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Crane Market: Latest Innovations, Drivers and Industry Key Events Over 2029

Global Crane Market – Key Research Findings

  1. Global crane market size estimated in 2019 – nearly US$ 40,000 Mn.
  2. The global crane market is anticipated to grow at a CAGR of nearly 4% over 2019-2029.
  3. APEC and China are expected to remain large regional markets for cranes.
  • APEC and China are prominent regions in the global crane market due to the growing demand for construction activities in these regions.
  1. Emerging companies are focusing on expanding their product portfolios by launching new products in the global crane market.
  • Companies such as Tadano Ltd. and Terex Corporation, among others, are significantly investing in new product development and launches to sustain their market presence.
  1. The stiff boom segment is projected to be a prominent segment in the global crane market, in terms of design type, over the forecast period.
  2. Market Set to Grow 1.5X between 2019 and 2029
  • The global crane market is likely to witness robust growth over the projected period. The global crane market growth is expected to be mainly driven by the growing focus towards construction activities, and subsequent increase in the demand for commercial properties.

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Top 3 Factors Shaping the Global Crane Market

  • Growth in construction and mining sector to drive the adoption of cranes

The crane markets in emerging regions are expected to be driven by increasing investments in construction and mining. According to MEED (Middle East Economic Digest), the contribution of the construction sector to the GDP in UAE increased from 10.3% in 2011 to 11.1% in 2015. With the bourgeoning industrial sector, including mining, manufacturing, utilities, construction, and oil and gas, the demand for mobile cranes in these regions is expected to increase during the forecast period.

As such, many companies are entering the market in Asia Pacific and the Middle East and Africa with the hope of capitalizing on this demand and expanding their geographical footprint. For this, companies are focusing on developing products that comply with the respective safety and emission standards of the local markets.

  • Increasing investments in public and private sector construction projects

Increasing investments made by governments as well as private sector companies in infrastructure development projects is the major factor driving the growth of the global crane market. Within these projects, the significant demand drivers going forward are urban infrastructure, road construction, irrigation, and mining operations.

Investments in infrastructure can be classified into investments for airports, ports, railways, roads, pipelines, waterways, irrigation, and urban infrastructure. In September 2016, the Liebherr Group supplied three mobile cranes during the expansion of the airport to the suburban railway line in Barcelona.

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  • Increasing need for high capacity lifting for greater height application

Mobile cranes are primarily used for high capacity lifting in greater height applications. However, the use of many other lifting equipment for these applications offer substantial limitations in lifting capacity, comfort, and difficulty in steering maneuverability. These limitations are overcome by mobile cranes due to the availability of large capacity cranes with enhanced driving comfort. Thus, the demand for these applications is mainly increasing the adoption of mobile cranes, thereby driving the global mobile crane market.

  • In Oct 2016, Dornseiff, a crane rental company in Germany, employed mobile cranes for lifting HVAC (Heating Ventilation and Air Conditioning) equipment weighing 2.4 tonnes to a height of 22.5 meters. According to the site technician, a tower crane is generally used for similar applications.

Global Crane Market Structure Analysis

  • The global crane market is a significantly organized market, with organized players occupying a market share of up to 50%.
  • Some of the prominent companies in the global crane market include Terex Corporation, Liebheer group, Sany Group, Tadano Ltd. etc.
  • Most of the key players are diversifying and strengthening their production and distribution bases around the globe, as well as heavily emphasizing on R&D activities for innovative product development.
  • Some of the top manufacturers that contribute a high revenue share in the global crane market are Terex Corporation, Liebheer group, Sany Group, Tadano Ltd., Zoomlion, Kobelco, and Kato, to name a few.

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