The Booming Global Crane Market is Powered by Automation Trends

 The global crane market is a vital industry that plays an integral role in construction, transportation and manufacturing sectors. Cranes are used for lifting and transporting heavy machinery, equipment and components across various industries. Mobile cranes, tower cranes, gantry cranes and overhead cranes are some commonly used types of cranes that offer powerful lifting capabilities along with flexibility of movement. Rising infrastructural growth, industrialization and focus on automation are fueling demand for advanced cranes worldwide. The Global Crane Market is estimated to be valued at US$ 45.98 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the global crane market are Liebherr Group, Manitowoc, Tadano, Terex, Xuzhou Construction Machinery Group (XCMG), Zoomlion, Sany, KobelcoCrane, HitachiSumitomo, Furukaw, Konecrane, Manitowoc Cranes, TIL Limited. The growing demand for cranes from various end-use industries such as construction, mining, shipping & logistics is a major factor propelling market growth. Rapid urbanization and development of smart cities are also boosting infrastructure development worldwide, thereby augmenting the demand for cranes. With growing international trade, manufacturing activities and expansion of sea-routes, the global crane market is expanding extensively across regions.

The global crane market is witnessing strong growth on account of rapid industrialization and infrastructural development taking place globally. Government investments in public infrastructure, housing projects, power projects and other development activities are generating high demand for cranes. Furthermore, increasing focus on automation of material and equipment handling operations across factories is propelling the adoption of advanced cranes integrated with smart technologies. Manufacturers are developing autonomous and remote-controlled cranes to improve efficiency, reduce costs and ensure safety.

Market key trends

One of the key trends gaining traction in the global crane market is automation. There is growing integration of automation, robotics and Internet of Things (IoT) technologies in cranes. Advanced features such as remote monitoring, fleet management, predictive maintenance and automated operations are improving functionality. For instance, autonomous robotic cranes use sensors, cameras and processors to operate independently without an operator. Automation enables round-the-clock operations, improves safety by preventing human-errors and streamlines material handling processes. Rising focus on Industry 4.0 and automation is a major driver for evolution of smart connected cranes going forward.

Porter's Analysis
Threat of new entrants: Low capital requirements for starting a new crane manufacturing business pose moderate threat. Bargaining power of buyers: Large buyers have significant bargaining power due to the availability of substitutes and competition among existing players. Bargaining power of suppliers: Global suppliers have moderate bargaining power due presence of substitute components and barrier to forward integration. Threat of new substitutes: Substitutes like material handling equipment, boom trucks pose moderate threat. Competitive rivalry: Intense competition among global players due to established relationship with end-users.

Geographical Regions
North America accounts for the largest share in the global crane market in terms of value due to robust demand from construction and utility industries in countries like US and Canada.

Asia Pacific region is expected to witness fastest growth during the forecast period driven by increasing infrastructure development activities and growing adoption of cranes in manufacturing sector across China, India and other developing countries in the region. _______________________________________________________________________