Cranes Market to Reach USD 49.64 Billion by 2028; Rising Investments in Infrastructure and Construction Industries to Amplify Market Growth

The global cranes market size is projected to exhibit tremendous growth by reaching USD 49.64 billion by 2028. Fortune Business Insights™ has presented this information in its report titled “Cranes Market Size, Share and COVID-19 Impact Analysis, By Product Type (Mobile, Fixed, and Marine), By End-User (Construction, Mining, Industrial, Oil & Gas, and Others), and Regional Forecast, 2021-2028”, and observes that the market size stood at USD 34.95 billion in 2020 and USD 36.36 billion in 2021 and is expected to register a CAGR of 4.5% between 2021 and 2028. The soaring investments in infrastructure and construction sectors due to swift urbanization and industrialization are anticipated to bolster the growth of the market in the coming years.

Jobsite Conquer by Potain Cranes at Downtown Phoenix to Incite Development

In August 2021, two Potain tower cranes by Manitowoc successfully conquered the development site working spaces of the Haverly Apartments in downtown Phoenix. An Igo T 85 A (self-erecting) and an MD 485 (top-slewing) cranes were positioned strategically to reach the whole Haverly Apartments jobsite. They were assembled in tight spaces and required to provide small footprint to fit in the Haverly Apartments jobsite. Both the cranes were able to reach every corner of the jobsite.

Escalating Investments in Residential & Commercial Buildings Construction to Boost Market Growth

Rapid urbanization is resulting in a huge demand to seamlessly transfer weights above 500 tons across Latin American and Asian countries. Moreover, several private and government sectors are investing heavily in commercial & residential buildings construction and public infrastructure. These factors are anticipated to collectively bolster the global market growth. Additionally, the rising focus of governments of major economies on green building development is anticipated to offer lucrative opportunities for the market.

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https://www.fortunebusinessinsights.com/industry-reports/cranes-market-101168

Key Players Adopt Ingenious Strategies to Garner Growth

The market is primarily dominated by players such as Terex Corporation, SANY Group, Liebherr Group, Manitowoc Company Inc., and Komatsu Ltd. The top players emphasize technological developments to deliver tailored products. They adopt ingenious growth strategies, including technological advancements, new product launches, patents, collaborations, partnerships, and others to bolster their market positions. For instance, since receiving the second delivery of Manitowoc’s compact and versatile all-terrain crane, Grove GMK5200-1, John Sutch Cranes has started raising awareness on cancer, beginning July 2021. The company has been using the same crane specially wrapped to raise funds for cancer charity.

Industry Development:

• August 2021: Two Potain tower cranes by Manitowoc have successfully conquered the development site working spaces of the Haverly Apartments in downtown Phoenix.

List of Key Players in the Market:

• SANY GROUP (China)


• Konecranes (Finland)


• Manitowoc Company, Inc. (U.S.)


• Tadano Ltd (Japan)


• Komatsu Ltd (Japan)


• Terex Corporation (U.S.)


• Liebherr Group (Germany)


• Hitachi Construction Machinery Europe NV (Netherlands)


• Demag Cranes & Components GmbH (Germany)


• Zoomlion Heavy Industry Science and Technology Co., Ltd (China)


• XCMG Group (China)


• Caterpillar (U.S.)


• GORBEL INC. (U.S.)


• Street Crane Company Limited (U.K.)


• PALFINGER AG (Austria)


• ZPMC (China)


• Certex (U.K.)


• Cargotec (Finland)


• BUCKNER HEAVYLIFT CRANES, LLC (U.S.)


• Pelloby Ltd. (U.K.)

Further Report Findings-

• The market size in Asia Pacific stood at USD 13.95 billion in 2020 and is projected to experience the fastest-growth in the global cranes market share. The soaring infrastructure projects and construction activities across developing nations, such as China and India, are anticipated to fuel the market growth. China is anticipated to be the leading region in the Asia Pacific market due to increasing investments in real estate sector for residential and commercial infrastructures.


• According to the segmentation based on end-user, the construction industry segment is projected to attain the highest growth in the global market due to rising demand for fixed cranes. The exemplary stability with high load capacity is the primary reason fuelling the growth of the segment.

Table of Segmentation