The crane rail market is expected to grow at a 7.89 percent CAGR by 2030, reaching USD 92.47 billion. Cranes were originally propelled by workers and used pulleys and ropes to hoist items. Cranes are now made of cast iron and steel, extending their lifespan and making transportation easier by rolling along rails. The oil and drilling industry's growth has fueled demand for newer installations of crane rails. The key macro factor driving the global crane rail market is increased global economic growth. The global crane rail market is expected to be driven by a rise in infrastructure spending.
Demand for cranes and crane rails is expected to be driven by the continued construction of smart cities across geographies and mega projects, particularly in developing economies. A surge in manufacturing operations worldwide is expected to boost demand for cranes and crane rails shortly. As crane rails are utilized in various industries, including shipping, logistics, and mining, during the projected period, a surge in mobile cranes is expected to pose a challenge to the crane rail market.
Key industry participants in the crane rail industry include Ansteel (China), BaoTou Steel(China),EVRAZ(UK), ArcelorMittal (Luxembourg), SAIL(Delhi), L.B. Foster(Pittsburgh), Wuhan Iron and Steel(Changqian), NSSMC(Japan), British Steel (UK), JSPL(Delhi), Hebei Yongyang(Handan, Hebei), Gantrex (Belgium), Bemo Rail (Warmenhuizen), Atlantic Track (Chicago), Harmer Steel (Canada), and Metinvest(Ukraine).
From 2018 to 2027, the worldwide crane rail market is expected to be driven by a rise in infrastructure spending. The US Government has prioritized infrastructure spending to encourage growth and thus create jobs in the industry. Asia-Pacific accounted for more than half of all infrastructure spending. China was responsible for approximately half of the total amount. Due to their high-intensity output and capacity to work in unfavorable terrains and weather conditions, all-terrain cranes are becoming increasingly popular in the new age of construction, which is likely to promote their rise in the near future. In recent years, the need for all-terrain cranes has risen dramatically due to the growing popularity of tall building construction and mining and power resource development.
During the projected period, however, growth in the utilization of mobile cranes is expected to pose a threat to the crane rail market. Cranes are built or erected on the job site to help with lifting. They are disassembled when they have served their purpose. Moreover, they do not offer the same flexibility as mobile cranes. Mobile cranes are small, take up less area to assemble, and do not require tracks. In the following years, this is projected to limit the market for crane rails. Mobile cranes are increasingly being used as a substitute since they are compact, need less assembly area, and eliminate the need for crane rails.
The global market for crane rails has been classified based on product type, application, and region. By product type, the crane rail market is divided into gantry cranes, overhead cranes, AS/RS systems, portal cranes, stacker/reclaimer cranes, stadium roofs, and rail-mounted tower cranes. The crane rail market may be divided into four categories, based on weight carrying capacity, into below 70 kg/m rail, 70 to 90 kg/m rail, 90 to 120 kg/m rail, and over 120 kg/m rail.
Based on application, the global crane rail market can be divided into the industrial sector, marine sector, logistics sector, mining sector, and others. Because of the global crisis, the construction industry has seen significant changes in recent years, resulting in industry contraction in developed economies. Despite the global crisis, however, construction investments in most emerging economies have continued to increase at a moderate rate. Earth-moving machinery is primarily utilized in construction projects such as earth-moving, lifting, loading, and unloading weight, and leveling. Cranes are used in earth-moving equipment for various reasons, including heavyweight, high cycle rating, and precise movement.
The global crane rail market size is anticipated to register a ~7.89% CAGR between 2022 and 2030 and reach an approximate value of USD 92.47 billion in 2030.
The global crane rail market is expected to witness high growth during the forecast period, primarily due to the growing construction industry across the globe. The demand for cranes and crane rails is expected to be driven by the rapid construction of smart cities and other mega construction projects, particularly in emerging economies. The oil & drilling industry's growth has fueled demand for newer crane rail installations.
Based on region, the crane rail market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. India and China lead the crane rail market in Asia-Pacific, where the crane industry is thriving, driving demand for crane rails. The construction of mega projects under the Belt and Road Initiatives (BRI) is expected to consistently raise the need for crane rails in China. This is expected to boost the country's crane rail business in the near future. The crane rail market in Asia-Pacific is primarily driven by India and China, where the crane industry is thriving, resulting in increased demand for crane rails. The development of super tasks added to the repertory and street activities (BRI) is expected to increase interest in crane rails in China at a steady rate. This is likely to propel the crane rail industry upward.
Infrastructure spending has been prioritized by the US Government to promote growth and so create jobs in the industry. Between 2007 and 2015, Asia-Pacific accounted for more than half of all infrastructure spending. China was responsible for roughly half of the total amount. Due to the tightening of government finances in Europe, spending declined between 2007 and 2015. Due to increased infrastructure developments in China and India, Asia-Pacific is expected to be the fastest-growing market during the projection period. Because of increased mining exploration and sea-borne trade in the region, North America is projected to keep a substantial stake.
As per the International Monetary Fund, global economic growth is continuously increasing, with Asia and Europe leading the way. The United States' corporate tax cuts are also projected to help North America's economy develop. Among developing countries, India’s economy is anticipated to expand at a higher CAGR than that of China, where the growth rate is likely to be moderate in the next few years.Recent Development
Feb 2022 APM Terminals Mumbai, India's busiest operator at the Jawaharlal Nehru Port Trust (JNPT), is investing in new, more sophisticated shore-side equipment to keep up with rising cargo volumes. The company, also known as Gateway Terminals India (GTI), plans to spend $115 million on six ship-to-shore and three rail-mounted gantry cranes (RMQCs), which it claims will increase throughput capacity and allow for the berthing of larger vessels with a capacity of 14,000 TEU, up from the current limit of 12,000 TEU. The investment will allow GTI to adapt to shifting customer demands for larger vessels. GTI's container handling capacity will rise by 10% to 2.18 million TEU per year due to this expansion.
Sep 2021 Maryland officials welcomed four major super cranes to the Port of Baltimore, allowing one of the state's largest economic drivers to handle even more cargo and create employment. The cranes will be used at the Seagirt Marine Terminal, where the Maryland Port Administration and Ports America Chesapeake just finished building and dredging a second 50-foot deep berth. The second deep berth allows the Port of Baltimore to accommodate two super-sized cargo ships simultaneously. The cranes will next dismount onto dock rails, where the substructures will be "jacked up."
|Market Size||2030: USD 92.47 billion|
|CAGR||7.89% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Application,|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Ansteel (China), BaoTou Steel(China),EVRAZ(UK), ArcelorMittal (Luxembourg), SAIL(Delhi), L.B. Foster(Pittsburgh), Wuhan Iron and Steel(Changqian), NSSMC(Japan), British Steel (UK), JSPL(Delhi), Hebei Yongyang(Handan, Hebei), Gantrex (Belgium), Bemo Rail (Warmenhuizen), Atlantic Track (Chicago), Harmer Steel (Canada), and Metinvest(Ukraine).|
|Key Market Opportunities||New product launches and R&D Amongst|
|Key Market Drivers||
Crane Rail market is predicted to grow at 7.89% through forecast period of 2022-2030
The forecast period for Crane Rail market research report is 2022-2030.
Global Crane Rail Market is dominated by Asia-Pacific region.
An increase in the worldwide economic growth rate is the key macro factor driving the global crane rail market