COVID-19 update included
The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Key Findings
The global cranes market is poised to grow during the forecast period of 2017 to 2024. Various reasons for the growth of the cranes market are higher demand from construction and infrastructure industry, the growth of economies in developing nations, construction of smart cities and mega cities and technological innovations which have resulted in lighter and more energy efficient cranes.

Cranes are used to lift and lower material and also to move them horizontally. It is used for lifting heavy things and transporting them. Most commonly it is used in construction and infrastructure. Continuous technological advancement in this sector has led to the creation of more adaptable, intelligent and modular cranes. There is a higher demand for energy efficient, lighter and compact cranes. They are widely used in the marine sector, mining and excavation.

Cranes market is segmented on the basis of geography, type and end user. On the basis of the type, it can be segmented into mobile cranes, fixed cranes and marine and port cranes. Marine port cranes are further classified into the mobile harbor, gantry, offshore and ship cranes. Fixed cranes are segmented into monorail and underhung cranes, overhead track-mounted cranes, tower cranes and stiff-leg derrick. Mobile cranes are classified into wheeled mounted mobile cranes, commercial truck-mounted cranes, crawler cranes, side boom, straddle cranes, railroad cranes, aerial cranes and others. End uses for cranes can be construction, infrastructure, shipyards, automotive, excavation and mining and others.

Market Insights
Market drivers for cranes are the growth of economies in developing nation, rejuvenation of construction industry in developed nations with improving fiscal scenario, rapid urbanization, development of megacities and smart cities and technological advancements which have led to the creation of energy efficient, compact and lighter cranes.

It is expected that the market for marine cranes will report the highest growth in the forecast period due to increasing sea trade. However, the market for fixed cranes is going to grow at a slow rate in the forecast period.
As end-user, cranes will be used mostly by the construction industry. Improving fiscal situation in developing countries like India, China, Brazil and the African and the Latin American region will lead to rapid urbanization and the need for more construction activities.

Factors that will restrain market growth are high maintenance costs, stringent emission norms, supply crunch in raw materials and unstable fuel prices.

Figure: Global Cranes Market by Geography (%) in 2016

Source: Inkwood Research

Regional Insights
Market regions that are covered in the report are North America, Europe, Asia-Pacific and RoW. North America follows the Asia-Pacific region, followed by Europe. It is expected that the growth rate will decrease in these regions in the forecast period due to slower construction rate and hence lower demand for cranes.

The Asia-Pacific market is expected to report very good growth in the forecast period due to increasing demand for cranes and has the largest market share of the cranes market. Creation on megacities and smart cities, infrastructure renewal, globalization and urbanization will all boost market growth. The biggest market for cranes currently is China and India due to the construction industry and large infrastructure sector. Mobile cranes will have the largest market share in the coming year with the expected increase in construction activity.

Competitive Insights
The major market players for cranes are Liebherr, Cargotec, Terex, XCMG, Zoomlion, Konecranes, Manitowoc, APMC, Tadano and Sany. Established companies have a good hold on the cranes market due to the high cost of investment needed to enter and sustain in the market. Companies are forming alliances and are going for mergers and acquisitions to strengthen their market position. Organizations are investing in research and development to come up with novel and innovative products that will capture new market share.