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Cranes Market to Reach USD 45.80 billion by 2027; Introduction of Terex Slewing Technology to Boost Business

October 08, 2020 | Machinery & Equipment

The global cranes market size is expected to reach USD 45.80 billion by 2027. The growing popularity of crane rental services is expected to have a tremendous impact, states Fortune Business Insights in a report, titled “Cranes Market Size, Share & COVID-19 Impact Analysis, By Product Type (Mobile, Fixed, Marine), By End-User Industry (Construction, Mining, Industrial, Oil & Gas, Others) and Regional Forecast, 2020-2027.” The market size stood at USD 33.84 billion in 2019 and is expected to exhibit a CAGR of 4.1% between 2020 to 2027.

Launch of first Luffing Jib Tower Crane by Terex Cranes to Aid Development

Terex Cranes, an American leader in lifting and material-handling for construction, shipping, transportation, refining, and mining industries announced that it has introduced the first Luffing Jib tower crane with HYDRAULIC LUFFING TECHNOLOGY. It is specifically designed for inner-city construction sites, this new model can reach the lowest in service and out of service radius, of only 3m and 8m respectively. The cranes include CTLH 192-12, with a jib length from 25 to 55 m (82 to 180 ft), that can deliver a maximum 12 t (13.2 US ton) and up to a 2.35 t (2.59 US ton) load at the maximum 55 m (180 ft) jib length.

The Hydraulic Luffing Technology in these heavy machineries gives a significant advantage in terms of reduced occupied space both in service (up to the only 3m) and out of service (up to the only 8m). Moreover, the new technology also allows the operator to maneuver the machine with greater precision and readiness, thus leading to high performance and productivity. The CTLH 192-12 is designed to optimize assembly and dismantling operations since most of the parts are quickly assembled on the ground and the full crane erection can be completed with few lifts. The launch of the advanced cranes can certainly elevate the outlook of the market, thereby increasing the market share.

To get a detailed report summary and research scope of this market, click here:


Lack of Safety Protocols to Impede Market Growth

The heavy investment involved in the maintenance and service of these giant machines can restrict the growth of the market during the forecast period. The lack of safety standards implemented by the governments can further aggravate the growth of the market. Moreover, the increased incidence associated while working on floating structures can dwindle the growth of the market in the forthcoming years. However, the imposition of new regulations by the International Organization for Standardization (ISO), Occupational Safety and Health Administration (OSHA) will promote the healthy growth of the market during the forecast period.

Presence of Terex Corporation and Komatsu to Consolidate Business Prospects

The key players such as SANY GROUP, Manitowoc Company, Inc. Terex Corporation, Komatsu Ltd, Liebherr Group are focused on improving product quality and reduce excessive power consumption. The increasing technological advancements will influence companies to invest heavily in the production of advanced cranes. For instance, Terex Corporation is concentrated on research & development to improve the quality of tailored crane products. The company is focused on producing these heavy-lifting machines for inter-constructional work. The introduction of Terex Slewing Technology’ will help the company to remain at the front foot in the market.

The Report Lists the Key Companies 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 (The 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)


  • Pelloby Ltd. (U.K.)

Further Report Findings:

  • Regional Analysis: The market in Asia Pacific is expected to witness a high growth rate during the forecast period owing to the increasing infrastructural projects. The rising government spending will further aid expansion of the market in the region.

  • Leading Segment: The construction industry is expected to account for the maximum share during the forecast period owing to the increasing demand for fixed cranes. The increasing government initiatives associated with infrastructure development will aid the expansion of the market.

The Global Market is Segmented into:



Study Period


Base Year


Forecast Period


Historical Period



  Value (USD Billion)


By Type

  • Mobile

  • Fixed

  • Marine

By End-user Industry

  • Construction

  • Mining

  • Industrial

  • Oil & Gas

  • Others

By Region

  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC, and Rest of the Middle East and Africa)

  • Latin America (Brazil, Mexico and Rest of Latin America)

Crane Market
  • PDF
  • 2019
  • 2016-2018
  • 140


  • 4850

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