DUBLIN--(BUSINESS WIRE )--The "Cranes Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global cranes market is expected to grow from $34.42 billion in 2021 to $36.37 billion in 2022 at a compound annual growth rate (CAGR) of 5.66%. The cranes market is expected to reach $43.63 billion in 2026 at a CAGR of 4.65%.

Asia Pacific was the largest region in the cranes market in 2021 and is expected to be the fastest-growing region in the forecast period. The regions covered in the cranes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increasing spending on construction activities globally is driving the cranes market. Rapid growth in industrialization, urbanization and strong economic growth in emerging countries has contributed to growing spending on construction activities across the globe. The increased spending on construction activities is expected to boost the utilization or demand of cranes, as the on-field construction teams are investing in faster and efficient material handling equipment for safe operations and minimal human loss.

For instance, according to the U.S. Census Bureau report on monthly construction spending in 2022, the construction spending was expected to be $1,744.8 billion in April 2022, a 0.8% rise from the revised March estimate of $1,740.6 billion. Therefore, the increasing spending on construction is expected to boost demand for cranes during the forecast period.

Technological advancements are a key trend gaining popularity in the cranes market. Automation is taking place in the cranes market to gain work efficiency, with the incorporation of anti-collision, zoning, and internet-based setup. The companies operating in the cranes market are utilizing advanced technologies such as artificial intelligence, machine learning, and computer vision for the development of autonomous cranes.

These crane's movements are monitored by operators in a control room using onboard cameras and a remote-control station. The key target of these new systems is to exclude the workforce from a potentially dangerous and challenging working environment involving enormous machinery and transported to the safety and comfort of a control room via remote crane operation.

For instance, in February 2021, Manitex Valla, a subsidiary of Manitex International of the United States, released the all-new V 110 R Electric Mobile Crane, which is battery-operated and remote-controlled.

In February 2022, American Equipment Holdings, a USA-based manufacturer of industrial overhead cranes, crane services, and inspections acquired Kistler Crane & Hoist for an undisclosed amount. The acquisition by American Equipment is focused on expanding its geographic footprint in production and MRO in the overhead crane systems and hoists sector. Kistler Crane & Hoist is a USA-based provider of overhead crane systems, maintenance, repair and overhaul services.

The cranes market consists of sales of cranes by entities (organizations, sole traders, and partnerships) that refer to a machine that uses a hoisting mechanism to lift heavy objects and transport them to a new position. They are equipped with lift ropes, wire ropes, and sheaves that help to lift and lower the big objects. The lever and pulley of the crane co-ordinate with each other to generate a mechanical advantage.

The main product types of cranes are mobile, fixed, and marine. Mobile cranes are used to lift and lower goods for a short distance and carry them horizontally, using a set of basic machinery. Mobile cranes are lightweight and easily movable, cost-effective options for construction companies. These are used in construction, mining, industrial, oil & gas, and others.

Major players in the cranes market are

3. Cranes Market Trends And Strategies

4. Impact Of COVID-19 On Cranes

5. Cranes Market Size And Growth

5.1. Global Cranes Historic Market, 2016-2021, $ Billion

5.2. Global Cranes Forecast Market, 2021-2026F, 2031F, $ Billion

6.1. Global Cranes Market, Segmentation By Product type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

6.2. Global Cranes Market, Segmentation By Business Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

6.3. Global Cranes Market, Segmentation By End-User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

7. Cranes Market Regional And Country Analysis

7.1. Global Cranes Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

7.2. Global Cranes Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900