According to the latest report by IMARC Group, titled “Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global crane market size reached a value of US$ 46.80 Billion in 2020. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 59.82 Billion by 2026, exhibiting a CAGR of 4.57% during 2021-2026.
A crane refers to a construction machine that is used to transport objects horizontally. It is equipped with wire ropes, a hoist rope, sheaves, etc., and can lift heavy loads or transport them to other locations. Crane designs have evolved to accommodate the needs of multiple industries, with modern cranes being able to coordinate simple systems in order to complete complicated lifting operations. Cranes come in various forms, ranging from a primary rope pulley to a tower crane atop a high-rise building. The choice of which type of crane to utilize for a particular project will depend on several factors, such as terrain, mobility, budget, the weight of the load, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Crane Market Trends:
The escalating product requirement in the construction industry and the elevating levels of urbanization across countries are primarily driving the crane market. Besides this, the growing demand for cranes across numerous other industries, including mining, oil and gas, logistics, etc., for lifting and transporting pieces of equipment that are beyond the capability of manual labor, is further catalyzing the market growth. Additionally, cranes can handle complex lifting and lowering tasks in hazardous environments where human workers cannot operate safely. This, in turn, is acting as another significant growth-inducing factor. Furthermore, the rising number of residential and non-residential construction projects across the globe, especially in developing countries like India, China, Brazil, Vietnam, etc., is expected to fuel the crane market in the coming years.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- XCMG Group
- American Crane and Equipment
- Badger Equipment
- IHI Construction Machinery
- Link-Belt Construction Equipment
- Kobelco Cranes
Key Market Segmentation:
Breakup by Product Type:
- Mobile Cranes
- Marine And Port Cranes
- Fixed Cranes
Breakup by Application:
- Construction And Infrastructure
- Oil And Gas
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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