Crane Market 2022 | Present Scenario and Growth Prospects 2029

In 2022, sales in the global crane market are anticipated to reach US$43.9 billion. By 2029, the market size is expected to reach US$ 57.1 Bn, growing at a steady 3.8% CAGR. According to Future Market Insights, the crane market will expand at a 3.8% CAGR between 2022 and 2029, up from the 3.3% CAGR seen between 2014 and 2021. (FMI).

Another factor that is likely to drive sales is manufacturers’ increased emphasis on leasing and renting hoists. Portable crane rental services are being prioritised by countries such as Turkey, Italy, and India, and are expected to drive growth in the coming years.

A number of major players in the global crane market have implemented policies and plans that prioritise strong customer relationships with dealers, distributors, and other channel participants. These relationships have grown stronger as a result of their local market presence. The global crane market was worth approximately US$ 43.9 billion in 2022, and it is expected to grow 1.5X by 2029.

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Insights Gathered from Crane Market Study

  • The integration of cranes with IoT is expected to allow key players to increase sales during the forecast period, especially through contracts from leading companies dealing in real estate buildings and commercial apartments.
  • Rising number of remote operations have boosted demand, and more customers are demanding high load capacity cranes.
  • Loader cranes find application in refineries and offshore oil droll platforms, and increase in the production capacity of crude oil across the globe (to cater to energy needs) will have a positive impact on the loader crane segment.
  • Lack of technological adoption in conventional cranes will act as a restraint, and manufacturers will have to adopt advanced automation solutions to sustain and enhance their market share.
  • China is estimated to hold a significant share in the global crane market, and is expected to drive market growth in the region, while growing at a CAGR of above 5% in terms of value from 2022 to 2029.

“Increasing demand for high capacity cranes and need for portability are propelling the sales of handheld cranes, mainly manufactured by leading players. Further, providing customer-specific products at attractive costs based upon individuals’ economic tier and spending capability is expected to drive the growth of the crane market in the coming years.”

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Crane Market: Participant Insights

The crane market is largely fragmented, owing to a large number of established and large players. The report also provides details of some of the key players in the global crane market, such as Liebherr Group, XCMG Construction Machinery Co. Ltd, The Manitowoc Company, Texrex Corporation, Cargotec Oyj, Tadano Ltd., Zoomlion Heavy Industry Science & Technology Co., Ltd. Kobelco Ltd, and Kato, among others. Increasing investments in public and private sector construction projects are primarily responsible for driving the growth of the market.

Competitiveness in this landscape is growing stronger, and the adoption of new crane technology is superseding the cranes of yesteryears. With numerous updations, customizations, and innovations, end users can increase uptime, save on maintenance and energy costs, scale products with the business, and extend the life of their investments, all of which will play a significant role in the global crane market.

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