Building Tomorrow: Cranes Market Climbs with 3.2% CAGR Through 2032

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The global cranes market, valued at an estimated $35 billion in 2020, is on a path of consistent expansion, projected to reach $52.7 billion by 2032. This growth is anticipated at a Compound Annual Growth Rate (CAGR) of 3.2% between 2023 and 2032. Cranes are indispensable equipment, playing a crucial role in the lifting and movement of heavy materials across diverse sectors such as construction, manufacturing, and shipbuilding.

Key Growth Catalysts:

The market’s upward trajectory is primarily fueled by several significant factors:

  • Infrastructure Development: A growing emphasis on Public-Private Partnerships (PPPs) in infrastructure projects, particularly in rapidly developing economies like South Korea and India, is a major driver. Concurrently, there’s a surge in private investments within the infrastructure industry, further bolstering demand for cranes.
  • Service and Aftermarket Expansion: The increasing focus on the service and aftermarket industry by leading players such as Liebherr and Manitowoc is also contributing to market expansion. Their efforts in developing enhanced service capabilities are creating new avenues for growth.

Challenges and Opportunities:

Despite the promising outlook, the cranes market faces certain hurdles. The scarcity of skilled labor required to operate complex overhead cranes, coupled with fluctuating raw material prices, poses challenges. The COVID-19 pandemic also had a notable impact on production and sales, creating temporary setbacks.

However, these challenges are balanced by lucrative opportunities, especially in developing nations. Investments in domestic manufacturing in countries like India and Sri Lanka are creating fertile ground for new crane manufacturers to emerge and thrive.

Market Segmentation Highlights:

  • Type: In 2020, transporter cranes, gantry cranes, and bridge cranes collectively represented the largest revenue-contributing segment by type. This segment is expected to continue its growth at a projected CAGR of 3.5%.
  • Mobility: The static segment dominated in terms of revenue share in 2020. Conversely, the mobile segment is forecasted to exhibit significant growth, with an anticipated CAGR of 3.4%.
  • Business Type: Original Equipment Manufacturers (OEMs) held the largest market share by business type in 2020. The aftersales segment is poised for substantial growth, with an expected CAGR of 3.6%.
  • Geography: Asia-Pacific emerged as the highest revenue contributor in 2020 and is projected to expand at a CAGR of 3.6%. Within this region, China holds the maximum share, attributed to its advanced manufacturing infrastructure and technological prowess.

For more detailed information, you can refer to the original report by Allied Market Research: Cranes Market

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