The global crane market is poised for significant growth, with an estimated value of US$ 44 billion in 2022. The demand for cranes is expected to sustain momentum throughout the forecast period, driven primarily by their widespread utilization across various industries, including mining operations. By 2033, the market is projected to reach a substantial valuation of US$ 67.6 billion, reflecting a notable compound annual growth rate (CAGR) of 4.0% from 2023 to 2033. Moreover, the market is forecasted to achieve a valuation of US$ 45.7 billion in 2023, indicating continued growth and robust market dynamics in the coming years.
Several companies are strategically investing in the establishment of smart factories to bolster their manufacturing capacities in response to the escalating demand for portable cranes. An exemplar initiative in this regard is the launch of a smart tower crane plant by Zoomlion Heavy Industry Science & Technology Co., Ltd. in Changde City, China, commencing operations in May 2021. This endeavor underscores the industry’s transition towards adopting advanced manufacturing practices, aligning with the paradigm shift towards smart technologies and efficient production methodologies.
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Competitive Landscape
In the competitive landscape of the global crane market, leading players are strategically positioning themselves to capitalize on the surging demand for reliable crane machinery across industrial, mining, and construction sectors. Notably, key industry players are directing significant efforts towards research and development initiatives aimed at introducing innovative products to the market. Moreover, strategic mergers and acquisitions are being actively pursued to fortify their global footprint and market presence. Illustrative examples include:
Sumitomo Heavy Industries Construction Cranes Co. (HSC), a prominent heavy machinery manufacturer headquartered in Japan, introduced the SCX1000HD-3 and SCX1800A-3 crawler cranes in January 2022. The SCX1000HD-3 is tailored for heavy-duty applications such as trenching and foundation work, while the SCX1800A-3 integrates a state-of-the-art Cummins B6.7 engine, enhancing its lifting capabilities significantly.
Liebherr, a renowned multinational equipment manufacturer headquartered in Germany, reported a milestone achievement in January 2022, having sold over 80 new units of maritime mobile harbor cranes in 2021, marking a substantial increase from the previous year. With a commitment to revolutionizing port handling operations, Liebherr is pioneering the development of sophisticated electric motors and striving to maintain its leadership position through the advancement of CO2-neutral drive technology.
The surge in acquisition strategies among major manufacturers is poised to propel the crane market in Spain forward. Notably, the Europe crane market is projected to hold approximately 17.6% of the total market share in 2023.
An exemplar of this trend is witnessed in the recent agreement made by Gantrex Spain S.A. in January 2022, wherein they secured the acquisition of Bravo Silva Consultoría Técnica, S.L. This strategic move marks a significant step towards the realization of Gantrex’s ambitious Gantrex 4.0 strategic plan, positioning the company for enhanced market dominance and innovation leadership in the region.
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Key Players
- Liebherr Group
- Terex Corporation
- XCMG Construction Machinery Co. Ltd.
- The Manitowoc Company
- Cargotec Oyj, Tadano Ltd.
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- Kobelco
- Sany Group
- Kato
- Tadano Ltd.
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