Cranes Market set to hit $89.7 billion by 2035, as automation proliferation in crane industry spurs transformation
Industry revenue for Cranes is estimated to rise to $89.7 billion by 2035 from $45.4 billion of 2024. The revenue growth of market players is expected to average at 6.4% annually for period 2024 to 2035. Cranes is critical across several key applications, including Construction, Shipping, Manufacturing and Oil & Gas. The report unwind growth & revenue expansion opportunities at Product Type, Application, Capacity and Technology with industry revenue Forecast.
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Industry Leadership and Competitive Landscape
The Cranes market is characterized by intense competition, with a number of leading players such as Liebherr Group, The Manitowoc Company Inc, Konecranes PLC, Terex Corporation and Zoomlion Heavy Industry Science and Technology Co. Ltd. These players are pushing the boundaries of innovation & technological advancements and forging strategic partnerships to expand the existing reach of the market, thereby shaping its growth trajectory and future prospects by enlarging the total addressable market.
The Cranes market is projected to expand substantially, driven by the Urbanization and Infrastructure Development and Technological Advancements in Crane Industry. This growth is expected to be further supported by Industry trends like Expansion of Industrial & Manufacturing Sectors; and position the market's continued expansion to reach $65.8 billion by 2030. Moreover, the key opportunities, such as Automation in Crane Operations, Eco-Friendly Electric Cranes and rising demand in offshore wind farm construction, are anticipated to create opportunistic revenue pockets in major demand hubs including U.S., China and Germany.
Major Markets and Emerging Opportunities
The U.S., China, Germany, Japan and India are leading the market, driving a significant share of global demand. Businesses in these countries can expect steady revenue growth of 4.2% to 6.1% annually from 2024 to 2035. At the same time, Nigeria, Vietnam and Indonesia are emerging as exciting new opportunities, with fast-growing markets and evolving industry landscapes creating fresh avenues for expansion.
Regional Shifts and Evolving Supply Chains
North America and Asia-Pacific are the two most active and leading regions in the market. With challenges like High Cost Investment and emergence of equipment rental services, market Supply Chains from Raw Material Suppliers / Manufacturing & Assembly / Distribution & Retail and to End Users & Applications is expected to evolve & expand further; and industry player’s will be pushed to make strategic shifts towards emerging markets including Nigeria, Vietnam and Indonesia for expansion of the total addressable market (TAM).
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