The global crane market is poised for significant growth, with an estimated value of US$ 44 billion in 2022. The demand for cranes is expected to sustain momentum throughout the forecast period, driven primarily by their widespread utilization across various industries, including mining operations. By 2033, the market is projected to reach a substantial valuation of US$ 67.6 billion, reflecting a notable compound annual growth rate (CAGR) of 4.0% from 2023 to 2033. Moreover, the market is forecasted to achieve a valuation of US$ 45.7 billion in 2023, indicating continued growth and robust market dynamics in the coming years.
Several companies are strategically investing in the establishment of smart factories to bolster their manufacturing capacities in response to the escalating demand for portable cranes. An exemplar initiative in this regard is the launch of a smart tower crane plant by Zoomlion Heavy Industry Science & Technology Co., Ltd. in Changde City, China, commencing operations in May 2021. This endeavor underscores the industry’s transition towards adopting advanced manufacturing practices, aligning with the paradigm shift towards smart technologies and efficient production methodologies.
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Growth Factors
The crane market is experiencing significant growth driven by its widespread utilization across various industries globally, including material loading, shipbuilding, manufacturing, and construction sectors.
The increasing demand for safe, economical, and efficient material handling operations in building and transportation further contributes to the market’s growth trajectory. Moreover, the adoption of cranes in the mining sector is on the rise, propelled by the need for efficient material handling solutions.
The expansion of the oil & gas sector also plays a pivotal role in boosting market growth as cranes are essential for various operations in this industry.
Additionally, technological advancements are creating new growth opportunities for crane manufacturers, enhancing their capabilities and efficiency in meeting evolving customer demands. Overall, these factors collectively contribute to the growing demand and expansion of the crane market globally.
Key Players
- Liebherr Group
- Terex Corporation
- XCMG Construction Machinery Co. Ltd.
- The Manitowoc Company
- Cargotec Oyj, Tadano Ltd.
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- Kobelco
- Sany Group
- Kato
- Tadano Ltd.
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Key Segments
By Type:
- Rough Terrain Cranes (RTCs)
- All Terrain Cranes (ATCs)
- Truck Cranes
- Mobile Harbors
- Off-shore Ship Cranes
- Loader Cranes
- Railroad Cranes
- Crawler Cranes
- Tower Cranes
- Others
By Application:
- Aerospace and Defense
- Automotive & Railways
- Heavy Engineering
- General Engineering
- Mining
- Construction
- Marine
- Shipping & Material Handling
- Energy (Power & Gas)
By Capacity:
- Up to 5 MT
- 5 to 50 MT
- 50 to 250 MT
- 250 to 500 MT
- 500 to 1,500 MT
- 1,500 to 3,000 MT
By Design:
- Stiff Boom
- Knuckle Boom/Telescopic Boom
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets.
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