The Cranes Market 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. Cranes play a crucial role in enabling the efficient horizontal transportation of goods. Equipped with hoist ropes, wire ropes, and sheaves, they facilitate the lifting and lowering of heavy cargo. The key components of a crane include the hydraulic system, electric system, boom system, turntable assembly, operator cabin, and chassis.
Cranes are indispensable in various industries, such as construction, manufacturing, and logistics, where the movement of heavy objects is a common requirement. The market for cranes has witnessed significant growth in recent years, driven by the increasing demand for infrastructure development and the expansion of industrial activities worldwide.
The hydraulic system of a crane is responsible for providing the necessary power to lift and move heavy loads. It utilizes hydraulic cylinders and pumps to generate the required force. On the other hand, the electric system ensures the smooth functioning of the crane's various operations, including the control of motors, lights, and safety features.
The boom system, comprising the boom, jib, and counterweights, enables the crane to extend its reach and lift objects to greater heights. The turntable assembly allows the crane to rotate horizontally, providing flexibility in positioning and maneuvering.
The operator cabin serves as the control center for the crane, equipped with advanced technology and ergonomic design to ensure the operator's comfort and safety. It provides a clear view of the working area and allows precise control over the crane's movements.
Lastly, the chassis forms the foundation of the crane, providing stability and support during operations. It is designed to withstand heavy loads and various terrains, ensuring the crane's reliability and durability.
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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.
Driving Factors
- Infrastructure Growth
The need for Cranes for construction and maintenance is driven by the requirement for contemporary infrastructure, such as bridges, roads, airports, and ports.
- Urbanization
The need for residential and commercial development rises as a result of the rapid urbanization of emerging countries, which raises the demand for construction cranes.
- Industrialization
Material-handling Cranes are needed for manufacturing, warehousing, and logistics facilities in expanding industrial sectors.
Opportunities
- Technological Progress
Continuous improvements in crane technology, such as automation and safety features, provide manufacturers with the chance to provide cutting-edge goods.
- Growing Rental Market
As more businesses choose to rent cranes rather than own them, the crane rental market is growing and potentially giving expansion prospects.
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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 Segmentation, By Product Type
- Cranes Market Segmentation, By End-User
- Regional Analysis
- Company Profile
- Competitive Landscape
- USE Cases and Best Practices
- Conclusion
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