Cranes Market Report, Forecasts Market to Reach $51.7 Billion by 2031

 

 

“Cranes Market Report, Forecasts Market to Reach $51.7 Billion by 2031”

 

Meticulous Research®, a prominent global market research firm, has released an in-depth report titled, “Cranes Market by Type (Tower Cranes, Mobile Cranes, Overhead Cranes), Class (Class A {Standby Service}, Class B {Light Service}, Class C), Lifting Mechanism, Control Method, End-use Industry (Construction, Oil & Gas), and Geography – Global Forecast to 2031.”

 

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According to this latest analysis from Meticulous Research®, the cranes market is projected to achieve a valuation of $51.7 billion by 2031, experiencing a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031. Key drivers of market growth include rapid urbanization, infrastructure development, increased global trade, and technological advancements in crane systems. However, significant initial investment and high operational costs present notable challenges to market expansion.

1.1.1        Growth Opportunities and Market Dynamics

Key Growth Drivers:

  • Urbanization and Infrastructure Development: Accelerated urbanization and expansive infrastructure projects are propelling the demand for cranes.
  • Advancements in Crane Technology: Innovations in crane technology are enhancing efficiency, safety, and energy performance, boosting market growth.

Challenges:

  • High Initial and Operational Costs: Substantial financial outlays for crane procurement and maintenance can hinder market growth.
  • Skilled Operator Shortage: A lack of qualified operators poses a significant challenge to market progression.

Opportunities:

  • Smart City and Renewable Energy Projects: Emerging smart city initiatives and increased demand for renewable energy are expected to create significant opportunities for market stakeholders.

1.1.2        Market Segmentation and Highlights

The cranes market is meticulously segmented to provide a detailed analysis:

By Type:

  • Tower Cranes: Expected to hold the largest market share (~22%) in 2024, driven by their versatility and efficiency in construction projects. Technological advancements are further propelling their adoption.
  • Mobile Cranes: Anticipated to exhibit the highest CAGR during the forecast period, benefiting from their mobility and versatility across diverse applications.

By Class:

  • Class D (Heavy Service): Projected to dominate in 2024 due to their capability to handle substantial loads across various industries. This segment is also forecasted to register the highest CAGR.

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By Lifting Mechanism:

  • Hydraulic Cranes: Predicted to account for the largest market share (~44%) in 2024, thanks to their efficiency and ease of operation.
  • Electric Cranes: Expected to see the highest growth rate due to their zero emissions and advanced safety features.

By Control Method:

  • Manual Cranes: Expected to lead with a market share of ~33% in 2024, attributed to their affordability and lower maintenance costs.
  • Automated Cranes: Anticipated to grow at the fastest rate, driven by their precision, efficiency, and reduced labor costs.

By End-use Industry:

  • Construction: Set to account for the largest share (~35%) in 2024, driven by the extensive use of cranes in enhancing construction site productivity. This segment is also projected to experience the highest growth rate.

1.1.3        Regional Insights

Asia-Pacific: Dominating the market with an expected share of ~46% in 2024, the region’s growth is fueled by rapid infrastructure development and significant investments in transportation, energy, and construction sectors. The region is also anticipated to register the highest CAGR (~6%) during the forecast period.

1.1.4        Leading Market Players

Key industry players driving the cranes market include:

  • Liebherr Group (Switzerland)
  • Terex Corporation (U.S.)
  • Tadano Ltd. (Japan)
  • Caterpillar Inc. (U.S.)
  • Gorbel Inc. (U.S.)
  • Konecranes Plc (Finland)
  • The Manitowoc Company, Inc. (U.S.)
  • XCMG Group (China)
  • Zoomlion Heavy Industry Science and Technology Co., Ltd. (China)
  • SANY Heavy Industry Co., Ltd. (China)
  • Pelloby Ltd. (U.K.)
  • Demag Cranes & Components GmbH (Germany)
  • Street Crane Company Limited (U.K.)
  • Hitachi Construction Machinery Europe NV (Netherlands)
  • Komatsu Ltd. (Japan)

For further details on the cranes market, including comprehensive market analysis and competitor evaluations, refer to the full report by Meticulous Research®.

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

 

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