Meticulous Research®, a prominent global market
research firm, has released a 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.”
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The report projects that the cranes market will reach $51.7
billion by 2031, growing at a CAGR of 4.6% from 2024. This growth is
driven by rapid urbanization, infrastructure development, increased global
trade, and advancements in crane technology. However, high initial investment
costs and operational expenses are challenges to market growth.
The rise in smart city initiatives and renewable energy
projects also presents significant opportunities for market stakeholders.
Conversely, a shortage of skilled operators poses a challenge to growth.
Market Segmentation
The cranes market is categorized by:
- Type:
Includes tower cranes, mobile cranes, overhead cranes, telescopic cranes,
crawler cranes, railroad cranes, floating cranes, aerial cranes, jib
cranes, gantry cranes, and others.
- Class:
Ranges from Class A (Standby) to Class F (Continuous Severe Service).
- Lifting
Mechanism: Comprises hydraulic cranes, electric cranes, diesel cranes,
and others.
- Control
Method: Segmented into manual cranes, remote-controlled cranes, and
automated cranes.
- End-use
Industry: Encompasses construction, ports & shipping, oil &
gas, aerospace & defense, and others.
Key Insights
- Tower
Cranes: Expected to capture the largest market share (~22.0%) in 2024,
tower cranes are valued for their versatility and efficiency in lifting
heavy materials for high-rise and infrastructure projects. Technological
advancements are enhancing their lifting capacities and safety features.
- Mobile
Cranes: Anticipated to register the highest CAGR during the forecast
period, mobile cranes are favored for their transportability and
adaptability across various applications, including construction and
disaster response.
- Class
D Cranes: Expected to dominate the market, Class D (heavy service)
cranes are essential for lifting substantial loads in diverse industries.
- Hydraulic
Cranes: Projected to hold ~44.0% of the market share in 2024,
hydraulic cranes offer operational efficiency and ease of use, making them
accessible to a broader range of users. However, the electric cranes
segment is expected to grow the fastest due to their zero-emission
operation and advanced safety features.
- Control
Methods: Manual cranes are expected to account for ~33.0% of the
market, primarily due to their affordability and lower maintenance costs,
while automated cranes are projected to grow rapidly, enhancing efficiency
and productivity in material handling.
- End-use
Industry: The construction segment is forecasted to command a share of
~35.0%, driven by cranes' critical role in streamlining material handling
on construction sites. The segment is also expected to grow significantly
due to advancements in crane technology.
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Geographic Overview
The market is segmented into North America, Europe,
Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific
is expected to hold the largest share (~46.0%), fueled by extensive
infrastructure development and significant investments in transportation and
energy sectors. This region is also experiencing rapid adoption of advanced
crane technologies and growth in renewable energy projects, contributing to an
anticipated CAGR of ~6.0% during the forecast period.
Key Players
The key players operating in the cranes market include
Liebherr Group (Switzerland), Terex Corporation (U.S.), Tadano Ltd. (Japan),
Caterpillar Inc. (U.S.), Gorbel Inc. (U.S.), Konecranes Plc (Finland), The
Manitowoc Company, Inc. (U.S.), XCMG Group (China), Zoomlion Heavy Industry
Science and Technology Co., Ltd. (China), SANY Heavy Industry Co., Ltd.
(China), Pelloby Ltd. (U.K.), Demag Cranes & Components GmbH
(Germany), Street Crane Company Limited (U.K.), Hitachi Construction Machinery
Europe NV (Netherlands), and Komatsu Ltd. (Japan).
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