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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