The global fixed crane market size was valued at USD 10.26 billion in 2019, and it is estimated to reach USD 15.77 billion by 2028, exhibiting a CAGR of about 5.6% during the forecast period of 2019-2028. An increase in investments by the mining sector in the construction equipment across the world is driving the growth of the market.

Top Driver: Robust Demand for Construction Industry with Increasing Investments

The global construction industry is expected to witness significant growth in the coming years, with good opportunities in the infrastructure, residential, and non-residential sectors. Due to Increasing demand in multistory housing, flats, an increase in demand for roads constructions, Highways and smart cities are the major key driving factor for Global Crane Market.

Tower Crane Segment to Make Crucial Contribution to Growth of Global Fixed Crane Market

The tower crane segment is going to show exponential growth in the forthcoming years owing to the increasing demand in the construction, power, and others. They have high demand in developed as well as in the developing countries due to the high load-bearing capacity. The crane market has been segmented into the construction segment that is leading the market. There is an increase in residential and commercial constructed projects which contribute to the growth of this segment.

The utility segment is another growth contributing segment, estimated to exhibit impressive growth over the forecast period. Escalating investment in power transmission and distribution networks can be credited for the growth of the segment.

Rising Investments in Fixed Crane and Research to Benefit North America and Asia Pacific Market

The global crane market growth is anticipated to grow in the Asia Pacific and European regions. Hence the Asia Pacific is considered a leading market share region and expected to grow during the forecast period of time. Major countries that are contributing to these markets are India and China.

In China, the demand for the cranes is increasing owing to the ongoing ONE BELT ONE ROAD initiative. The initiative which will aid in infrastructural development such as railways, ports, roads, airports, buildings, and energy projects (china, northeast Asia, southeast Asia, South Asia, Central Asia, and West Asia) stretching from china’s western regions to Europe, is expected to significantly drive the demand for the cranes. The American government is anticipated to increase its infrastructure budget over the next few years, which also plays a key role in the growth of this market. In India, the construction sector is one of the booming industries. It is expected to grow twice as fast as china’s until 2028, with the country’s populations.

Players to Focus on Expanding Applications in Construction, Power Utilities and Ship Buildings

The International market has various key players. These players are contributing to the growth of Global Crane market. In term of tier-2 and tier-3 supply chains and supplying to the small- and medium- sized applications, the market studied is fairly fragmented, with the presence of the regional players. Some of the leading players in the market studied are Manitowoc, sarens, Kone cranes, and others.

Sarens: They are providing 3 HLTC and 1 wolff tower crane for Istanbul energy power plant project. These cranes can lift heavy objects at a height of 50m and operate at a wind speed of 17 meter per second. Therefore, they are capturing a major share in the market.

Manitowoc They are the Largest American Producer with US military. Their products are highly advanced with premium quality. The company presents a significant number of the advance technology-driven products, catering to a large number of the customer basis. Moreover, the company opts for the strategic developments that help to boost the stakeholders and the customer’s value addition in the organization. They have been given as “Crane of the year Award” during 2019.

Scope of the report

By type

• Overhead crane
• Tower crane
• others

By application

• Construction
• Power utilities
• Ship building
• Oil and gas
• Others

By End-users

• Mining
• Automotive
• Oil and gas
• Others

By region

• North America
• Europe
• Asia pacific
• LAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.