Crane Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

Crane Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The crane market was valued at USD 33 billion in 2020, and it is expected to reach USD 48 billion by 2026, registering a CAGR of around 6.26% during the forecast period, 2021 - 2026.

The COVID-19 pandemic has hindered the growth of the crane market as sectors such as energy, manufacturing, construction, and automotive were affected significantly. The construction sector also witnessed a significant decline in the number of projects worldwide as most countries across the world imposed lockdown restrictions, disrupting the overall supply chain.

However, 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.

Key Market TrendsThe All-terrain Crane Segment is Expected to Dominate the Market

With the growing construction industry and industrial developments, all-terrain cranes are all set to gain significant traction across the globe. 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.

In addition, all-terrain cranes eliminate the requirement for dedicated transport vehicles. The added advantage of these cranes is their flexibility to adjust, which is attracting fleet owners and crane rental providers. The major players in the market are also launching new product portfolios to gain a competitive edge over their competitors. For instance-

• In July 2020, XCMG launched a 750-metric-ton XCA750 eight axle all-terrain crane. This crane comes with a 7-section 92-meter main boom, topped by a heavy-duty hydraulically erected wind turbine extension, which is specifically designed for wind turbine repair and maintenance work.

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.

Asia-Pacific is Anticipated to be the Fastest-growing Region

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.

During the forecast period, the region is expected to lead the offshore market for cranes in terms of value, which is majorly attributed to the disclosure of oil and gas in the seaward basin of the Gulf of Thailand, the South China Sea, and Australia. Also, the governments in countries like Indonesia and the Philippines are making huge investments in the construction sector to boost demand.

For instance, in March 2019, the Indonesian government announced its plans to spend IDR 571 trillion on the development of transport infrastructure in the capital city Jakarta by 2029 by building a 120 km light transit railway corridor.

The government also made an announcement of spending IDR 6 quadrillion for the development of the overall infrastructure of the country during the period of 2020-2024, with the construction of 25 new airports, highways, affordable houses, and power plants in the country.

Competitive Landscape

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. They are also focusing on various growth strategies such as mergers and acquisitions to strengthen their positions. For instance:

• In March 2020, Konecranes delivered a mobile harbor crane to the port of Terneuzen, the Netherlands, in spring and a second unit to the port of Antwerp, Belgium, in mid-2020.
• In January 2020, Liebherr International acquired Libero Bau Maschinen GmbH & Co.KG. As part of this acquisition, Liebherr will take over the existing sales and services network of Libero and integrate them into Liebherr's business services.

Some of the leading players in the market studied are Manitowoc, Tadano, Kobelco, Cargotec, Kone Cranes, Liebherr, SANY Global, Palfinger, Zoomlion, and XCMG.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.