Selbyville, Delaware,, March 06, 2024 (GLOBE NEWSWIRE) -- The crane market valuation is estimated to reach USD 46.7 billion by 2032, as reported in a research study by Global Market Insights Inc.
Rapid urbanization and increasing infrastructure development projects worldwide will drive business growth. As cities expand and new structures emerge, there is a growing need for cranes to facilitate tasks such as lifting heavy materials, erecting buildings, and constructing bridges. Additionally, the increasing adoption of prefabricated construction materials and modular building techniques amplifies product demand.
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The utility segment of crane market is slated to generate high demand through 2032, owing to the increasing investment in infrastructure projects, particularly in the construction and maintenance of utility networks such as electricity, water, and telecommunications. Cranes help in lifting heavy materials, installing utility poles, and conducting maintenance tasks in challenging terrain, enhancing operational efficiency, and reducing manual labor requirements. Additionally, the growing emphasis on renewable energy projects, including wind and solar farms, further drives the demand for cranes for erecting and maintaining infrastructure components.
Crane market from the monorail fixed crane segment will record notable taction over 2024 and 2032, as they offer a versatile and space-saving solution for material handling tasks in various industries, including manufacturing, logistics, and warehousing. Their compact design and ability to operate along a single rail or track make them ideal for facilities with limited floor space or complex layouts. Additionally, monorail cranes provide efficient and precise movement of loads, allowing for streamlined production processes and enhanced productivity. The increasing adoption of automation and robotics in manufacturing and logistics operations further amplifies the demand for monorail cranes.
Europe crane market will grow at a strong CAGR through 2032, attributed to stringent regulations and standards for workplace safety and construction practices. The focus on sustainable development and green initiatives fuels the adoption of eco-friendly crane solutions, such as electric-powered and hybrid cranes, to minimize environmental impact and reduce carbon emissions. Furthermore, the ongoing development projects, including urban renewal initiatives and transportation infrastructure upgrades, create a sustained demand for cranes across various sectors. The technological advancements, such as the integration of IoT (Internet of Things) in cranes, enhance operational efficiency, remote monitoring capabilities, and predictive maintenance, stimulating the regional industry growth.
The companies which define the competitive landscape of the global crane market are Weldco Beales Manufacturing, The Manitowoc Company Inc., Terex Company, Tadano Ltd., Sany Group, Raimondi Crane S.p.A., Manitex International Inc., Locatelli Crane S.R.L., Konecrane Plc, Kito Corporation, Dongqi Crane, and Altec Inc. among others.
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Partial chapters of report table of contents (TOC):
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share, 2023
4.3 Competitive analysis of major market players, 2023
4.4 Competitive positioning matrix, 2023
4.5 Strategic outlook matrix, 2023
Chapter 5 Market Estimates & Forecast, By Product
5.1 Key trends, by product
5.2 Mobile crane
5.3 Fixed Crane
Chapter 6 Market Estimates & Forecast, By Mobile Crane
6.1 Type
6.1.1 All-terrain crane
6.1.2 Crawler crane
6.1.3 Rough terrain crane
6.1.4 Truck loader crane
6.2 Load capacity
6.2.1 5 ton
6.2.2 10 to 20 ton
6.2.3 21 to 30 ton
6.2.4 Above 30 ton
6.3 Application
6.3.1 Construction & Mining
6.3.2 Utility
6.3.3 Manufacturing
6.3.4 Transport/Shipping
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
