Crane Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)

Crane Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)

  • May 2021 •
  • 158 pages •
  • Report ID: 6079779 •
  • Format: PDF
The Crane Market was valued at USD 33 billion in 2020 and 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 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 have imposed lockdown restrictions, disrupting overall supply chain.

However, post pandemic market is expected to regain its momentum as economic activities resumed and manufacturing activities started 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 global cranes market over the projected timeframe.

The utilization of technologies, including advanced electronics and automated machinery during the COVID-19 pandemic, has not only resulted in the continuity of businesses but has also improved the manufacturing operations.

Asia-Pacific region expected to be the fastest growing market during the forecast period owing to increasing infrastructure projects in China and India. North America likely to hold significant share due to rising mining explorations and sea borne trade in region.

Key Market Trends
All-Terrain Crane Segment to Dominate the Market

With the growing construction industry and industrial development, the all terrain cranes are all set to gain significant traction across the globe. The all-terrain cranes are widely used by construction and other end-user industries. The all-terrain cranes are used over the traditional lifting and construction equipment that is likely to push the market for all-terrain cranes over the forecast period.

In additon, All-terrain cranes eliminate the requirement of dedicated transport vehicle to carry the one. The added advantage of this crane is its flexibilty to adjust and this is attracting fleet owners and crane rental providers. Major players in the market are also launching new product portfolio to gain competitive edge over their competitors.For instance,

- In July 2020, XCMG launched 750 tonnes XCA750 eight axle all-terrain crane. This crane comes with a seven 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 its high-intensity output and its ability to work in adverse terrains and weather conditions, likely to aid in its growth in the near future. The increasing preference for tall building construction, mining and power resources development has significantly driven the need for all-terrain cranes in the past few years.

Asia Pacific Anticipated to be the Fastest Growing Region

The growth of public infrastructure and housing units is expected to drive growthof crane market in the Asia-Pacific region. One of the largest manufacturers and consumer of the 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 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 Rs 1,69,637 crore (USD 24.27 billion) for the transport infrastructure.

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

- In March 2019, the Indonesian Government made an announcement for plans to spend IDR 571 trillion for 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 overall infrastructure of the country during the period 2020-24, with 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 in research and development of new products and delivering cranes globally. They are also focusing on various growth strategies such as mergers, acquisitions to strengthen their position. For instance,

- In March 2020, Konecranes will deliver a mobile Harbour 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 has 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, Pal finger, and XCMG.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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