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Crane Market to Reach USD 48 Billion by 2026- Exclusive Report by Mordor Intelligence

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Crane Market to Reach USD 48 Billion by 2026- Exclusive Report by Mordor Intelligence

November 23
22:44 2021
Crane Market to Reach USD 48 Billion by 2026- Exclusive Report by Mordor Intelligence
Mordor Intelligence
All-terrain cranes are widely used by construction and other end-user industries. They are preferred over the traditional lifting and construction equipment, which is likely to push the market for all-terrain cranes over the forecast period.

Crane Market Overview

The crane market is expected to reach USD 48 billion by 2026, registering a CAGR of around 6.26% during the forecast period, 2021-2026. In the post-pandemic, the market is expected to regain its momentum as economic activities resume and manufacturing activities start across the world. The implementation of automated technologies to reduce human interaction in production facilities and offices is anticipated to support the growth of the crane market over the projected timeframe. The Asia-Pacific region is expected to be the fastest-growing market during the forecast period due to the increasing infrastructure projects in China and India. North America is likely to hold a significant share due to rising mining explorations and sea-borne trade in the region.

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Crane Market – Geographical Overview

Asia-Pacific region is anticipated to be the fastest-growing region in the crane market

The growth of public infrastructure and housing units is expected to drive the crane market in the Asia-Pacific region. One of the largest manufacturers and consumers of construction equipment is China. In the construction market, cranes hold a large chunk of the market share, making China the largest market for cranes in the Asia-Pacific region. In India, the government has made several announcements in the Union Budget 2020-21 to improve the infrastructure in the country. For instance- The Government of India has provided a push to the infrastructure sector by allocating INR 1,69,637 crore (USD 24.27 billion) for transport infrastructure.

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Key Highlights of the Crane Market

  • The crane market is dominated by a few major players. These players have successfully capitalized on the significant demand for reliable cranes from key players in the construction, mining, and industrial sectors. The major players in the region are spending heavily on research and development of new products and delivering cranes globally.
  • All-terrain cranes are becoming popular in the new age of construction due to their high-intensity output and ability to work in adverse terrains and weather conditions, which is likely to aid their growth in the near future. The increasing preference for tall building constructions and mining and power resource developments have significantly driven the need for all-terrain cranes in the past few years.

Recent Developments in the Crane Market

  • In May 2021, Manitowoc introduced New Potain MDT 489 topless crane that can lift a maximum of 22 UST (20 t) or 27.6 UST (25 t) within a 262 ft (80 m) radius and be configured in multiple ways to make the best use of the space and equipment.
  • In May 2021, Palfinger launched Smart Control, a crane control system of the crane tip. The new control system is offered to its cranes with capacities from 29t to 58t. Up to eight extensions can be controlled, covering the entire TEC 7-range from PK 29.502 TEC 7 to PK 58.002 TEC 7.

Related Reports and Links

List of Key Players in the Crane Market

  • Konecranes PLC
  • Cargotec OYJ
  • Manitowoc
  • Terex Corporation
  • Tadano Limited
  • Kobelco Cranes Co. Ltd
  • Palfinger AG
  • Liebherr-International AG
  • Zoomlion Heavy Industry Science and Technology Co. Ltd
  • Favelle Favco Group
  • Hitachi Sumitomo Heavy Industries Construction Cranes Co. Ltd
  • XCMG Group
  • SANY Group
  • Shanghai Heavy Industries Co. Ltd (ZPMC)

*List Not Exhaustive 

Mordor Intelligence has segmented the global crane market on the basis of type, application, and geography:

  • Type (Market Size & Forecast based on Revenue (USD billion), 2018-2026)
    • Mobile Crane
      • All-terrain Crane
      • Rough Terrain Crane
      • Crawler Crane
      • Truck-mounted Crane
      • Other Mobile Cranes
    • Fixed Crane
      • Monorail and Underhung
      • Overhead Track-mounted Crane
      • Tower Crane
    • Marine and Offshore Crane
      • Mobile Harbor Crane
      • Fixed Harbor Crane
      • Offshore
      • Ship Crane
  • Application (Market Size & Forecast based on Revenue (USD billion), 2018-2026)
    • Construction and Mining,
    • Marine and Offshore
    • Industrial Applications
  • Geography (Market Size & Forecast based on Revenue (USD billion), 2018-2026)
    • Asia-Pacific
      • China
      • Japan
      • India
      • Australia
      • South Korea
      • Rest of Asia-Pacific
    • North America
      • United States
      • Canada
      • Rest of North America
    • Europe
      • Germany
      • United Kingdom
      • France
      • Rest of Europe
    • Rest of the World
      • Saudi Arabia
      • South Africa
      • United Arab Emirates
      • Brazil
      • Other Countries

About Mordor Intelligence

Mordor Intelligence is a market intelligence and advisory firm. Our mission is to map complex business ecosystems across the globe to better predict butterfly effects. To date, we have partnered with 4000+ enterprises across 20 industries, to deliver precise data and actionable insights in over 6000 projects. Our domain-specific teams of research experts continuously track markets, enabling our clients to gain a competitive edge through high-quality market intelligence.

We offer fully tailored intelligence solutions to meet the unique business requirements of any organization. Our deep industry expertise coupled with cross-functional analyst teams ensures we can support the intelligence requirements of even the most specific of business problems.

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