Latest News- Cranes Market: Mobile cranes is expected to lead the Product segment during 2025-2029

The Cranes Market is being driven by Growth in end-user industries due to urbanization

The Cranes Market is expected to grow at a CAGR of 7.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 29609.3 million. Modern cranes incorporate advanced intelligence through software systems that manage functions such as positioning, velocity, and acceleration. Artificial Intelligence (AI) technology enables autonomous crane operation, executing repetitive tasks without human intervention. AI facilitates control over material lifting and handling processes by transmitting and receiving signals between crane sensors. These sensors analyze data from measurements to make informed decisions, including halting crane movements to prevent collisions and enhancing site safety. AI-driven algorithms and predictive analytics optimize load handling, maximize crane utilization, and streamline workflow processes, ultimately accelerating project completion times and reducing labor costs. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Mobile cranes
  • Fixed cranes
  • Marine and port cranes
• Application
  • Construction and mining
  • Industrial
  • Utilities
• Capacity
  • Heavy duty
  • Medium duty
  • Light duty
• Method
  • Hydraulic
  • Electric
  • Diesel
  • Pneumatic
  • Mechanical
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
  • North America
    • Canada
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growth in end-user industries due to urbanization
• New product launches in global cranes market
• Rise in demand for oil and natural gas globally

However, the market also witnesses some limitations, which are as follows:

• Volatility in raw material prices
• Shortage of skilled workers in construction industry
• Increasing availability of pre-owned cranes and counterfeit cranes

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Market Scope in Cranes Market Research Report

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Research Analysis Overview

The Cranes Market encompasses the design, automation, and sales of cranes for various industries, including urban renewal and infrastructure development. Equipment leasing, financing, and rental are key services offered, catering to sectors like automotive, mining, and solar power projects. Sustainability, safety, and labor efficiency are prioritized through regulations, certification, and maintenance services. Equipment parts, inspection, and repair are essential for heavy lifting applications. Project management, pricing, and insurance are crucial aspects of the rental market, with rental companies providing training and maintenance costs. Digital solutions streamline equipment operation and maintenance, while housing demand and office projects drive market growth. Infrastructure development and green building initiatives continue to fuel the market, with permits and capacity expansion playing significant roles.

Market Research Overview

The industrial machinery and supplies and components market encompasses businesses involved in the production of industrial equipment, including presses, machine tools, compressors, pollution control systems, hydraulic equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio, market size is determined by the consolidated revenue generated by manufacturers supplying machinery and components for industrial applications. Factors driving growth in this sector include expanding industrial production in process and discrete industries, particularly in developing countries, leading to increased demand for energy, chemicals, petrochemicals, pulp and paper products, and processed food and beverages. This trend is fueled by the rapid economic growth in these regions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/