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LEAD STORY LEAD STORY
CRANES - TOWER & MOBILE

According to Research & Markets report, the global crane market Fast Facts
is likely to grow at a CAGR of 6.8% during 2022-2031. The market
generated a revenue of around $33,000 million at the end of  Facing challenges such as high cost of the equipment,
2021 and is likely to produce revenue worth nearly $62,000 million setup time, and safety of the workers has always been
by the end of 2031. The market growth is significantly driven by one of the prime concerns of end users. Against this
rising constructional activities and the growing need of housing. backdrop, some of the leading manufactures within the
Moreover, higher prevalence of urbanization and increasing market are focusing on the development for enabling
demand of all terrain cranes is expected to propel the market easy manoeuvrability of the tower cranes coupled with
growth. The mobile crane is anticipated to garner the highest increasing the production capabilities.
revenue of nearly $30,000 million by the end of 2031 by growing  Due to their adaptability for medium to high-rise
at a CAGR of 6.4% over the forecast period. The segment collected development projects and extended-duration needs,
a revenue of nearly $16,000 million in 2021. top-slewing cranes are in high demand. These cranes
In the past few years, high economic growth has been seen in the are designed to be stationery and rest on structural
construction industry in India owing to the high growth rate. Many and steel bases to provide stability during weightlifting
heavy construction projects such as flyovers, railway projects, metro operations. The requirement to move big loads from
projects, and bridges have boosted the demand for heavy-duty one location to another in utility and construction
mobile cranes over the past few years. The demand for mobile applications is driving up demand for top-slewing
cranes is expected to increase, particularly for higher tonnage models.
cranes used in several application segments. Apart from this, the  The global mobile crane market was valued at
use of mobile cranes is also growing in refinery expansion projects, $14,357.7 million in 2021, and is projected to reach
and the renewable energy sector is also propelling the demand $24,507.5 million by 2031, registering a CAGR of 5.3%
for mobile cranes. Furthermore, the rental industry plays a key role from 2022 to 2031.
in the mobile crane segment of the market.

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