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Global crane market on the brink of “significant growth”

The global crane market is on the brink of significant growth, with projections indicating that it will reach a staggering $37.37 billion, progressing at a robust Compound Annual Growth Rate (CAGR) of 5.24 per cent during the forecast period.

Cranes, versatile equipment used for lifting, lowering, and transporting goods, are witnessing increased demand due to rapid urbanization, smart city development, and a surge in global construction expenditure, according to the “Global Crane Market (by Type, Application, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)” report from ResearchAndMarkets.com.

Top Impacting Factors

Drivers:

• Increasing Investment in Construction & Infrastructure: The global construction industry is experiencing significant growth, supported by industrialization and urbanization trends. This surge in construction projects demands various types of cranes for lifting and transporting materials and components, driving the crane market’s growth.
• Rising Demand in Metallurgical Industries: Metallurgical industries rely on cranes for material handling and processing, contributing to increased demand for cranes.
• Escalating Preference for Rental Services: The preference for crane rental services over purchasing is growing due to cost-effectiveness and flexibility.
• Rapid Expansion of Aerospace Industry: The aerospace industry requires specialized cranes for manufacturing and assembly processes, contributing to market growth.

Challenges:

• High Investment Cost: The initial procurement cost of cranes, coupled with high maintenance and servicing expenses, poses a challenge for businesses. The cost of crane parts and limited certified servicing facilities in some regions contributes to high maintenance costs.
• Dearth of Skilled Labor: Operating cranes requires skilled labor, and a shortage of qualified operators can hinder crane utilization.

Trends:

• Surging Mining Activities: The mining industry relies on cranes for efficient material handling in challenging environments, fueling market growth.
• Rapid Growth of the Automotive Industry: The automotive sector employs cranes for various applications, including manufacturing and assembly processes.
• Accelerating Demand from Oil Refineries: Cranes are essential for maintenance and operations in oil refineries, contributing to increased demand.
• Rising Applications in Power Generation: The power generation sector utilizes cranes for installation, maintenance, and repair of equipment, boosting market growth.

Companies Mentioned

• Cargotec Corporation
• KOBELCO Group (KOBELCO Construction Machinery Co., Ltd.)
• Konecranes PLC
• Liebherr Group
• Manitex International, Inc(Badger Equipment Company)
• Palfinger AG
• SANY Heavy Industry CoLtd
• TADANO LTD.
• Terex Corporation
• The Manitowoc Company, Inc.
• Xuzhou Construction Machinery Group Co., Ltd(XCMG)
• Zoomlion Heavy Industry Science and Technology Co., Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/fe0en8