infrastructure development in many countries.

Significant industry players, such as Manitowoc and Liebherr, are focusing on developing real-time diagnostics and repair, parts and training, and other services to increase consumer confidence and extend the working life of cranes. Predictive maintenance and real-time health monitoring can reduce the downtime experienced by mobile cranes, resulting in cost savings. Compared to floor-based lifting and transportation equipment such as forklifts and scissor lifts, cranes and hoists on industrial floors can significantly increase the productivity of lifting and transporting applications.

Due to the high price of real estate and rent, distribution, warehousing, and manufacturing facilities have prioritized space and time optimization. To enable higher stacking, overhead cranes, gantry cranes, and girder cranes can be integrated into ceilings. This maximizes the storage facility's volumetric space and allows for greater vertical space utilization. The elimination of floor-based transportation also contributes to the decrease in foot traffic on the industry floor. As a result, it is anticipated that the combined effect of all of these factors will stimulate the growth of the global cranes market.

Growing Automation in Cranes Creates Tremendous Opportunities

Autonomous and automated crane systems enable remote access to machines that operate without the need for human operators. Mobile cranes can be remotely monitored using connected sensors and artificial intelligence. Human error is eliminated by providing real-time data on the angle of the boom, the load weight, the horizontal reach, and the efficiency of the crane. Remotely controllable cranes reduce the possibility of mishaps and fatalities. As a result, the automation of mobile cranes is anticipated to create lucrative opportunities for the market expansion of cranes.

Regional Analysis

China holds the largest market share for cranes in the Asia-Pacific region, followed by Japan. India, South Korea, and Vietnam have high growth potential due to rapid infrastructure development. The Asia-Pacific region has the highest market share for cranes, and Europe has the second-largest share. This is since Europe is a significant center for crane manufacturing, with four significant manufacturers holding the largest market share. All-terrain cranes are in more demand than other mobile cranes in Europe. European manufacturers are increasingly concerned with the emission control of heavy machinery such as cranes. Together, these factors contribute to the growth of the European cranes market.

Key Highlights

• The global cranes market was valued at USD 33.61 million in 2021. It is projected to reach USD 56.29 million by 2030, growing at a CAGR of 4.8% during the forecast period (2022–2030).
• Based on mobility, the global cranes market is classified into static and mobile cranes. The static segment is the highest contributor to the market, growing at a CAGR of 4.2% during the forecast period.
• Based on type, the cranes market is classified into overhead traveling cranes, transporter cranes, gantry cranes, bridge cranes, tower cranes, and portal or pedestal jib cranes. The transporter, gantry, and bridge cranes segment are the highest contributor to the market, growing at a CAGR of 5.1% during the forecast period.
• Based on the business type, the global cranes market is classified into original equipment manufacturers (OEMs) and aftermarkets. The OEM segment is the highest contributor to the market, growing at a CAGR of 4.6% during the forecast period.
• Asia-Pacific is the highest revenue contributor to the global cranes market and is estimated to reach USD 25.55 million by 2030, growing at a CAGR of 5.5% during the forecast period.

Competitive Players

1. Cargotec Corporation
2. Kito Corporation
3. Konecranes PLC
4. Liebherr-International AG
5. Maintowoc Company Inc.
6. Sany Heavy Industry Co. Ltd.
7. Tadano Ltd.
8. Terex Corporation
9. Xuzhou Construction Machinery Group Co. Ltd. (XCMG)
10. Zoomlion Heavy Industry Science And Technology Co. Ltd. (ZOOMLION).

Recent Developments

• June 2022- Manitowoc launched the new version of Potain MCT 565 for short-jib applications. Manitowoc has introduced the Potain MCT 565A, a more compact but equally high-performing version of the 32-t capacity MCT 565 M32 – the second-largest topless crane manufactured at Zhangjiagang, China facility after the Potain MCT 805.
• May 2022- Liebherr-Mischtechnik GmbH and FBR cooperated to commercialise bricklaying robot. Liebherr-Mischtechnik and the Australian manufacturer FBR cooperate in developing a mobile bricklaying robot. The robot, named Hadrian, masons buildings quickly and efficiently.
• March 2022- TICT in Nigeria ordered two Konecranes Gottwald Generation 6 Mobile Harbor Cranes. Tincan Island Container Terminal Limited (TICT) has ordered two eco-efficient Konecranes Gottwald ESP.8 Mobile Harbor Cranes for their operations in Lagos, Nigeria. Booked at the end of 2021 for delivery in June 2022, it is the first order of a Generation 6 crane for Africa.

Segmentation

1. By Mobility
   1. Static
   2. Mobile
2. By Type
   1. Overhead traveling cranes
   2. Transporter cranes, gantry cranes, and bridge cranes
   3. Tower cranes and portal or pedestal jib cranes
3. By Business Type
   1. Original equipment manufacturer (OEM)
   2. Aftermarket