Crane Market Overview
The crane market is expected to reach USD 48 billion by 2026, registering a CAGR of around 6.26% during the forecast period, 2021-2026. In the post-pandemic, the market is expected to regain its momentum as economic activities resume and manufacturing activities start across the world. The implementation of automated technologies to reduce human interaction in production facilities and offices is anticipated to support the growth of the crane market over the projected timeframe. The Asia-Pacific region is expected to be the fastest-growing market during the forecast period due to the increasing infrastructure projects in China and India. North America is likely to hold a significant share due to rising mining explorations and sea-borne trade in the region.
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Crane Market – Geographical Overview
Asia-Pacific region is anticipated to be the fastest-growing region in the crane market
The growth of public infrastructure and housing units is expected to drive the crane market in the Asia-Pacific region. One of the largest manufacturers and consumers of construction equipment is China. In the construction market, cranes hold a large chunk of the market share, making China the largest market for cranes in the Asia-Pacific region. In India, the government has made several announcements in the Union Budget 2020-21 to improve the infrastructure in the country. For instance- The Government of India has provided a push to the infrastructure sector by allocating INR 1,69,637 crore (USD 24.27 billion) for transport infrastructure.
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Mordor Intelligence has segmented the global crane market on the basis of type, application, and geography:
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