The global crane market reached $33 billion in 2020.
Cranes play an essential role in many industries. We rely on them as primary and crucial pieces of machinery. Cranes are vital for lifting, lowering, moving, and rotating objects.
So what does the future look like for the crane industry? Can you count on the availability of these valuable tools?
Here’s what we might expect from the crane industry over the next few years.
Crane Market Overview
Although the crane market experienced a decline due to the impact of COVID-19, it’s regaining momentum in 2021.
Many sectors such as construction and manufacturing are resuming activities. The post-pandemic crane industry will soon experience significant growth for two main reasons.
Reduced human interaction during the global pandemic sparked technological advances. As a result, new tools such as automated machinery will foster growth in the crane market.
Also, rental services have grown as stalled companies focused on maintenance. In addition, rental companies are increasing their offerings to include premium machinery, driving demand up.
Market Segments
When analyzing the global crane market, it is essential to understand how the market is segmented. In addition, understanding these categories can help you determine where there is growth potential.
The following criteria generally break up reports:
Type
The crane market industry consists of various crane types. These types include mobile cranes, fixed cranes, and marine/offshore cranes.
These categories contain subcategories.
- Mobile cranes – all-terrain, crawler, rough terrain, and truck-mounted cranes
- Fixed cranes – monorail and overhead cranes, among others
- Marine and offshore cranes – mobile or fixed types
Region
Geography also divides the crane market.
The North American region contains the United States, Canada, and the rest of the continent. Europe consists of Germany, the United Kingdom, and France, among others.
Asia-Pacific has many heavy hitters, including China, India, Japan, and other countries.
Application
Another crane market segment is end-use. Application types include construction, mining, industrial, oil and gas, and others.
Key Market Trends
There are several notable crane market trends to be aware of in each of the market categories.
Research expects the all-terrain crane will soon dominate the global crane market. These cranes are becoming popular due to their high-performance capabilities in adverse conditions.
The Asia-Pacific region will likely become the fastest-growing region. Increasing planned infrastructure projects in China and India will fuel these advances.
Growth in the mining industry in the U.S. will also play a key role in crane market growth. As a result, key players in the industry are diversifying their offerings to gain a competitive advantage.
Each of these trends, and others, will support the rise in the crane market outlook. Reports suggest that the crane market will reach $45-48 billion by 2026.
Rise Above With a Leader in the Crane Market
Now is the time to invest in the growing crane market. Whether you need to buy a new crane or perform predictive maintenance, Kor-Pak has the right solution for your needs.
Trust your cranes to be the leader of the pack. Contact us today.