The Cranes Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cranes Global Market Report 2024, The cranes market size has grown strongly in recent years. It will grow from $38.3 billion in 2023 to $40.28 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to construction boom, industrialization, infrastructure development, port and shipyard expansion, power plant construction, manufacturing sector expansion.
The cranes market size is expected to see strong growth in the next few years. It will grow to $49.66 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to renewable energy projects, e-commerce growth, focus on safety, rise of prefabrication, harbor and shipyard modernization, focus on eco-friendly solutions. Major trends in the forecast period include integration of telematics and IoT, eco-friendly and energy-efficient cranes, compact and mobile crane models, crane automation and robotics, advanced hydraulic systems.
The increase in spending on construction activities globally is driving the cranes market. Rapid growth in industrialization, urbanization and strong economic growth in emerging countries has contributed to growing spending on construction activities across the globe. The increased spending on construction activities is expected to boost the utilization or demand of cranes, as the on-field construction teams are investing in faster and efficient material handling equipment for safe operations and minimal human loss. For instance, according to the U.S. Census Bureau report on monthly construction spending in 2022, the construction spending was expected to be $1,744.8 billion in April 2022, a 0.8% rise from the revised March estimate of $1,740.6 billion. Therefore, the increasing spending on construction is expected to boost demand for cranes during the forecast period.
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The cranes market covered in this report is segmented –
1) By Product type: Mobile, Fixed, Marine
2) By Business Type: Original Equipment Manufacturers (OEM), Aftersales
3) By End-User: Construction, Mining, Industrial, Oil & Gas, Other End-Users
Major companies operating in the cranes market are adopting new technological solutions such as the T-Link Telematics platform to sustain their position. For instance, in May 2021, Terex Corporation, a US-based worldwide manufacturer of lifting and material-handling plants, launched the T-Link Telematics platform that can be fitted with Terex Rough Terrain Cranes, giving customers access to real-time data that can be used to control crane configuration information, crane status, alarms, crane position, and scheduled maintenance alerts in addition to optimizing performance. T-Link gives customers access to their fleet of cranes’ operational data remotely so they can get accurate, up-to-date information from the field, around-the-clock, from any location in the world, using an internet-connected computer, smartphone, or tablet. The development of this innovative technology is another step forward in the mobile cranes market.
The cranes market report table of contents includes:
1. Executive Summary
2.Cranes Market Characteristics
3.Cranes Market Trends And Strategies
4.Cranes Market analysis
5.Cranes Market Size And Growth
6.Cranes Segmentation
7.Cranes Regional And Country Analysis
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27.Cranes Competitive Landscape And Company Profiles
28.Cranes Key Mergers And Acquisitions
29.Cranes Future Outlook and Potential Analysis
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