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Crane Market Trends

Report ID: GMI2398
Published Date: Jan 2024
Report Format: PDF

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Crane Market Trends

There has been a growing emphasis on sustainability across various industries, including construction and heavy equipment. In the crane industry, there is a trend toward developing more energy-efficient cranes and exploring alternative power sources. This includes innovations in electric and hybrid cranes, aiming to reduce environmental impact and operating costs.

Against this backdrop, in June 2023, HHLA's Container Terminal Burchardkai (CTB) commenced operations with four recently deployed storage blocks powered by environmentally friendly electricity. This initiative is anticipated to result in significant annual savings of nearly 5.5 million liters of diesel and over 11,000 tons of CO2. The transition to this new technology has been financially supported by EUR 10 million in subsidies from the Ministry for the Environment and the European Regional Development Fund, under the REACT-EU initiative. This strategic shift aims to advance workflow decarbonization and diminish pollution levels within the Port of Hamburg.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of crane reached USD 26.3 billion in 2023 and is set to grow at a CAGR of 6.9% between 2024 and 2032, favored by the burgeoning construction and infrastructure sector, along with rapid urbanization.

The rough terrain crane accounted for a market share of 45% in 2023, driven by their unique capability to navigate challenging terrains with ease as they are Ideal for construction sites with uneven or rough landscapes, offering excellent off-road mobility.

North America market size was worth over USD 8.4 billion in 2023, due to the region's sustained economic growth, coupled with significant investments in commercial and residential projects.

Altec Inc., Columbus Mckinnon Corporation, Dongqi Crane, Elliott Equipment Company, Konecranes Plc, Locatelli crane S.R.L., Manitex International, Inc, Raimondi Cranes S.p.a, Sany Group, Tadano Ltd., and Terex Corporation.