Global demand for cranes has increased as a result of an increase in construction activities, which is propelling the crane market's expansion. Due to the rapid urbanisation, there is a rising demand for construction. In 2016, 54.5% of the world's population lived in urban areas, and by 2030, that number is expected to rise to over 60%. This is predicted to result in more construction work being done to build better facilities, homes, and other things. As a result, the market is anticipated to develop as a result of this. Cranes are an important piece of machinery in the construction sector. Cranes are used for high-rise building construction and for getting to inaccessible places. The most typical type of crane used in the construction of big buildings is a tower crane, which is fixed to the ground while being built. The demand for tower cranes in the construction business has increased due to a number of benefits including high loading and lifting capability and high height capacity. Mobile crane segment is projected to exhibit the highest CAGR in the forecast period.
As per Coherent Market Insights, in 2021, the market for Cranes was estimated to be worth USD 33.61 million. By 2030, it is anticipated to reach USD 56.29 million, expanding at a CAGR of 4.8% from 2022 to 2030.
Top Companies in the Global Crane Industry:
1. Liebherr Group
The company was started in 1949 and is based in Bulle, Switzerland. The business manufactures tools and equipment for construction. In addition to developing and manufacturing diesel and gas engines, hydraulic components and splitter boxes, the company also sells wheel loaders, tower cranes, mine excavators, portable material handling devices and gear cutting tools. Liebherr opened their first APAC headquarters in Singapore in March 2020.
2. Manitowoc
The company was started in 1902 and is based in Milwaukee, Wisconsin, United States. An industrial producer of cranes and associated goods, The Manitowoc Company, Inc. is diversified. Boom trucks, mobile telescopic cranes, tower cranes, and lattice-boom cranes are some of the company's products. Manitowoc debuted Potain MCT 1105 from the Zhangjiagang facility in April 2023, setting a record.
3. Tadano
The company was founded in 1948 and is located Takamatsu, Kagawa, and Japan. For usage in construction and other industries, the company makes and distributes a variety of hydraulic cranes. By utilising its own mechatronics technology, the company creates non-crane equipment such aerial platform trucks and lighting vehicles in addition to truck, all-terrain, and cargo cranes.
4. Terex
The company was started in 1970 and has its main office in Westport, Connecticut, United States. The Terex Corporation is a leading provider of lifecycle solutions for lifting and material processing equipment and services. The business provides lifecycle solutions to a variety of industries, including mining, manufacturing, construction, transportation, refining, and energy. 'Green' Investment ZenRobotics was purchased by Terex MP in August 2022.
5. Xuzhou Construction Machinery Group (XCMG)
The firm was established in 1989 and is based in China. Construction machinery is Xuzhou Construction Machinery Group Co. Ltd.'s primary business, and the company produces a variety of construction equipment. A collaboration for autonomous equipment is signed by XCMG and Vale in 2021.
6. Zoomlion
The company was founded in 1992 and is based in Changsha, China. The firm is a manufacturer of agricultural and construction equipment in China. The business creates and manufactures cutting-edge machinery, offering complete solutions to clients in the construction and agricultural industries.
7. Furukaw
The company was founded in 1884 and is located in Chiyoda City, Tokyo, Japan. The business produces metal goods, cables, and wires. The business manufactures optical fibre cables in the US and has optical fibre coating patents. Metal goods produced by Furukawa Electric include shape memory alloys, aluminium cans, and air conditioner components.
Definition: Cranes are tools used mostly in transportation or construction operations for lifting, lowering, and transferring huge objects or goods from one location to another. One of the main drivers of the increased demand for cranes is the increase in government spending on the creation of smart cities.
