Cranes are machines that can lift and lower objects as well as move them horizontally. They are frequently outfitted with a hoist rope, wire ropes or chains, and sheaves. It is mostly used for lifting and moving large objects. The global construction sector has gone through several ups and downs over the last decade. These concerns have had a significant impact on the construction equipment and material lifting markets, of which cranes are an important component. Mobile cranes can be set in motion to help with material lifting. As a result, they are in high demand in the construction industry as well as on material-lifting sites.
Global construction spending growth, increasing urbanization, and rising demand for cranes in the utility sector in Europe and the Asia Pacific are some market factors. Rapid urbanization is the primary global crane market driver. This has resulted from significant population growth, migration from rural to urban areas, and industrialization, which has improved employment prospects by allowing individuals to work in modern sections in job categories that help stimulate the economy. Commercialization has a significant impact on urbanization. The modern era's distribution of products and services, as well as commercial transactions, has resulted in the development of modern marketing organizations and exchange techniques, which has greatly accelerated the construction of towns and cities. Modernization is critical to the advancement of urbanization. People believe they can live a happy life in cities as they become more technologically advanced, with highly sophisticated communication, infrastructure, medical facilities, dress code, enlightenment, liberalism, and other social amenities available. As a result of the aforementioned factors, the demand for new commercial and residential constructions has increased, resulting in increased employment of cranes of various types.
Cranes play an important role in the global material-lifting industry. Global crane companies are focusing on improving a few aspects such as flexibility, lifting capacity, and outreach capability, and they are investing heavily in R&D on technological breakthroughs to do so. To gain a competitive advantage over their competitors, the market's leading companies are also introducing new product lines. Manitowoc, for example, will introduce two new all-terrain cranes in October 2021: the Grove GMK5120L and the Grove GMK5150XL. The 120-metric-ton GMK5120L has a longer reach thanks to its 66-meter main boom. The GMK5150XL all-terrain crane, with a capacity of 150 metric tonnes, was also released on a five-axle carriage. It has a 69-meter-long boom. In June 2021, Konecranes will launch the Generation 6 line of mobile port cranes (MHCs). According to Konecranes, the product name for the series is ESP, which stands for electric, smart, and powerful. The ESP.6 is the first model in the line, followed by the ESP.9, the strongest of which can lift to 200 metric tonnes. In May 2021, Palfinger will unveil Smart Control, a crane tip control system. The new control system is available for its cranes ranging in capacity from 29t to 58t. Up to eight extensions can be controlled, spanning the entire TEC 7 range from PK 29.502 TEC 7 to PK 58.002 TEC 7.
The global crane market generated revenue of US$ 33,143.3 million in 2020 and is expected to reach US$ 39,711.2 million by 2025, with a CAGR of 3.7% in the forecast period. The research report on the global crane market provides extensive competition analysis. The report includes information on significant products, players, challenges and developments, and other information specific to the crane market. The data in this report is targeted for business and industry practitioners and specifically intended to assist in the explanation, direction, and understanding of the potential of the crane markets. The study focuses on providing readers with an understanding of developments in the industry, market segments, market forecasts, leading players, and market drivers.
Goals and objectives of the study
o Define key market trends, innovations, opportunities, and factors influencing the global market and its sub-segments.
o Identify and analyze primary industry categories and their respective frameworks for the global market.
o Predict the total size of the market internationally and analyze it based on various segments and regions.
o Classify key players and assess the business environment based on recent developments and segment revenue.
Chapter 2, "Market Overview" provides an overview of the crane market. The chapter includes macro-economic factors, market determinants (includes market drivers, restraints, opportunities, and challenges), value chain analysis, technology/product roadmap, Porter 5 force model analysis, market growth opportunity analysis.
Chapter 3 "Segment Analysis" of the study deals with the different sub-segments of the market to calculate reliable market forecasts. The crane market was segmented based on product, application. The chapter provides an in-depth analysis of the market segments of the crane market, year-on-year growth projections that enable readers to identify potential market growth areas.
Chapter 4, "Regional Analysis" includes an in-depth analysis of the crane market by regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The report also includes a comprehensive analysis of the crane market in key countries such as the United States, Canada, Germany, France, Italy, Spain, China, India, Japan, the GCC, South Africa, Brazil, Mexico, and the rest of the world. Regional insight helps market competitors to make crucial decisions about their company. Individualized, country-wise, and segment-wise analyses by region allow readers of the crane market report to explore the potential of the market in different geographies. For each year's growth projections and a global share of value, this section is a vital part of the report.
Chapter 5 "Competitive Analysis" of the report includes company shares analysis, a list of acquisitions, mergers, collaboration, and the introduction of new products.
Chapter 6 "Company Profile" of the report also covers key industry players working on the crane market. Some of the prominent competitors in the crane market are Altec Inc.,Broderson manufacturing corp.,Coloumbus Mckinnon Corp.,Ingersoll,RandKonecranes PLC,Liebherr Group,Palfinger AG,Sany Group,Tadano Ltd.,Zoomlin Co. Ltd. The report also discusses the business strategies adopted by the players at the global, regional, and country-level. The study also focuses on various businesses or inorganic business development strategies for expanding consumer networks through product formation, enterprise extension, partnerships, mergers, and acquisitions.
The study offers an exhaustive summary and estimate of the global market. It includes in-depth qualitative and quantitative analyses in the report that aligned with the goals and objectives of our customers. Projections have been confirmed by comprehensive primary and secondary analysis. The study will encourage clients to invest in the market based on the current business situation, trends, and potential developments in the segments. Understanding the requirement of the client, the report delivers specialist insights for the global market, its products, and market patterns.
