The latest report by IMARC Group, titled “Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global crane market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global crane market size reached US$ 49.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 65.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.6% during 2023-2028.
Crane Market Overview:
A crane is a mechanical device engineered with a primary focus on lifting, lowering, and moving loads across a significant distance. Its characteristic profile includes a hoist rope, wire ropes or chains, and sheaves, collectively facilitating the moving of heavy objects beyond the capacity of human labor. Categorized under the umbrella of heavy equipment, cranes are predominantly deployed in the transport industry for loading and unloading of freight, in the construction industry for the movement of materials, and in the manufacturing industry for assembling heavy equipment. The device operates through the mechanical advantage principle, providing a practical solution to logistical and infrastructural challenges.
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Global Crane Market Trends:
The global market is majorly driven by the widespread product adoption across the construction industry. This can be attributed to growing investments in infrastructural development projects and the rising remodeling and reconstruction activities. Additionally, the expansion of renewable energy sources, such as wind and solar power, is impelling the demand for cranes as they are utilized for the installation and maintenance of wind turbines, solar panels, and other renewable energy infrastructure. Moreover, continual advancements in technology lead to the development of more efficient and versatile crane models, coupled with the integration of advanced features, including telematics, automation, remote monitoring, and improved safety systems enhance the performance, productivity, and safety of cranes, thereby contributing to the demand.
Key Market Segmentation:
Competitive Landscape with Key Players:
Cargotec
Konecranes
Liebherr-International
Manitowoc
Terex
XCMG Group
American Crane and Equipment
Badger Equipment
Broderson
IHI Construction Machinery
Link-Belt Construction Equipment
Kobelco Cranes
Breakup by Product Type:
Mobile Cranes
Marine And Port Cranes
Fixed Cranes
Breakup by Application:
Construction And Infrastructure
Mining
Oil And Gas
Others
Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
Market Performance
Market Outlook
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company’s expertise.
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