The crane market will reach $ 45.80 billion by 2027; Thrust


Pune, India, December 23, 2021 (GLOBE NEWSWIRE) – The world crane market the size should reach $ 45.80 billion by 2027, showing a CAGR of 4.1% between 2020 and 2027. The intensification of the construction industry and technological advancements will positively contribute to the growth of the market, says Fortune Business Insights in a report titled “Crane Market Size, Share and COVID Impact Analysis- 19, By Product Type (Mobile, Fixed, Marine), By End User Industry (Construction, Mining, Industry, Oil & Gas, Others) and Regional Forecast, 2020-2027. The market size was $ 33.84 billion in 2019.

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The main companies in the crane market are:

  • SANY GROUP (China)
  • Konecranes (Finland)
  • Manitowoc Company, Inc. (US)
  • Tadano Ltd (Japan)
  • Komatsu Ltd (Japan)
  • Terex Corporation (United States)
  • Liebherr Group (Germany)
  • Hitachi Construction Machinery Europe NV (The Netherlands)
  • Demag Cranes & Components GmbH (Germany)
  • Zoomlion Heavy Industry Science and Technology Co., Ltd (China)
  • XCMG Group (China)
  • Caterpillar (United States)
  • GORBEL INC. (United States)
  • Street Crane Company Limited (UK)
  • PALFINGER AG (Austria)
  • ZPMC (China)
  • Certex (United Kingdom)
  • Cargotec (Finland)
  • Pelloby Ltd. (UK)

Scope and segmentation of the report

Cover of the report Details
Forecast period 2020 to 2027
Forecast period 2020 to 2027 CAGR 4.1%
2027 value projection $ 45.80 billion
Year of reference 2019
Market size in 2019 $ 33.84 billion
Historical data for 2016 to 2018
Number of pages 140
Covered segments Size, Share, Forecast, Geography

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The report on cranes the market includes:

  • In-depth market analysis
  • Relevant data on competitors
  • Leading regions in the industry
  • Key facts about the dominant regions
  • Well-analyzed COVID-19 study
  • Latest developments

Regional analysis:

A thriving construction industry to boost income in Asia-Pacific

The Asia-Pacific market is expected to dominate the global market during the forecast period owing to the increase in infrastructure projects in developing countries. For example, in 2018, China’s National Development and Reform Commission (NDRC) sanctioned 27 infrastructure projects worth around US $ 219.43 billion. The market in North America is expected to maintain a strong rate due to the improving mining industry in the United States. For example, The Manitowoc Company, Inc. introduced the Grove GMK4090 rough terrain cranes. It features a 51m six-section mega-shape boom that uses Grove’s Twin-Lock pinning system. The European market is expected to represent a substantial share due to the rapid development of the region.

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Market engine:

Significant investment in The construction and infrastructure sector will increase growth

The huge investment in the construction of residential and commercial buildings by governments will create opportunities for the market during the forecast period. Rapid urbanization is expected to increase the market potential. The growing emphasis on developing green and environmentally friendly infrastructure will propel the market. In addition, the increasing demand for cranes in the gas, mining and automotive industries will contribute to the expansion of the market for the foreseeable future. In addition, the development of smart factories may further promote the growth of the market in the near future.

Sudden pause on construction activities to impact businesses amid coronavirus

The lockdown resulted in massive loss for the manufacturing and construction industries. The decline in crane production negatively impacted the market during the coronavirus. Operational delays in the oil and gas, construction, mining and automotive industries will therefore worsen this market. In addition, the massive drop in income in many industries will have a direct impact on businesses. Thus, hamper the growth of the market. In addition, the unavailability of labor in the construction industry will hamper the growth of the market.

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Key development:

September 2019: The Liebherr Group, a Swiss multinational equipment manufacturer based in Bulle, has announced the launch of the ‘LTM 1230 5.1 mobile cranes with a 75-meter telescopic boom which is used to erect 70-meter electricity pylons.

Main Table of Contents:

  • introduction
    • Definition, by segment
    • Research methodology / approach
    • Information source
  • Summary
  • Market dynamics
    • Macro and micro economic indicators
    • Drivers, constraints, opportunities and trends
    • Impact of COVID-19 on the Automatic Labeling Machine Market
      • Short term impact
      • Long term impact
  • Competition landscape
    • Business strategies adopted by key players
    • Consolidated SWOT analysis of the main players
    • Global Market Share Analysis and Matrix, 2019
  • Key Crane Market Overview and Analysis, By Segments
  • Global Crane Market Analysis, Outlook and Forecast (Quantitative Data), by Segments, 2016-2027
    • By product type (value)
    • By end-user industry (value)
      • Construction
      • Mining
      • Industrial
      • Petroleum gas
      • Others
    • By geography (value)
      • North America
      • Europe
      • Asia Pacific
      • Middle East and Africa
      • Latin America
  • North America Crane Market Analysis, Outlook and Forecast (Quantitative Data), by Segments, 2016-2027
    • By product type (value)
    • By end-user industry (value)
      • Construction
      • Mining
      • Industrial
      • Petroleum gas
      • Others
    • By country (value)

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