The global market for cranes will grow from nearly $29.4 billion in 2017 to $35.9 billion by 2022 with a compound annual growth rate (CAGR) of 4.1% for the period of 2017-2022
Summary
The objective of this kind of systematic research is to quantify the projected impact of the internal and external forces that are affecting the global crane industry today and in the near future.However, some types of marine and port cranes have been experiencing stagnant growth or at best marginal increases over the levels achieved before the economic and financial crisis of 2008.However, it is expected to enter into recovery mode in late 2017 and early 2018, bolstered by demand from emerging economies such as Indonesia, Malaysia, Philippines, Brazil and India, and experience strong growth throughout the forecast period (2017 to 2022).These projections are based on a combination of a consensus among the primary contacts, our understanding of the key market drivers, and their impact from historical and analytical perspectives.The focus of global crane companies is to improve few features such as flexibility, lifting and outreach capacity, and they are making major investments in R&D on the technological innovations to achieve this.