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Crane Market Is Estimated To Witness High Growth Owing To Technological Advancements And Growing Infrastructure Projects

Crane Market Is Estimated To Witness High Growth Owing To Technological Advancements And Growing Infrastructure Projects

The Crane Market is estimated to be valued at US$ 40.13 billion in 2023 and is expected to exhibit a CAGR of 6.26% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Crane Market encompasses a wide range of lifting equipment used for various applications in construction, manufacturing, transportation, and other industries. Cranes are essential for lifting and moving heavy loads, providing efficiency and convenience in material handling processes. The market offers different types of cranes such as tower cranes, mobile cranes, crawler cranes, and overhead cranes, catering to diverse requirements.

Market Dynamics:

The Crane Market is driven by technological advancements in crane design and functionality, enabling improved lifting capacity, safety features, and automation. Growing infrastructure projects worldwide, especially in emerging economies, are creating a significant demand for cranes. The need for efficient and time-saving material handling solutions is also boosting market growth. Additionally, the integration of IoT and telematics in cranes is enhancing their performance and providing real-time data for better operational efficiency and maintenance planning. However, high initial investment costs and stringent regulations regarding safety and emissions control pose challenges to market growth. Overall, the Crane Market is anticipated to witness promising growth during the forecast period.

Segment Analysis:

The crane market can be segmented based on product type, end-use industry, and geography. In terms of product type, mobile cranes dominate the market due to their ability to be easily transported and used across various construction sites. They offer flexibility and mobility, making them the preferred choice for construction projects. The sub-segment of all-terrain cranes is particularly dominating as they can operate on both rough terrains and public roads, providing efficiency and convenience to end-users.

PEST Analysis:

Political factors: Government regulations and policies regarding safety standards and environmental protection have a significant impact on the crane market. Stringent regulations can increase compliance costs for manufacturers.

Economic factors: Economic growth and infrastructure development drive the demand for cranes. With urbanization and industrialization, the need for construction machinery, including cranes, is expected to rise.

Social factors: The growing population and rapid urbanization in emerging economies create a demand for construction projects, boosting the crane market. Technological advancements have also led to enhanced safety features and improved efficiency in cranes.

Technological factors: The integration of advanced technologies, such as telematics and automation, has revolutionized the crane industry. These technologies improve operational efficiency, reduce downtime, and enhance safety measures.

Key Takeaways:

The Global Crane Market Demand is expected to witness high growth, exhibiting a CAGR of 6.26% over the forecast period, due to increasing infrastructure development and construction activities worldwide. The market size for 2023 is estimated to reach US$ 40.13 billion.

In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the crane market. Ongoing urbanization, industrialization, and government initiatives for infrastructure development in countries like China and India are driving the demand for cranes in the region.

Key players operating in the crane market include Liebherr Group, Manitowoc, Tadano, Terex, Xuzhou Construction Machinery Group (XCMG), Zoomlion, Sany, Kobelco Crane, Hitachi Sumitomo, Furukaw, Konecrane, Manitowoc Cranes, and TIL Limited. These players are focusing on product innovations, strategic collaborations, and expansions to gain a competitive edge in the market.

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