Global Market Insights, Inc.

Crane Market Projections 2025 by Top Players Terex Corporation, Konecranes, Welbilt Inc, Komatsu Ltd., XCMG Group, Liebherr Group, PALFINGER Group

According to the latest research study by Global Market Insights, Inc, the global crane market is expected to record 6% CAGR during the forecast period 2019-2025


Selbyville, DE -- (SBWIRE) -- 04/07/2020 -- The increasing construction spending and the emergence of new public & private infrastructures across the globe are driving the crane market growth at a rapid pace. High rise in urbanization activities and shift of the rural population to urban areas are adding to the demand for these machines. Recent developments in the residential & commercial infrastructures and construction of complex building structures across the globe support the industry expansion. Additionally, productivity, efficiency, and high payload features incorporated in the newly developed models are creating a high demand from contractors, construction companies, and application industries. Various government regulations for worker and site safety are majorly driving the crane market product demand globally.

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According to the latest research report by GMI, crane market size is anticipated to surpass US$ 28 Billion by 2025.

The crane market is hindered by the unavailability of skilled & trained operators in several regions. These machines require well-trained personnel for operating in complex & rough terrain work sites. Crane operations by untrained human labors may result in workplace fatalities and damage to properties. To overcome these issues, manufacturers and rental providers are offering advanced & certified operator training courses through distribution & maintenance facilities. Additionally, a new mandate imposed by the Occupational Safety and Health Administration (OSHA) related to crane operator certification is supporting increased training courses.

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In the crane market, tower machines are utilized at a high rate due to their applications in building high rise structures across the globe. The construction of heightened and multistory residential & commercial buildings in the developing countries of Asia and Europe is supporting the high tower crane demand. These machines are used to lift & transfer heavy materials in constructing tall buildings and complex structures.

Moreover, these cranes reduce the amount of labor required in transferring heavy materials, further reducing labor costs. Manufacturers in the crane market are developing new models with high load lifting features. For instance, in April 2019, Comansa announced its plan to launch a new and larger flat top tower cranes with a maximum load capacity of 66 tonnes.

The Europe crane market is expected to develop rapidly due to the rising construction & demolition activities in the European countries. The growing popularity of urban infrastructure, smart buildings, and smart cities across the European Union are adding to the machinery demand. These machines are used at complex construction, mining, and industrial sites for lifting heavy loads, machinery parts, and bulky materials across the sites. Additionally, high labor cost in Europe and unavailability of site workers create the need for highly-efficient construction workers, further driving crane market growth.

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The key players present in the global crane market are Liebherr Group, Komatsu Ltd., Sany Group, Tadano Ltd., XCMG Ltd., Manitowoc, Terex Corporation, Effer S.pA., and Kobelco Construction Machinery. The industry players are involved in new product launches and integrating innovative safety & high payload capabilities. Additionally, the companies are also increasing their regional presence through contracts & partnerships with new dealers to gain a competitive advantage and increase machinery sales.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.