April 23, 2024

Global Crane Market is Estimated to Witness High Growth Owing to Increasing Adoption of Automated Cranes

The Global Crane Market is an integral part of major industrial and construction projects across various sectors such as construction, mining, transportation and utilities. Cranes offer versatility, accuracy and efficiency during material handling applications. The growing demand for automated cranes to reduce human errors and enhance productivity is expected to propel the growth of the global crane market during the forecast period.

The Global Crane Market is estimated to be valued at US$ 45.98 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030.

Cranes play a vital role in lifting and transporting heavy loads over short or long distances. Rise in infrastructure development projects such as roads, bridges and buildings is a key factor driving the demand for cranes. Furthermore, growing need for material handling equipment in manufacturing industries, sea ports and warehouses has boosted the adoption of cranes. Introduction of automated and remote-controlled cranes that require minimum human intervention is gaining traction owing to safety and productivity benefits. However, high initial investment associated with automated cranes is a major challenge for market growth.

Key Takeaways

Key players operating in the Global Crane Market are Liebherr Group, Manitowoc, Tadano, Terex, Xuzhou Construction Machinery Group (XCMG), Zoomlion, Sany, KobelcoCrane, HitachiSumitomo, Furukaw, Konecrane, Manitowoc Cranes, TIL Limited. The steadily growing construction and mining sectors are fueling opportunities for market players to expand their product offerings and customer base. Technological advancements in cranes such as use of sensors, programmable logic controllers and remote monitoring systems have enhanced functionality and reduced downtime.

Some of the key opportunities in the global crane market include rising government investments towards development of smart cities and expansion of transport infrastructure in developing nations. Rapid growth of sea-borne trade is augmenting the demand for port cranes and boosting market revenue. Technological improvements in automated cranes such as integration of Internet of Things (IoT), machine learning and AI are improving load handling efficiency. 3D printing technology is enabling localized manufacturing of crane components, improving supply chain resilience.

Market Drivers

Increasing construction of residential and commercial complexes across both developed and emerging economies is a major factor driving the growth of the global crane market. Rapid urbanization and population growth have led to rising demand for new infrastructure projects. Further, growth in sea-borne trade volumes is propelling the need for modernized port facilities with advanced cargo and container handling equipment. The adoption of automated cranes and remote-controlled technology offers benefits such as reduced human errors and enhanced productivity. This is encouraging manufacturing industries and logistic companies to replace old cranes with technologically advanced alternatives.

Challenges in the Global Crane Market
The global crane market is facing challenges related to high maintenance cost of cranes and shortage of skilled labor. Maintenance of cranes require trained professionals to conduct periodic checks and repairs of parts. This increases the operating expense for crane owners. There is also lack of skilled operators who can safely operate heavy duty cranes in complex lifting applications. This shortage is creating delays in construction projects. Inadequate infrastructure in developing nations is another challenge as heavy duty cranes require stable ground surfaces and transportation facilities to mobilize large cranes.

SWOT Analysis
Strength: Cranes offer versatility for heavy lifting applications across various industries. Demand from infrastructure and construction sectors acts as strong driver. Weakness: High initial investment and maintenance costs of large capacity cranes. Limited skilled workforce is a challenge. Opportunity: Growth in renewable energy, power transmission projects and construction of smarter cities to boost demand. Threats: Economic slowdowns can negatively impact demand from end-use industries. Stringent safety regulations increase compliance costs.

Geographical Regions with High Market Concentration
The Asia Pacific region currently has the highest market share in terms value led by China, India and Japan. Rapid infrastructure growth, rising fossil fuel energy needs and manufacturing activities support strong demand for cranes. North America and Europe are other major traditional markets while demand is steadily increasing in Middle East and African countries with ongoing construction booms.

Fastest Growing Geographical Region
The Crane Market in developing Asian countries is expected to witness fastest growth during the forecast period. Countries like India, Indonesia, Vietnam and Philippines are investing heavily in transportation and building projects. Also power sector expansion for reliable energy supplies will propel demand. Growth rates in Asia Pacific are estimated to be above global average.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it