What is Cranes Market Scope?
Cranes are the type of machine usually equipped with hoist wire ropes or chains, sheaves, and rope that can be employed both to lift and lower materials and to move them horizontally. It is mainly employed for lifting heavy things and transporting them to other places. The device uses one or more simple machines to create mechanical advantage and thus move loads beyond the usual capability of a human. Cranes are commonly used in the transport industry for the loading as well as unloading of freight, in the construction industry for the movement of materials, and in the manufacturing industry for the assembling of heavy equipment.
Cranes Market Dynamics:
- The Ongoing Demand for Construction of Smart Cities across Geographies
- Various Mega Construction Particularly In Developing Countries
- Increasing Investments Made By Governments As Well As Private Sector Companies in Infrastructure
- Shifting Focus towards Compact and Remote Operated Cranes
- Growth of Rental Cranes
- Stringent Emission Regulations on Construction Machinery
|Road Blocks / Challenges|
- Preference of End Users Towards the Mobile Cranes May Affect the Growth of Fixed Cranes in the Nearer Future
|Gaps & Opportunities|
- Growing Demand for Fuel Efficient Cranes
- Emerging Demand from Economies
The Cranes market study is being classified by Type (Fixed Cranes, Mobile Cranes and Others), by Application and major geographies with country level break-up. According to AMA, the Global Cranes market is expected to see growth rate of 7.2% and may see market size of USD130.52 Billion by 2027.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analysts at AMA predicts that Manufacturers from United States, Japan will contribute to the maximum growth of Global Cranes market throughout the predicted period.
Kone Cranes PLC (Finland), Terex Corporation (United States), Kato Works Co., Ltd. (Japan), IHI Construction Machinery Limited (Japan), Link-Belt Construction Equipment Co. (United States), Leibherr-International (Germany), Tadano Limited (Japan), Altec Inc. (United States), Cargotec (Finland) and XCMG Construction Machinery Co., Ltd. (China) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Kobelco Cranes Co., Ltd. (Japan), Uesco Industries (United States), Whiting Corporation (United States), Demag (Terex MHPS Corp) (Germany), Gorbel Inc. (United States), Street Crane Company Limited (United Kingdom) and North American Industries (Canada).
Analyst at AMA have segmented the market study of Global Cranes market by Type, Application and Region.
On the basis of geography, the market of Cranes has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region hold largest market share in the year 2021.
Market Influencers and their Development Strategies
In June 2020, Terex Corporation announced the expansion of its Franna brand of mobile pick and carry cranes. The new cranes have been specially designed with market-leading Franna technology and local homologation to improve safety and performance for the Indian market. The expansion will provide access to the Indian mobile crane market as well as serve countries in the Middle East and Africa also. However, the company is also planning to launch rough terrain cranes for the application in port and mining.
In March 2022, Hyva, a leading provider of innovative and highly efficient transport solutions added five models to its 40 tonne-meter class to the Edge Line series of articulating boom cranes. Of the newly added five models, two have continuous slewing while three have rack and pinion type slewing that offers 8.02 to 20.90 meters outreach between two and eight boom extensions and 10-meter jib.
Key Target AudienceCranes Manufacturers, Cranes OEMs, Cranes Importer/Exporter, Regulatory & Government Bodies, Industry Associations and Downstream Vendors
Cranes Market Study: Important Years
|Unit||Value (USD Billion)|
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