Crane Rail Global Market Report 2024

The crane rail market has grown strongly in recent years. It will grow from $50.9 billion in 2023 to $55.68 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%.The expansion observed in the historical period can be ascribed to heightened efforts in marketing and advertising, a growing aging population, increased consumer awareness, the adoption of minimally invasive procedures, and the attainment of FDA approvals.

The crane rail market is expected to see strong growth in the next few years. It will grow to $76.75 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The anticipated growth in the forecast period is linked to progress in energy sources, a heightened focus on beauty consciousness, the expansion of the middle-class population, increased demand for non-invasive procedures, and regulatory support. Noteworthy trends expected during the forecast period encompass technological advancements, the emergence of combination therapies, a shift towards personalization and customization, a growing emphasis on sustainability and eco-friendly practices, and the integration of artificial intelligence (AI).

The expected growth in the crane rail market is driven by the surge in manufacturing operations worldwide. This surge refers to a substantial increase in manufacturing activities, including the production of goods, expansion of manufacturing facilities, and investments in new manufacturing technologies globally. Crane rails play a pivotal role in facilitating the movement of heavy loads and equipment within manufacturing facilities, thereby enhancing productivity. For example, EUROSTAT reported an 8% increase in the production of manufactured goods in the European Union in 2021 compared to 2020. The growth in manufacturing operations globally is a significant factor propelling the crane rail market forward.

The growth of the crane rail market is anticipated to be driven by the increasing construction industry. The construction industry encompasses a range of activities related to the planning, design, development, and maintenance of physical structures and infrastructure. Crane rails are extensively used in construction for their ability to provide stability, versatility, and efficiency in crane operations, improving safety and productivity. Notably, the United States Census Bureau reported an over 8% increase in the overall value of residential and non-residential construction in the US between 2020 and 2021. The robust growth projections for the global construction industry, reaching US$15.2 trillion by 2030 according to Oxford Economics, indicate a significant driver for the crane rail market.

Technological innovations emerge as a prominent trend in the crane rail market, with companies focusing on developing advanced products to maintain their market position. Hiab, a Sweden-based manufacturer, introduced the HIAB railway border crane range featuring the SPACEevo control system, ensuring compliance with railway regulations and offering precision and safety in delicate operations. The incorporation of the SPACEevo control system highlights the commitment to safety and operational efficiency, showcasing the influence of technological advancements in the crane rail market.

Major companies in the crane rail market are prioritizing innovative product launches to meet customer demands. ArcelorMittal S.A., a Luxembourg-based steel production corporation, introduced the R340 crane rail as a significant innovation in the construction and heavy machinery industries. The R340 crane rail offers enhanced performance, increased safety, and potential cost savings, making it an appealing choice for crane operators seeking optimal solutions for their heavy machinery needs.

In June 2023, Konecranes, a Finland-based company, acquired the industrial crane service operations of Norway’s Munck Cranes AS. This strategic acquisition provides Konecranes with access to a sizable installed base of Munck industrial cranes, new clients, and expansion opportunities for its Industrial Service and Equipment business unit. The acquisition reinforces Konecranes' position in the market and underscores its commitment to growth and service excellence in the industrial crane sector.

Major companies operating in the crane rail market report are EVRAZ plc, ArcelorMittal S.A., Atlantic Track & Turnout Co. Inc., Steel Authority of India Limited, L.B. Foster Company, Nippon Steel & Sumitomo Metal Corporation, British Steel Corporation plc, Harmer Steel Ltd., Jindal Steel & Power Ltd., Gantrex India Crane Rails Private Limited, Metinvest Holding Company LLC, Bemo Rail BV, Gantrail Group, North American Rail Products Inc., Özkan Steel A.Ş., China Baowu Steel Group Co. Ltd., HBIS Group Co. Ltd., POSCO, JFE Holdings Inc., Tata Steel Limited, Nucor Corporation, Hyundai Steel Company, Voestalpine AG, SSAB AB, Gerdau S.A., VAE Metall GmbH, Steel Dynamics Inc., Maanshan Iron and Steel Company Limited, Celsa Group, Hebei Iron and Steel Group Co. Ltd.

Asia-Pacific was the largest region in the crane rail market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global crane rail market during the forecast period. The regions covered in the crane rail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the crane rail market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Key products within the crane rail category include gantry cranes, overhead cranes, AS/RS (Automated Storage and Retrieval System) systems, portal cranes, stacker or reclaimer cranes, stadium roofs, and rail-mounted tower cranes. Gantry cranes, specifically, are substantial and powerful lifting mechanisms characterized by a large steel frame or gantry. These cranes are employed in industrial and shipping settings to hoist and transport heavy loads. Gantry cranes are constructed from materials such as steel, aluminum, and others, with carrying capacities categorized by rail weights, including below 70 kg/m rail, 70 to 90 kg/m rail, 90 to 120 kg/m rail, and above 120 kg/m rail. These diverse configurations cater to the needs of various sectors, including the industrial, marine, logistics, mining, and others.

The crane rail market research report provides crane rail market statistics, including the crane rail industry global market size, regional shares, competitors with a crane rail market share, detailed crane rail market segments, market trends, and opportunities, and any further data you may need to thrive in the crane rail industry. This crane rail market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The crane rail market consists of sales of light crane rails, heavy crane rails, and specialized crane rails. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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