News Markets & Reports
Global crane market to increase to almost US$46 million by 2027

The global crane market in 2021 stood at US$33.74 billion, and is likely to reach US$45.84 billion by 2027, according to a recent report from ResearchAndMarkets.com.

In recent years, infrastructure has come to be seen as fundamental to promoting countries’ economic growth and prosperity, and infrastructure spending encourages economic inclusiveness, enables trade and connectivity, and results in improved productivity and growth.

This growth in infrastructure is placing a high demand for cranes, especially since the importance of cranes has grown quickly as a result of the rising demand for the development of smart cities all over the globe and the surge in global construction investment.

The demand for various types of cranes has increased significantly in recent years due to the construction industry’s strong recent growth, which allows for flexible lifting capability, heavy-duty loading, and high height reachability during building operations.

Further, the market is expected to grow, driven by rising demand in metallurgical industries, escalating preference of rental services, rapid expansion of aerospace industry, expanding urbanization, etc. in recent years, according to the report.

To learn more, you can download the report here.