Meticulous Research®, a global leader in market research, has announced the release of its latest report, titled “Cranes Market by Type (Tower Cranes, Mobile Cranes, Overhead Cranes), Class (Class A {Standby Service}, Class B {Light Service}, Class C), Lifting Mechanism, Control Method, End-use Industry (Construction, Oil & Gas), and Geography - Global Forecast to 2031.” The report projects that the global cranes market will reach $51.7 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031.
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Market Drivers and Opportunities
The cranes market is experiencing significant growth due to rapid urbanization, infrastructure development, and advancements in crane technology. The expansion of global trade, leading to increased port and shipyard operations, further propels market demand. Additionally, the emergence of smart city initiatives and the rising demand for renewable energy are expected to offer substantial growth opportunities. However, challenges such as high initial investment costs and the shortage of skilled operators may temper market expansion.
Market Segmentation Insights
• Type: The market is segmented into tower cranes, mobile cranes, overhead cranes, and more. Tower cranes are anticipated to dominate with a 22% market share in 2024 due to their versatility and efficiency in handling heavy lifting tasks, especially in high-rise and infrastructure projects. Innovations in technology are enhancing their adoption. Conversely, the mobile cranes segment is expected to achieve the highest CAGR, driven by their mobility and versatility in various applications.
• Class: The market is divided into classes A through F. Class D (heavy service) cranes are projected to capture the largest share, benefiting from their capacity to handle substantial loads across various industries. This segment is also forecasted to grow at the highest CAGR during the forecast period.
• Lifting Mechanism: The hydraulic cranes segment is expected to hold the largest share of approximately 44% in 2024, attributed to their efficiency, ease of operation, and maneuverability. The electric cranes segment is projected to grow at the highest CAGR, driven by their zero-emission operation and advanced safety features.
• Control Method: Manual cranes are expected to account for the largest market share, owing to their cost-effectiveness and adaptability. However, automated cranes are set to register the highest CAGR due to their precision, efficiency, and the ability to reduce labor costs through automation.
• End-use Industry: The construction sector is anticipated to hold the largest share of 35% in 2024, driven by the critical role of cranes in enhancing productivity at construction sites. This segment is also expected to experience the highest CAGR, reflecting the growing demand for advanced cranes in construction applications.
• Geography: Asia-Pacific is forecasted to dominate the global cranes market with a 46% share in 2024, propelled by accelerated infrastructure development and major investments in various sectors. The region is also expected to achieve the highest CAGR of approximately 6.0% during the forecast period.
Key Industry Players
Leading companies in the cranes market include Liebherr Group, Terex Corporation, Tadano Ltd., Caterpillar Inc., Gorbel Inc., Konecranes Plc, The Manitowoc Company, Inc., XCMG Group, Zoomlion Heavy Industry Science and Technology Co., Ltd., SANY Heavy Industry Co., Ltd., Pelloby Ltd., Demag Cranes & Components GmbH, Street Crane Company Limited, Hitachi Construction Machinery Europe NV, and Komatsu Ltd.
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