Crane Market Rising: 4.67% CAGR Projected
Evolve Business Intelligence has published a research report on the Global Crane Market, 2023–2033. The global Crane Market is projected to exhibit a CAGR of around 4.67% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Crane Market: Cargotec, Konecranes, Liebherr-International, Manitowoc, Terex, XCMG Group, American Crane and Equipment, Badger Equipment, Broderson and Kobelco Cranes.
More Information: https://evolvebi.com/report/crane-market-analysis/
Market Highlights
The Global Crane Market is projected to be valued at USD 5.27 Billion by 2033, recording a CAGR of around 4.67% during the forecast period. The Crane Market encompasses the global industry involved in the design, manufacturing, and distribution of cranes. Cranes are heavy machinery used for lifting and moving heavy loads, typically in construction, manufacturing, transportation, and other industrial sectors.
Key factors influencing the Crane Market include economic growth, infrastructure development, technological advancements, and regulatory requirements. The market is driven by the increasing demand for construction activities, urbanization, and the need for efficient material handling solutions in various industries. Additionally, advancements in crane technology, such as automation and remote operation, are also contributing to market growth.
The COVID-19 pandemic had significant impacts on the Crane Market globally. The pandemic disrupted global supply chains, affecting the availability of raw materials, components, and finished cranes. Manufacturing and assembly processes were slowed or halted in many regions, leading to delays in crane deliveries and project timelines. Many construction projects were delayed or canceled due to lockdowns, travel restrictions, and economic uncertainties caused by the pandemic. This reduction in construction activity directly affected the demand for cranes, particularly in sectors such as commercial real estate, hospitality, and infrastructure. Economic downturns and reduced business activity during the pandemic led to financial uncertainties for companies involved in the crane market. This affected investment decisions and the willingness of businesses to commit to large capital expenditures on new cranes. The pandemic accelerated the adoption of technologies like remote monitoring, automation, and digital solutions in the crane industry. These innovations helped improve operational efficiency, safety, and maintenance practices during a period of reduced on-site workforce.
Segmental Analysis
The global Crane Market has been segmented based on Product Type and Application.
Based on Product Type, the Crane Market is segmented into Mobile Cranes, Marine and Port Cranes, Fixed Cranes and Others. The Mobile Cranes segment is anticipated to dominate the market.
Based on Application, the global Crane Market has been divided into the Construction and Infrastructure, Mining, Oil and Gas and Others. The Construction and Infrastructure segment is anticipated to dominate the market.
More Information: https://evolvebi.com/report/crane-market-analysis/
Regional Analysis
The Crane Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. United States: The U.S. crane market benefits from robust infrastructure investments, including roads, bridges, and commercial construction. Technological advancements in crane equipment are prevalent, with a strong focus on safety and efficiency. In Europe region, Germany leads the European crane market with a focus on manufacturing and industrial applications. There’s a strong demand for specialized cranes in automotive and aerospace industries. In Asia-pacific region, China dominates the Asia-Pacific crane market with extensive infrastructure development, urbanization, and manufacturing growth. High-rise construction and large-scale infrastructure projects fuel demand for various types of cranes. In Middle East & Africa region, Countries like UAE and Saudi Arabia did significant investments in infrastructure, oil & gas, and mega-projects like Expo 2020 Dubai drive the crane market in these countries. In Latin America region, Brazil had Infrastructure projects related to transportation, energy, and urban development support the crane market. Economic stability and regulatory reforms impact market growth.