PUBLISHER: Grand View Research | PRODUCT CODE: 1493420
PUBLISHER: Grand View Research | PRODUCT CODE: 1493420
The global crane market size is expected to reach USD 49.14 billion by 2030 and grow at a CAGR of 4.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The surge in urbanization and global population growth has intensified the demand for both residential and commercial spaces, leading to an increase in the construction of tall buildings and skyscrapers. This trend necessitates using cranes for efficient construction and the vertical transportation of materials. In addition, infrastructure development, including the modernization of transportation networks such as roads, railways, airports, and ports, has seen substantial investments worldwide. For instance, in January 2024, the U.S. federal government announced to invest around USD 240 million in building airports in 37 states under Bipartisan Infrastructure Law Funding. Besides, cranes play a crucial role in these projects by facilitating handling heavy machinery, containers, and other materials during construction and maintenance activities.
The crane industry is witnessing a significant shift towards adopting advanced technologies, presenting promising opportunities in the coming years. Manufacturers in this sector recognize the potential benefits of incorporating remote control systems, automation, and telematics into crane designs. These technological advancements have caught the attention of infrastructure developers continually seeking innovative equipment to improve their construction processes. By integrating advanced technologies, the industry meets the demand for efficient equipment capable of performing complex tasks, reducing manual labor, and enhancing overall project productivity. Advanced cranes allow infrastructure developers to streamline construction timelines, minimize risks, and achieve cost savings. For instance, in March 2023, Kobelco Construction Machinery Co., Ltd. unveiled the G-3 series crawler models (CK1600G-3, CK2000G-3, CK2750G-2) at CONEXPO-CON/AGG 2023. Each model in the G-3 series is equipped with an Isuzu Tier 4 c
ompliant engine and features such as KCROSS telematics, touch screen load moment indicator (LMI), fuel-saving G-modes, and swing limiter, among others.
The market players are investing heavily in research & development activities to launch new and technologically advanced products. Crane manufacturers are also focusing on various strategies such as product launches, partnerships, mergers & acquisitions, collaborations, and business expansion, among others, to stay competitive in the market. For instance, in April 2023, The Manitowoc Company, Inc., launched Potain MCT 1105, a tower crane manufactured at the Zhangjiagang facility in China. The crane has a capacity of 50 tons and is available with three counter jib options, i.e., 15m, 20m, and 25m.