Markets & Reports
Global cranes market to reach $36.4 billion in 2022
September 13, 2022 By Don Horne
The global cranes market is expected to grow from $34.42 billion in 2021 to $36.37 billion in 2022 at a compound annual growth rate (CAGR) of 5.66 per cent, according to the Cranes Global market Report 2022 released by Reportlinker.com
This market is expected to reach $43.63 billion in 2026 at a CAGR of 4.65 per cent.
Asia Pacific was the largest region in the cranes market in 2021 and is expected to be the fastest-growing region in the forecast period.
The cranes market research report is one of a series of new reports that provides cranes market statistics, including cranes industry global market size, regional shares, competitors with a cranes market share, detailed cranes market segments, market trends and opportunities, and any further data you may need to thrive in the cranes industry.
The increasing spending on construction activities globally is driving the cranes market, and rapid growth in industrialization, urbanization and strong economic growth in emerging countries has contributed to growing spending on construction activities across the globe.
The increased spending on construction activities is expected to boost the demand for cranes, as the on-field construction teams are investing in faster and efficient material handling equipment for safe operations and minimal human loss. For instance, according to the U.S. Census Bureau report on monthly construction spending in 2022, the construction spending was expected to be $1,744.8 billion in April 2022, a 0.8 per cent rise from the revised March estimate of $1,740.6 billion.
Technological advancements are a key trend gaining popularity in the cranes market, as automation is taking place in the cranes market to gain work efficiency, with the incorporation of anti-collision, zoning, and internet-based setup.
The companies operating in the cranes market are utilizing advanced technologies such as artificial intelligence, machine learning, and computer vision for the development of autonomous cranes. These cranes are monitored by operators in a control room using onboard cameras and a remote-control station.
The key target of these new systems is to exclude the workforce from a potentially dangerous and challenging working environment involving enormous machinery and transported to the safety and comfort of a control room via remote crane operation. For instance, in February 2021, Manitex Valla – a subsidiary of Manitex International of the United States – released the all-new V 110 R Electric Mobile Crane, which is battery-operated and remote-controlled.
In February 2022, American Equipment Holdings, a U.S.-based manufacturer of industrial overhead cranes, crane services, and inspections, acquired Kistler Crane & Hoist.The acquisition by American Equipment is focused on expanding its geographic footprint in production and MRO in the overhead crane systems and hoists sector.
You can read the full report here: https://www.reportlinker.com/p03621484/?utm_source=GNW
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