The latest report by IMARC Group, titled “Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global crane market reached a value of US$ 46.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 64.2 Billion by 2027, exhibiting at a CAGR of 5.42% during 2022-2027.
Crane Market Overview:
A crane represents the construction machine that is extensively utilized for horizontally lifting and transporting heavy loads across industrial settings. It is generally equipped with hoist ropes, wire ropes, sheaves, etc., and can lift bulky weights or transport them from one location to another. Modern cranes use hydraulic and internal combustion (IC) engine systems, which offer excellent mechanical strength and enhanced lifting capabilities. Consequently, cranes find wide-ranging applications across several industries, including mining, oil, and gas, automotive, logistics, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Crane Market Trends:
The rising investments in infrastructural development projects, on account of the expanding construction sector, are primarily driving the crane market. Additionally, the growing utilization of advanced technologies in the manufacturing processes is augmenting the adoption of special-purpose cranes in tunneling and shaft excavation processes, which is further catalyzing the market growth.
Besides this, the escalating product demand for lifting and transporting pieces of equipment that are beyond the capability of manual labor is acting as another significant growth-inducing factor. Moreover, cranes can handle lowering tasks in hazardous environments where human workers cannot operate safely. This, in turn, is also propelling the global market. Furthermore, the introduction of mobile variants that offer real-time information regarding the overall performance of the machinery for valuable insights is anticipated to fuel the crane market over the forecasted period.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- XCMG Group
- American Crane and Equipment
- Badger Equipment
- IHI Construction Machinery
- Link-Belt Construction Equipment
- Kobelco Cranes
Key Market Segmentation Breakup by:
- Mobile Cranes
- Marine And Port Cranes
- Fixed Cranes
- Construction And Infrastructure
- Oil And Gas
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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