Markets & Reports
Global cranes market to reach $43.7 billion US by 2026
October 24, 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%. The cranes market is expected to reach $43.63 billion in 2026 at a CAGR of 4.65%.
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 regions covered in the cranes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing spending on construction activities globally is driving the cranes market. 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 utilization or demand of 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% rise from the revised March estimate of $1,740.6 billion. Therefore, the increasing spending on construction is expected to boost demand for cranes during the forecast period.
Technological advancements are a key trend gaining popularity in the cranes market. 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 crane’s movements 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 USA-based manufacturer of industrial overhead cranes, crane services, and inspections acquired Kistler Crane & Hoist for an undisclosed amount. The acquisition by American Equipment is focused on expanding its geographic footprint in production and MRO in the overhead crane systems and hoists sector. Kistler Crane & Hoist is a USA-based provider of overhead crane systems, maintenance, repair and overhaul services.
Major players in the cranes market are
- Konecranes Plc
- SANY Group
- Manitowoc Company Inc
- Tadano Ltd
- Terex Corporation
- XCMG Group
- Street Crane Company Limited
- Kobelco Cranes Co Limited
- Zoomlion Heavy Industry Science and Technology Co Ltd
- Komatsu Ltd
- Gorbel Inc
- Palfinger AG
- Link-Belt Construction Equipment
- Buckner HeavyLift Cranes
- Demag Cranes & Components GmbH
- Shanghai Heavy Industries Co Ltd
- American Crane and Equipment.
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