Global Crane Market (by Type, Application, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)

Infrastructure has been increasingly important in boosting countries' economic progress and prosperity in recent years. Infrastructure expenditure promotes economic inclusion, facilitates trade and connection, and leads to increased productivity and growth. Civil engineering and infrastructure construction firms create huge structures, bridges, dams, pipelines, road networks, ports, trains, and aqueducts. Cranes are in high demand since they are used for lifting or lowering things and move them horizontally in so many sectors.

A crane is a sort of equipment that may be used to lift, lower, and transport goods horizontally. It is frequently equipped with a hoist rope, wire ropes or chains, and sheaves. The vast majority of its uses involve lifting and moving big things. Cranes have increased in importance rapidly in the modern world as a result of growing demand for the development of smart cities throughout the world and a boom in global building expenditure. The global crane market is expected to rise to US$37.37 billion, progressing at a CAGR of 5.24%, during the forecasted period.

Segment Covered

By Type: In terms of type, the market report bifurcates the global crane market into three segments: mobile cranes, marine & port cranes, and fixed cranes. The mobile cranes segment held maximum share in crane market, owing to rapid development in the power distribution sector across the globe, rising investments in the energy transmission and distribution (T&D) networks and growing industrialization across emerging nations. The global mobile crane market may be divided based on type: all-terrain crane, rough terrain crane, crawler crane, truck-mounted crane, and other mobile cranes. On the other hand, the global market for mobile cranes may be divided into the three primary application categories: construction, industrial, and utility.

By Application: According to the application, the global crane market has been categorized into five different segments: construction, industrial application, mining and excavation, oil & gas and other applications. The construction segment is the fastest growing segment during the forecast period, owing to the increasing industrialization, as well as increasing investments in renewable power generation capacities and infrastructure projects in private & public sectors.

Geographic Coverage

According to this report, the global market can be divided into four major regions: Asia Pacific, North America, Europe, and rest of the world (ROW). The countries covered in North America region are the US, Canada, and Mexico, while Europe includes Germany, UK, France, and rest of Europe. Moreover, China, Japan, India, and Rest of the Asia Pacific are included in the Asia Pacific region. The fastest growing regional market is Asia Pacific which is expected to dominate the market in future owing to growing construction activities in emerging economies, such as China, India, and the Philippines, expansion of manufacturing sector in the region, the upgrading and expansion of existing networks and rising investments in the energy transmission and distribution (T&D) networks. The Indian crane market is anticipated to grow the quickest in Asia Pacific, owing to the increased expenditures on public infrastructure, and the rising construction industry.

Top Impacting Factors

Growth Drivers

• Increasing Investment in Construction & Infrastructure
• Rising Demand in Metallurgical Industries
• Escalating Preference of Rental Services
• Rapid Expansion of Aerospace Industry

Challenges

• High Investment Cost
• Dearth of Skilled Labor

Trends

• Surging Mining Activities
• Rapid Growth of Automotive Industry
• Accelerating Demand from Oil Refineries
• Rising Applications in Power Generation

Driver: Increasing Investment in Construction & Infrastructure

In construction projects, different types of crane are used to lift and transfer materials and other building components from one location to another. The construction industry has witnessed a strong growth in the recent decades, facilitated by the rising industrialization and urbanization. Both residential and non-residential buildings in emerging and developed markets have seen a steady growth. This has led to a strong growth in demand for different types of cranes for flexible lifting capacity, heavy-duty loading, and high height reachability during construction activities. Hence, increasing investment in construction and infrastructure has augmented the growth of the global crane market.

Challenge: High Investment Cost

Cranes are the combination of a number of components, including hoists, trolley, bridge, columns, and runway. Cranes have maintenance expenditures in addition to the initial manufacturing cost. To ensure that the equipment works properly, a number of factors need to be examined on a regular basis. These factors include checking of emergency safety switches and interlocks including limiting and indicating devices, lubrication of moving parts, accuracy of load moment indicator (LMI) and rated capacity indicator (RCI) devices with a test lift using a certified test weight, filter and fluid levels and leaks, replacement of wheels and tires, visual inspection and measurements as necessary of structural components and critical parts, including brakes, gears, fasteners, pins, shafts, wire ropes, sheaves, locking devices and electrical contractors. All of these leads to high maintenance & servicing cost due to the costly replacement of parts and unavailability of certified servicing facilities in several regions. High initial investments in procuring these machines have discouraged several businesses, manufacturers, and enterprises in purchasing them. As a consequence, high investment cost required for cranes is anticipated to hamper the growth of crane market.

Trend: Surging Mining Activities

Mining is one of the major end users of cranes and increasing coal demand leads to rise in the demand for mining. Mining operations are difficult to execute and manage in remote and hazardous locations, therefore cranes are required as they can function well even in severely dusty, smoky areas including the areas with extreme weather. Moreover, cranes are designed with such a technology that they can efficiently fulfil various industrial needs of achieving complex lifting and lowering tasks and that too in very dangerous environments. Therefore, surge in mining activities generates the demand for cranes due to their unique property of lifting and transporting extremely heavy materials that are beyond the capability of manual labor, which would directly support the overall market growth.

The COVID-19 Analysis

The COVID-19 brought in many changes in the world, disruption in the supply chain of raw materials and halted construction & manufacturing activities across the world, caused by the COVID-19 pandemic, resulted in the downfall in demand for cranes in various end-use industries which eventually had a negative impact on its market growth globally. Further, the outbreak of pandemic resulted in reduction in maritime trade, decline in aircraft deliveries, and decreased copper production, which aggravated the decline of crane market. However, post pandemic market is expected to regain its momentum as economic activities resumed and manufacturing activities started across the world.

Analysis of Key Players

The global crane market has been a consolidated market. Leading companies in the worldwide crane market are concentrating on taking advantage of the substantial need for dependable crane equipment in the mining, construction, and industrial sectors. Further, key players in the crane market are Konecranes PLC, Xuzhou Construction Machinery Group Co., Ltd. (XCMG), Zoomlion Heavy Industry Science and Technology Co., Ltd., Liebherr Group, The Manitowoc Company, Inc., TADANO LTD., SANY Heavy Industry Co. Ltd, Cargotec Corporation, Palfinger AG, Terex Corporation, Manitex International, Inc. (Badger Equipment Company) and KOBELCO Group (KOBELCO Construction Machinery Co., Ltd.).

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