Reports
- Global Locations -
Headquarters
Future Market Insights, Inc.
Christiana Corporate, 200
Continental Drive, Suite 401,
Newark, Delaware - 19713,
United States
Americas
Future Market Insights, Inc.
616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989, United States
MEA
Future Market Insights
1602-6 Jumeirah Bay X2 Tower, Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
Europe
Future Market Insights
3rd Floor, 207 Regent Street,
W1B 3HH London
United Kingdom
Asia Pacific
Future Market Insights
Office No. 401-A, 4th Floor,
VANTAGE 9, S.No. 36/1/1,
Baner, Pune 411045, India
As per Future Market Insights, the crane motors market is anticipated to attain a value pool of US$ 30 billion by 2023-end. Global demand for crane motors is expected to rise at a CAGR of 7.2% to US$ 60 billion in 2033.
Data Points |
Key Statistics |
Expected Market Value in 2023 |
US$ 30 billion |
Projected Market Value in 2033 |
US$ 60 billion |
Growth Rate (2023 to 2033) |
7.2% CAGR |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Demand for crane motors will witness stable recovery in short-term, with positive growth outlook in the long-run. Surge in demand from flourishing construction industry will create significant opportunities in near future.
The continuously increasing construction projects and industrial activities the demand for crane systems has witnessed significant growth and this growth is expected to persist over the coming decade. Subsequently, stimulating the consumption of crane motors during the forecast period.
Other than construction sector, crane motors also have substantial applications in the mining and oil & gas industries for underground and underwater operations. The continuous development in the mining industry and oil & gas exploration activities are expected to positively influence growth of the market.
The crane systems are generally used in continuous cycles of operation in environments which exposes them to high heat. Furthermore, the core losses in motors also lead to higher operating temperature reducing the life cycle of the motors. This is the major challenging factor for the growth of the market.
The manufacturers are focused for innovations for high efficiency products such as, diamond shaped coils which offers more efficient turns than standard round-end turns (mush wound). Furthermore, research and development activities for implementing smart automation for live monitoring and control of the crane motors are also creating positive prospects for the growth of market.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
With the looming effect of COVID-19 pandemic across the globe and with imposed restrictions on civic movement, the industrial sector and commercial business operations rate have been affected and caused complete halt in the manufacturing activities and restrictions in the supply chains.
Furthermore, the shutdown of construction activities across the globe resulted in significant decline in the short term demand. However, as the economic activities resumes the crane motors market is expected to recover sharply post the containment of pandemic.
North America is expected to hold leading share in the crane motors market on the back of substantial increase in mining exploration activities in the region. It is also expected to witness significant growth rate during the forecast period.
Asia Pacific is expected to witness a robust growth rate over the coming years. The growth is attributable to the prevalence of large number of manufacturers in the region.
Moreover the leading global market players are also poised for shifting their manufacturing facilities in the countries such as China, India and ASEAN etc. in order to gain benefits of cheap labors and availability of raw materials in the region. This is further expected to ascend the growth of the market in the region.
Europe is also expected to hold significant share in the global crane motors market throughout the forecast period owing to the substantial increase in the industrial activities in marine, oil & gas domains from prominent countries such as Germany, United Kingdom, Italy and Russia, etc.
Some of the leading manufacturers and suppliers of crane motors include
Many leading manufacturers and suppliers have longstanding contracts with end-users to supply crane motors. Further, manufacturers are focused on establishing their manufacturing facilities in the countries from Asia Pacific such as India, China, Thailand, and Taiwan to cater increasing demand in the region.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Recommendations
Explore Industrial Automation Insights
View Reports