The global construction industry has witnessed numerous ebbs and flows over the past decade. These uncertainties have had a resounding effect on the construction equipment and material lifting market, of which cranes are one of the most integral parts. For the purposes of this report, cranes have been classified into three major types: mobile cranes, marine and port cranes, and fixed cranes.
Mobile cranes are capable of being put in motion to support material lifting. This makes them one of the most desirable pieces of equipment in the construction industry, as well as at sites where material lifting occurs. Depending on the type of site, end-user industry, application, lifting material and the region, these cranes are broadly classified into truck, all-terrain, rough-terrain, truck loader and crawler cranes.
Marine and port cranes are integral equipment in the marine industry where they assist in lifting material containers from ships to the shore or stacking containers at the ports. Furthermore, their function is broadened by their use on floating vessels or ships or boats to perform lifting operations onshore or offshore. These cranes are sub-classified into mobile harbor, gantry, offshore and ship cranes.
Fixed cranes are incapable of moving around as they are permanently attached to a base. These cranes have application in various infrastructure activities and manufacturing sectors. They can be further subclassified into tower and industrial/overhead cranes. Each type of crane differs in terms of its lifting capacity, outreach and height. One current market trend is toward higher lifting capacity, primarily due to the complex infrastructure that demands a high level of flexibility from material lifting equipment. Other markets include “greener” fleets, advanced automation technology and fuel efficiency.
Global infrastructure and construction growth, emerging markets and global trade are the chief drivers in this industry. China has emerged as the leader in the global crane market. The overall crane market is estimated at 306,421 units by 2022, up from 249,066 units in 2016 at a compound annual growth rate (CAGR) of 3.6% between 2017 and 2022.