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 crane market growth report. 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 type of machinery specifically engineered for lifting, lowering, and moving heavy or oversized objects that human strength alone cannot handle. This equipment is essential across various industries, including construction, manufacturing, and shipping, to facilitate the efficient handling of materials and the construction of large structures. Cranes come in several forms, each designed to meet specific requirements. Tower cranes are commonly seen at construction sites, where their height and lifting capacity are crucial for building tall structures. Mobile cranes, on the other hand, offer flexibility and are used for a range of lifting tasks across different locations. The design of cranes includes several key components such as the boom, which is the crane's arm, the hook that carries the load, and the counterweights that provide stability. Advanced technology has significantly enhanced the capabilities of cranes, incorporating computer systems for precise control and safety mechanisms to prevent accidents.
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Global Crane Market Trends:
The rise in construction activities worldwide, propelled by urbanization and economic growth, is driving the global market. Urbanization leads to the development of infrastructure, high-rise buildings, residential complexes, and commercial spaces, necessitating the extensive use of cranes for lifting and moving heavy materials. Technological advancements have played a crucial role in enhancing the efficiency, safety, and operational capabilities of cranes. Innovations such as telematics, automation, and the integration of IoT (Internet of Things) technologies have made cranes more reliable and efficient, attracting investment from construction, mining, and shipping sectors. Moreover, the growing focus on renewable energy projects, such as wind farms, requires heavy lifting equipment for installation purposes, further propelling the demand for cranes.
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 Land