Static Crane Market is predicted to reach USD ~20.61 billion at a CAGR of ~5.3% during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Static Crane Market” that contains the information from 2023 to 2030.

Global Static Crane Market

Static cranes are permanent or semi-permanent structures fixed to the ground or buildings that lift and move loads along a fixed path. They are mainly used for material handling in construction, mining, electric plant, and marine industries. These cranes can handle the toughest tasks on construction sites. Static cranes make construction work easier and help save considerable time. These cranes have become vital components of construction projects. During the forecast period of 2023 to 2030, an increase in the building infrastructure activities is anticipated to accelerate market expansion. According to the static crane industry analysis, rapid urbanization and infrastructure development across the globe are driving the demand for static cranes. Construction of high-rise buildings has increased significantly in several countries such as Germany, the U.K., U.S., and India. This is projected to augment the static crane market value over the forecasted timeline.

Market Synopsis

According to the MRFR analysis, the Global Static Cranes Market size is projected to reach USD 20.61 billion by 2030 at a CAGR of 5.3%.

Static Cranes expected to grow at a CAGR of 5.3% over the forecast duration 2023-2030. Government and private sector organizations across the globe are investing significantly in new commercial and residential buildings as well as public infrastructure projects. This is driving the global static crane industry. The global construction market is expected to reach around US$ 8.0 Trillion by the end of 2030, according to the Institution of Civil Engineers. This will further support the static crane market growth during the forecast period.

The global static cranes market was valued at USD 13.05 million in 2022 and expected to reach USD 20.61 million by 2030, registering a CAGR of 5.3% over the forecast duration. Asia- Pacific accounts for the largest market share (5.5%) followed by Europe (5.2%) and North America (5.0%). Asia Pacific is expected to register the highest CAGR (5.5%) followed by North America (5.3%) over the forecast duration 2023-2030.

The COVID-19 pandemic, which started in November 2019, has negatively impacted the global economy as sectors such as energy, manufacturing, construction, and automotive were affected significantly. The construction sector has witnessed a significant decline in the number of projects worldwide. Most countries across the world have imposed lockdown restrictions, which have resulted in supply chain disruptions, changes in demand, a decline in production, shutting down of manufacturing plants, and halting of various projects and other activities in the construction sector which in turn, has lowered the demand for static cranes end-user consumers. Infrastructure and construction projects across the world have been halted or delayed due to which there has been a decrease in the demand for static cranes in the global market. Thus, the global market for static cranes has been adversely impacted by the COVID-19 pandemic. In addition to this, the static cranes manufacturers and suppliers are also facing several challenges such as production shutdown, supply chain disruptions, unavailability of workers and raw materials, and cash flow constraints. Hence, the pandemic has considerably disrupted the supply chain momentum as well as product demand in the static cranes market.

However, the demand for static cranes is anticipated to grow significantly along with the growth in residential, commercial, and industrial construction projects during the coming months. Such factors are likely to influence the static cranes market. Furthermore, the global players in the market are focused on the development of new business models and strategies to address the lowered demand in the global market.

Competitive Landscape

The global static cranes market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive, with all the players competing to gain maximum market share. Intense competition, frequent changes in government policies, and regulations are key factors that impact market growth. The vendors compete based on cost, product quality, reliability, and aftermarket services. The vendors must provide cost-efficient and high-quality static cranes to sustain their presence in an intensely competitive market environment.

The leading players such as SANY Group, XCMG Group, TEREX Corporation, Liebherr International AG, ACE Equipment Company, are dominating the market due to their advanced product offerings, high industry experience, and geographic reach. These players may establish their presence worldwide through strategic partnerships and acquisitions during the forecast period. Players with access to better technologies can develop unique and innovative products and solutions, which could render the competitors’ offerings obsolete. The competitive environment in the market is likely to intensify further due to the technological advancements.

Segmentation

By Type

1. Tower Cranes: Tower cranes are equipment that there are useful for lifting and handling products. They are one of the powerful pieces of equipment that is suitable for heavy-duty operations. They are sturdy to lift any type of crane. There is efficiency, precision, and stability in such cranes therefore they are mainly used in the construction industry. With the help of a tower crane transportation of construction materials to the top is possible. The crane tower can work in elevated form. Demand for such tower cranes is raising due to construction structures such as bridges, industries, dams, and power plants. The lifting capacity of most of these tower cranes is up to 20 tons. The use of such tower cranes is high in residential and commercial buildings.


2. Overhead Cranes: Overhead cranes or industrial cranes are mainly utilized for material handling applications in industrial spaces. It constitutes of a hoist and a trolley attached to a support structure which is also called a girder. The girder allows the trolley and the hoist to travel from side-to-side along the length of the cranes. The rise in governmental investment for the development of infrastructural activities drives the growth of overhead cranes.


3. Level-luffing Cranes: Level-luffing cranes are designed to keep the level of the hook always at the exact same height while luffing.  Luffing cranes incorporate traveling, slewing, luffing, and lifting mechanisms and perform bucket loading, container loading as well as hook loading. Level-luffing cranes used for freight loading in ports and in the construction of small to medium-sized ships.

By End-Use

1. Construction: Static cranes are used for material handling in construction, mining, electric plant, and marine industries. These cranes can handle the toughest tasks on construction sites. Static cranes make construction work easier and help save considerable time. These cranes have become vital components of construction projects.


2. Mining: In mining and mineral processing, cranes such as mining hoists, overhead travelling cranes and gantry cranes are essential equipment in production and maintenance tasks. Static Cranes are also used in the excavation sites and in underground projects because they are proved to have high safety and durability.


3. Marine: In Marine industry, static cranes are used for various hoisting operations conducted in the marine industry. Large static cranes are used in harbors and shipyards to load and unload shipping containers and assemble large ship components. Cranes are used to move and handle various heavy weight loads and also transfer materials or personnel to or from marine vessels, barges and structures.


4. Power & utilities: In power & utilities sector cranes are used for everyday use or for intermittent lifting. In addition, they are also needed at the time the station is constructed and then at service intervals. The requirements for the cranes serving in this part of the plant are for very controlled slow operation without vibration or impact on lifting, lowering and horizontal movement.


5. Others: In automobile industries, the cranes are often used on the assembly lines to lift heavy parts like the engine and set them on the frame. In industrial applications, cranes are often used in warehouse operations, HVAC installation and maintenance, manufacturing, and more.

By Region

1. North America: Significant product advances, the rapid urbanization, increase in the building infrastructure projects of the region, and the active involvement of the U.S. and Canadian markets all contribute to the region's success for static crane market. To sustain customer applications, suppliers are utilizing various material combinations. This market is anticipated to showcase a significant growth in North America owing to the increasing government investments in developing new public transport infrastructure. The government of the U.S. is making investments in developing new airports, railway stations, and metro-stations, attributing to the static cranes market. Moreover, the rising urbanization in the U.S. and Canada is compelling the demand for new residential buildings, providing opportunities to the market size expansion.


2. Europe: Europe is one of the prominent regions in the static cranes market in 2022, owing to the factor such as government authorities in Europe are making large investments in new smart city development projects. Countries in the European Union are expected to have over 350 smart cities by 2025, thereby increasing the adoption of advanced construction machines. Furthermore, the increasing number of residential infrastructure projects in Russia, France, and Germany will augment the market growth over the forecast timeline. The France government has developed ‘Big Investment Plan’ with the investment of around USD 66 billion to support regional structural reform. This will help the market to grow in Europe during the projected timeline.


3. Asia- Pacific: Asia Pacific market holds the largest share amongst all the region and is expected to exhibit the highest CAGR worldwide. The increasing investments in construction and reconstruction activities in this region will add up to the market demand. According to the National Investment Promotion & Facilitation Agency, the Indian construction and infrastructure industry is anticipated to reach at around USD 738.5 billion by 2022, providing opportunities to the static crane market. In addition, Various government-backed construction projects are being carried out in China and India. For instance, in October 2021, governments of Dubai and India agreed to develop infrastructure projects, such as industrial parks, multi-purpose towers, logistics centers, medical colleges, and specialized hospitals, in the Indian state of Jammu and Kashmir. Thus, demand for static cranes is increasing in the construction industry, thereby leading to static crane market growth.


4. Middle East & Africa: The Middle East and Africa market is witnessing progressive growth owing to the increasing urban population and rising private sector investments in developing new commercial buildings. Moreover, the increasing number of skyscrapers in the U.A.E. will attribute to the market growth over the forecast timeline. Additionally, many market participants have benefited from adopting efficient work strategies and policies after carefully examining the relevant market factors and key strengths of both current and potential investors. These strategies and policies have proven to be profitable for boosting market growth and generating income in the Middle East and Africa over the course of the anticipated period.


5. South America: The Latin America market is expected to experience a steady growth owing to the moderate upsurge in government initiatives to promote the participation of private sector in infrastructure development. The government of Brazil developed Programa de Parcerias de Investimentos (PPI) in 2016. Under the PPI program, 22 airports, 6 port terminals, and 14,500 kilometers of highways are to be granted to the private sector. The estimated total investment is about USD 10 billion. This, in turn, is expected to drive the market demand globally.