The Cranes Market, with an estimated value of USD 44.0 Billion in 2022, is on a trajectory set to ascend to USD 67.3 Billion by 2030, boasting a steady Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period from 2023 to 2030.
Cranes, serving as indispensable tools in various industries, enable the horizontal transportation of goods by employing a sophisticated system of hoist ropes, wire ropes, and sheaves. These components work in tandem to facilitate the efficient lifting and lowering of substantial cargo, providing a crucial solution for the seamless movement of materials in construction, logistics, and other sectors.
The structural framework of cranes is characterized by key divisions, each playing a crucial role in their functionality. The hydraulic system forms a cornerstone, ensuring the smooth and controlled operation of the crane. Simultaneously, the electric system powers the intricate machinery, contributing to the crane's overall efficiency. The boom system, a pivotal component, extends and retracts, adapting to the varying needs of lifting tasks.
The turntable assembly allows for the rotation of the crane, expanding its reach and versatility on the job site. The operator cabin, serving as the control center, empowers skilled operators to manage the intricate movements with precision. Lastly, the chassis forms the foundation, providing stability and mobility to the crane during operation.
The versatility of cranes, coupled with their diverse applications across industries, positions them as essential assets in modern construction and logistics scenarios. As infrastructure development and construction projects continue to surge globally, the demand for cranes is expected to witness sustained growth. The forecasted CAGR underscores the steady evolution and adoption of crane technology, making them pivotal contributors to the efficiency and productivity of various sectors.
Key Players
The major Key players are SANY GROUP (China), Konecranes (Finland), Manitowoc Company, Inc. (U.S.), Tadano Ltd (apan), Komatsu Ltd (Japan), Terex Corporation (U.S.), Liebherr Group (Germany), Hitachi Construction Machinery Europe NV (Netherlands), Demag Cranes & Components GmbH (Germany), Zoomlion Heavy Industry Science and Technology Co., Ltd (China), and others.
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KEY MARKET SEGMENTATION
- Product Type
- Mobile
- Fixed
- Marine
- End-User
- Construction
- Mining
- Industrial
- Oil & Gas
- Others
DRIVERS
- Infrastructure Growth
The demand for cranes in construction and maintenance is propelled by the increasing need for modern infrastructure projects, including bridges, roads, airports, and ports.
- Urbanization
The rapid urbanization of emerging countries drives a surge in the need for residential and commercial development. This, in turn, amplifies the demand for construction cranes as essential tools in meeting the requirements of expanding urban landscapes.
- Industrialization
Expanding industrial sectors necessitate the use of material-handling cranes in manufacturing, warehousing, and logistics facilities. The integral role these cranes play in supporting industrial processes contributes to their sustained demand.
OPPORTUNITY
- Technological Progress
Ongoing advancements in crane technology, incorporating features such as automation and enhanced safety measures, offer manufacturers the opportunity to deliver cutting-edge products. Embracing these technological developments can set companies apart in the competitive crane market.
- Growing Rental Market
The increasing preference among businesses to opt for crane rentals rather than ownership has led to the expansion of the crane rental market. This trend presents growth opportunities for companies catering to the rental market, creating a potential avenue for expansion and increased market share.
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Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumption
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
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