The latest report by IMARC Group, titled “Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” offers a comprehensive analysis of the industry, which comprises insights on the global crane market statistics. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global crane market size reached US$ 51.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 78.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4% during 2024-2032.
Crane Market Overview:
A crane is a vital piece of heavy machinery used in construction, manufacturing, and various industrial sectors for lifting and moving heavy objects with ease and precision. Manufactured through steel fabrication, mechanical engineering, and electrical components, cranes are constructed to withstand immense loads and rigorous working conditions. The importance of cranes lies in their ability to streamline construction processes, enhance productivity, and ensure safety by reducing manual labor and minimizing the risk of accidents. Their benefits include increased efficiency in material handling, reduced project timelines, and cost savings through optimized resource utilization.
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Global Crane Market Trends:
The global market is primarily driven by the expanding construction industry worldwide, fueled by urbanization and infrastructure development initiatives. Additionally, the increasing demand for renewable energy projects, such as wind farms and solar installations, further boosts the adoption of cranes for assembly and maintenance operations and impelling market growth. Moreover, continual technological advancements, including remote operation capabilities and telematics integration, enhance crane efficiency and safety, aligning with the industry's focus on automation and digitalization is propelling market growth.
Furthermore, the rising stringent safety regulations and the growing emphasis on sustainable practices drive the demand for eco-friendly and energy-efficient crane solutions, reflecting a shift towards greener construction practices is creating a positive market outlook. In line with this, the rising demand for high-rise buildings and complex architectural structures requires specialized cranes with advanced capabilities, such as telescopic booms and precise positioning systems, further fueling market expansion.
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Competitive Landscape with Key Players:
- Cargotec
- Konecranes
- Liebherr-International
- Manitowoc
- Terex
- XCMG Group
- American Crane and Equipment
- Badger Equipment
- Broderson
- IHI Construction Machinery
- Link-Belt Construction Equipment
- Kobelco Cranes
Key Market Segmentation:
Breakup by Product Type:
- Mobile Cranes
- Marine And Port Cranes
- Fixed Cranes
Breakup by Application:
- Construction And Infrastructure
- Mining
- Oil And Gas
- Others
Breakup by Region:
- 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)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- 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.
Who we are:
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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