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The US Crane Market Size was estimated at 5.01 (USD Billion) in 2023. The US Crane Industry is expected to grow from 5.6(USD Billion) in 2024 to 8.5 (USD Billion) by 2035. The US Crane Market CAGR (growth rate) is expected to be around 3.867% during the forecast period (2025 - 2035).
The expansion of construction activities and the development of infrastructure are two major market factors that are currently influencing the US crane industry. The need for cranes has increased as a result of government programs to upgrade public buildings, utilities, and transportation.
These measures have also encouraged investments in a variety of construction projects. Furthermore, the growing number of high-rise structures and urban infrastructure brought forth by the US cities' push towards urbanization is generating a consistent need for crane services.
Technological developments are being used to investigate opportunities in the US crane market. Automation and smart technology integration in crane operations are becoming more popular. To improve operational efficiency and safety, businesses are spending more money on telematics and remote control technologies.
This tendency supports the industry's overarching goal of strengthening workplace safety rules by increasing productivity while lowering human error. A noticeable trend in recent years has been the move away from buying cranes altogether and toward renting them.
Renting equipment is more economical for many construction companies, particularly for short-term projects, which fits with the industry's fluctuating demands. As businesses seek to streamline their operations, there is a growing emphasis on maintenance and logistics in tandem with this trend toward equipment leasing.
Additionally, the US crane market is starting to be impacted by environmental concerns, which are pushing businesses to implement sustainable practices and greener technologies.
For businesses that make investments in environmentally friendly crane solutions and connect their operations with current emissions and energy consumption laws, this change may offer opportunities. All things considered, the US crane market is changing due to a combination of governmental impacts, shifting consumer preferences, and technology advancements.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Increasing Construction Activities in the US
The US Crane Market is poised for growth due to a significant increase in construction activities across the United States.
According to the US Census Bureau, the value of construction put in place in the US has been steadily rising, with a reported growth of approximately 5.5% year-over-year over the last three years. This surge in construction involves residential, commercial, and infrastructure projects, leading to a higher demand for cranes.
Organizations like the Associated General Contractors of America (AGC) continue to advocate for federal and state spending on infrastructure, further boosting the construction market.
In particular, the Infrastructure Investment and Jobs Act allocates billions for infrastructure improvements, which is expected to sustain and elevate crane demand significantly. As construction firms adapt to new projects, the resulting demands for efficient and robust crane solutions will enhance the market prospects into the next decade.
Growing Demand for Heavy Lifting Solutions
The demand for heavy lifting solutions is a crucial driver for the US Crane Market. As technology advances, industries require cranes that can handle greater loads with increased safety and efficiency.
Reports from the Occupational Safety and Health Administration (OSHA) indicate that construction accidents often involve lifting equipment, hence promoting the need for advanced crane systems to mitigate risks.
Moreover, the advancement in telematics and automation is transforming crane operations, making them safer and more efficient. Established organizations like the National Commission for the Certification of Crane Operators (NCCCO) play a pivotal role in standardizing operator skills, thus increasing the operational efficiency of cranes.
Rise in Renewable Energy Projects
The growth in renewable energy projects within the US presents a significant driver for the US Crane Market. The US Energy Information Administration (EIA) has reported a steady increase in wind and solar energy installations, aiming for a 30% rise in renewable energy contribution to the power grid by 2030. Wind turbines and solar panel installations require specialized cranes for safe and effective assembly.
Companies in the renewable sector, alongside industry associations such as the American Wind Energy Association (AWEA) and Solar Energy Industries Association (SEIA), are spearheading initiatives to boost renewable energy, thereby indirectly spurring the demand for cranes in project execution.
Crane Market Crane Type Insights
The US Crane Market is a vital component of the construction and industrial sectors, characterized by various types tailored to meet specific operational requirements. The market segmentation indicates a diverse range of crane types, including Industrial Cranes, Offshore Cranes, Port Cranes, and others, each serving unique functions across multiple industries.
Industrial Cranes play a prominent role in manufacturing facilities, warehouses, and construction sites, ensuring efficient material handling and logistics. The rising demand for automation and advanced lifting technologies drives significant growth in this segment.
In contrast, Offshore Cranes are essential for activities in challenging marine environments, such as oil and gas extraction and renewable energy installations. These cranes are engineered to withstand harsh offshore conditions, making them crucial in supporting the energy sector and maritime operations.
Port Cranes serves as another key segment by enhancing cargo handling efficiency at shipping terminals, ensuring the swift movement of goods, and contributing significantly to the US economy and international trade.
Meanwhile, the "Others" category encompasses various specialized cranes designed for unique applications, including tower cranes for high-rise construction and mobile cranes used in diverse settings, thereby reflecting the versatility of the US Crane Market.
As industry demands evolve, opportunities arise for innovation and development within these segments, accentuating their importance in achieving operational efficiency and productivity across target markets.
Overall, the market reflects a growing trend toward automation and sustainability, with an increasing focus on safety standards and technological advancements that optimize crane performance and reliability.
The broad segmentation within the US Crane Market further indicates robust competition among various players, ultimately catering to the increasing needs of different industries and positioning them strategically for sustained growth in the coming years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Crane Market Crane Application Insights
The US Crane Market, particularly within the Crane Application segment, showcases a dynamic landscape driven by various industries including Construction, Mining, Oil Gas, and Shipping Port. The Construction sector has consistently played a crucial role, as it requires advanced lifting solutions to manage large-scale projects efficiently, thereby ensuring safety and productivity.
Mining activities benefit from cranes for the transportation of heavy equipment, while the Oil Gas sector utilizes cranes for offshore platforms and rigs, which often demand unique lifting capabilities. The Shipping Port industry presents a significant need for cranes to facilitate the loading and unloading of cargo containers, enhancing operational efficiency in busy ports across the US.
Other applications encompass diverse uses, demonstrating the versatility and broad demand for cranes across multiple verticals.
The overall US Crane Market revenue reflects a growing trend of modernization and technological advancements, responding to challenges such as labor shortages and safety regulations, thereby presenting opportunities for innovation within crane applications across these essential industries.
Continuous market growth can be seen as industries adapt, ensuring that cranes remain integral to various operational processes, further driving US Crane Market data and statistics.
The competitive landscape of the US Crane Market is characterized by several key players who are vying for market share through innovation, strategic partnerships, and a focus on customer-centric solutions.
As construction and infrastructure projects grow in scale and complexity, the demand for advanced lifting solutions has surged, prompting companies to optimize their offerings and improve technological capabilities. Several factors, including geographic diversity, regulatory landscape, and economic conditions, play a significant role in shaping the competitive dynamics of this market.
The prominent market participants are continually adapting to changing industry needs by enhancing their product portfolios, investing in research and development, and adopting sustainable practices to meet the rising demand for eco-friendly equipment.
With ongoing advancements and investments in automation and smart technology, key players are positioning themselves for sustainable growth and competitive advantage. In the US Crane Market, Demag stands out due to its reputation for engineering excellence and its comprehensive range of lifting solutions.
The company excels in providing high-quality cranes that are known for their reliability and efficiency. Demag has made significant inroads by leveraging its expertise in customized solutions to cater to industry-specific applications across various sectors, including construction, manufacturing, and logistics.
The company's strong brand identity and commitment to innovation have helped it maintain a competitive edge in the market. Additionally, Demag’s focus on after-sales services and customer support contributes to its strengths, ensuring that clients receive comprehensive maintenance and assistance throughout the lifecycle of their equipment.
This customer-oriented approach, combined with its strong engineering capabilities, positions Demag as a leader in the US Crane Market.
Manitowoc has established a formidable presence in the US Crane Market, known for its innovative product offerings and advanced technology solutions. The company specializes in a wide array of cranes, including lattice boom cranes, mobile cranes, and tower cranes, catering to various segments like construction, oil and gas, and heavy industry.
Manitowoc's commitment to innovation is evident in its emphasis on digital solutions that enhance crane operation, monitoring, and safety. With a focus on building long-term relationships with customers, the company continually invests in developing groundbreaking technologies and services tailored to meet industry-specific challenges.
Furthermore, Manitowoc has pursued mergers and acquisitions to strengthen its market position, enhance its product range, and gain access to new technologies. This strategic approach, coupled with its strong distribution network and robust service offerings, reinforces Manitowoc's strengths and furthers its competitive advantage in the US Crane Market.
The US Crane Market has recently witnessed various developments impacting its dynamics. In September 2023, United Rentals announced an expansion of rental services, positioning itself to capitalize on the growing demand for construction and infrastructure projects across the nation.
Meanwhile, in August 2023, Demag introduced new crane models designed for enhanced efficiency and sustainability, aligning with industry trends towards eco-friendly operations. Additionally, Terex has reported robust growth, particularly in the rough terrain crane segment, reflecting a broader recovery in construction activities.
In terms of mergers and acquisitions, in October 2022, Liebherr acquired a key component manufacturing company to bolster its supply chain, which has been pivotal given ongoing supply chain challenges affecting the construction sector.
Moreover, the market has seen consistent growth in valuations, driven by increased infrastructure spending from the government, particularly as part of ongoing initiatives announced in 2021 aimed at enhancing US infrastructure.
Key players such as Manitowoc and SANY are also adapting to this climate by investing in innovative technologies to cater to evolving customer needs. Overall, the US Crane Market remains vibrant, with strategic moves underway to strengthen positions amid a recovering economy.
Crane Market Crane Type Outlook
Crane Market Crane Application Outlook
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Assistant Manager - Research
High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
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