The crane market is estimated to witness significant growth through 2030 owing to rising investments in energy transmission and distribution (T&D) networks. In addition, mounting demand for technically advanced cranes, along with escalating construction activities, is also likely to propel market growth over the forecast period.

The COVID-19 pandemic had a negative impact on product demand. As industrial activities were halted due to strict lockdowns and restrictions, equipment penetration was hampered. However, the aftermath brought huge opportunities for the construction industry with the burgeoning shift in lifestyle trends and increasing disposable income of people, thereby boosting business growth.

Moreover, key participants in the crane market have been majorly working on expanding their customer base through strategic collaborations & mergers, acquisitions, and product launches. For instance, in April 2022, Sumitomo Heavy Industries, Ltd., a machinery industry company, inked a joint venture with Hitachi Construction Machinery Co. Ltd., a Japanese construction equipment company. This integration of the companies' crane businesses enabled the alliance to execute a single channel distribution strategy and reduce production costs.

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The crane market has been bifurcated in terms of product and region. Based on product, the crane industry has been divided into fixed crane and mobile crane. The mobile crane segment has been further classified based on type, load capacity, and application.

On the basis of type, the mobile crane segment has been categorized into all terrain crane, crawler crane, truck loader crane, and rough terrain crane. The truck loader crane segment is set to amass substantial gains through the study timeline. These cranes have a high lift capability as they have stabilizers that help them remain steady while working with especially heavy loads.

Meanwhile, the rough terrain crane segment is poised to depict considerable growth in the upcoming years. Rough terrain cranes can maneuver over surfaces and around obstacles that restrict the motion of rubber-tire trucks and track hoe cranes.

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With respect to application, the mobile crane market has been segregated into construction & mining, manufacturing, utility, transport/shipping, and oil & gas/energy. The utility segment is foreseen to observe solid expansion through 2030 since mobile cranes are widely used for maintenance and construction activities in the utility sector. Furthermore, soaring investments to strengthen the intra-region grid and undersea connection are primed to proliferate mobile crane demand in the utility sector, which is likely to augment segment outlook over the analysis timeline.

In the regional context, the Middle East & Africa crane market was valued at over $1 billion in 2021 and is projected to contribute substantially to overall industry growth in the coming years. The regional growth is driven by high investments in mining activities in the region. As cranes increase productivity and provide access to inaccessible areas, the MEA crane industry is speculated to witness massive demand in the future.

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