Meticulous Research® Forecasts Cranes Market to Reach $51.7 Billion by 2031, Driven by Urbanization and Technological Advancements
Cranes Market by Type (Tower Cranes, Mobile Cranes, Overhead Cranes), Class (Class A {Standby Service}, Class B {Light Service}, Class C), Lifting Mechanism, Control Method, End-use Industry (Construction, Oil & Gas), and Geography - Global Forecast
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Meticulous Research Forecasts Cranes Market to Reach $51.7 Billion by 2031, Driven by Urbanization and Technological Advancements pen_s J
Cranes Market 2024-2031 Meticulous Research , a leading global market research firm, has released a comprehensive report on the cranes market, projecting it to reach $51.7 billion by 2031. The market is anticipated to grow at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031, propelled by rapid urbanization, infrastructure development, and technological advancements. Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5828 Key Market Insights: Market Growth Drivers: The cranes market is expanding due to accelerated urbanization, increased global trade leading to more port and shipyard operations, and technological innovations in crane design and functionality. However, high initial investment and operational costs pose significant challenges. Opportunities and Challenges: Emerging opportunities include growth in smart city projects and a rising demand for renewable energy, while a shortage of skilled operators remains a major challenge. Market Segmentation: By Type: The market includes tower cranes, mobile cranes, overhead cranes, and others. Tower cranes are expected to dominate with a ~22% market share in 2024 due to their versatility and technological advancements. Mobile cranes are projected to have the highest CAGR, driven by their mobility and efficiency. o By Class: Class D (heavy service) cranes are predicted to hold the largest market share, with Class D expected to grow the fastest during the forecast period. o By Lifting Mechanism: Hydraulic cranes lead with a ~44% market share in 2024, known for their efficiency and ease of operation. Electric cranes are forecasted to have the highest CAGR, thanks to their zero-emission operation and advanced safety features. o By Control Method: Manual cranes will hold the largest share, while automated cranes are expected to exhibit the highest growth due to their precision and efficiency in material handling. o By End-Use Industry: The construction sector is anticipated to be the largest market segment, with the highest CAGR projected, driven by extensive use in various construction projects. o By Geography: Asia-Pacific is set to dominate with ~46% of the market share in 2024 and is expected to grow at the highest CAGR of ~6.0%, supported by significant investments in infrastructure and renewable energy projects. o Technological Advancements and Key Developments: Innovations in Tower Cranes: In January 2023, The Manitowoc Company, Inc. launched the Potain MCT 1005 M50, the largest topless tower crane. Page 1 of 2 Meticulous Research| sales@meticulousresearch.com
Cranes Market 2024-2031 KenzFigee introduced its up-tower crane solution for offshore wind in October 2022. Mobile Cranes: The segment's growth is fueled by their versatility and transportability. Electric Cranes: Highlighted by their sustainability and advanced control systems, electric cranes are set for substantial growth. Automated Cranes: Automated cranes are increasingly adopted for their efficiency and reduced labor costs, exemplified by the Port of Colombo s use of ABB s automated stacking cranes. Market Leadership: The cranes market features key players including Liebherr Group, Terex Corporation, Tadano Ltd., Caterpillar Inc., and others. These companies are driving innovation and expanding their offerings to meet the growing demands of various industries. For a detailed analysis of the cranes market and insights into industry trends, please refer to Meticulous Research s latest report, available for purchase on our website. Quick Buy @ https://www.meticulousresearch.com/Checkout/48761886 About Meticulous Research Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Contact Us: Meticulous Research Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 2 of 2 Meticulous Research| sales@meticulousresearch.com
