The Cranes Market Growth was estimated to be USD 44.0 billion in 2022 and is projected to reach USD 67.3 billion by 2030, with a compound annual growth rate (CAGR) of 4.5% during the forecast period from 2023 to 2030.
This significant growth in the cranes market reflects the increasing demand for these versatile machines across various industries. Cranes play a crucial role in construction, manufacturing, and logistics sectors, facilitating efficient lifting and movement of heavy loads.
The projected CAGR of 4.5% indicates a steady and sustainable growth trajectory for the cranes market. Factors such as urbanization, infrastructure development, and industrial expansion are driving the demand for cranes worldwide. Additionally, technological advancements in crane design and functionality are further enhancing their efficiency and safety, making them indispensable in modern operations.
By 2030, the market is expected to witness substantial growth, reaching a value of USD 67.3 billion. This growth can be attributed to the increasing investments in infrastructure projects, particularly in emerging economies. Rapid urbanization and the need for modernization are fueling the demand for cranes, as they are essential for the construction of high-rise buildings, bridges, and other critical infrastructure.
Furthermore, the cranes market is witnessing a shift towards eco-friendly and energy-efficient solutions. Manufacturers are focusing on developing cranes that minimize environmental impact while maximizing productivity. This trend is driven by the growing awareness of sustainability and the need to reduce carbon emissions.
In conclusion, the cranes market is poised for substantial growth in the coming years, driven by factors such as urbanization, infrastructure development, and technological advancements. With a projected CAGR of 4.5%, the market is expected to reach USD 67.3 billion by 2030. The demand for cranes is set to rise as industries recognize their indispensable role in facilitating efficient lifting and movement of heavy loads.
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KEY MARKET SEGMENTATION
By Product Type
- Mobile
- Fixed
- Marine
By End-User
- Construction
- Mining
- Industrial
- Oil & Gas
- Others
Key Players
The major Key players are SANY GROUP (China), Konecranes (Finland), Manitowoc Company, Inc. (U.S.), Tadano Ltd (apan), Komatsu Ltd (Japan), Terex Corporation (U.S.), Liebherr Group (Germany), Hitachi Construction Machinery Europe NV (Netherlands), Demag Cranes & Components GmbH (Germany), Zoomlion Heavy Industry Science and Technology Co., Ltd (China), and others.
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Table of Contents
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- Value Chain Analysis
- Porter’s 5 forces model
- PEST Analysis
- Cranes Market, By Product Type
- Cranes Market, By End-User
- Regional Analysis
- Company Profile
- Competitive Landscape
- USE Cases and Best Practices
- Conclusion
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