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 motorsis 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
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Manufacturing Sector Propels Growth of Crane Motors Market
Expansion of the manufacturing sector: The manufacturing sector is a significant user of cranes, and the increasing demand for manufactured goods is driving the growth of the crane motors market. Crane motors are used in various manufacturing processes, such as material handling and assembly.
Growing demand for renewable energy: The growing demand for renewable energy, such as wind and solar power, is driving the crane motors market. Crane motors are used in the installation and maintenance of wind turbines and solar panels.
Advancements in crane motor technology: The crane motor market is also driven by advancements in technology. Manufacturers are constantly developing new and innovative crane motor designs that are more efficient, reliable, and durable. For example, the use of variable frequency drives (VFDs) has become increasingly popular in crane motor applications, as they offer improved speed control and energy efficiency. These technological advancements are expected to continue driving growth in the crane motor market.
Electric and Hybrid Crane Motors: A Promising Opportunity for Market Growth
Growing demand for electric and hybrid cranes: The increasing adoption of electric and hybrid cranes presents an opportunity for the crane motors market. As these cranes require specialized motors, the development of electric and hybrid crane motors is a significant opportunity for the market.
Growing demand for predictive maintenance: Predictive maintenance, which uses data analytics to predict maintenance requirements, is becoming increasingly popular in the crane industry. The development of smart crane motors that can provide real-time data on their performance and predict maintenance requirements is an opportunity for the market.
Expansion into emerging markets: Emerging markets such as India, China, and Brazil are experiencing rapid economic growth, which is driving demand for infrastructure development and construction. This presents a significant opportunity for the crane motors market, as these markets require the use of cranes for material handling. With the increasing demand for construction and infrastructure development, the demand for crane motors is also expected to increase in these markets.
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Energy Efficiency Takes Center Stage in Crane Motors Market
Increasing adoption of IoT and automation technologies: The integration of IoT and automation technologies in crane motors is a significant trend in the market. These technologies improve the efficiency and safety of crane operations, and the development of smart crane motors with advanced monitoring and control capabilities is expected to drive market growth.
Growing demand forcustomizedsolutions: The growing demand for customized solutions is a trend that is transforming the crane motors market. Customers are no longer satisfied with off-the-shelf solutions and are seeking customized solutions that meet their specific needs. This trend is driving the development of crane motors that are tailored to meet the unique requirements of customers. Manufacturers are investing in research and development to create customized crane motors that offer improved efficiency, reliability, and safety. The ability to offer customized solutions is becoming a key differentiator for manufacturers in the crane motors market. As a result, the demand for customized crane motors is expected to continue to grow in the coming years, driving innovation and growth in the market.
Increasing focus on safety and reliability: Safety and reliability are top priorities for customers in the crane industry, and the development of motors that offer improved safety and reliability is a growing trend in the market. The integration of advanced safety features and the use of high-quality materials and manufacturing processes are expected to drive market growth.
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.
What Are The Crane Motors Market Dynamics
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.
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Sales to Recover Sharply post the Containment of Pandemic
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 Crane Motors Market Overview
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 Market Growth Outlook
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 Market Positioning
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.
Who are the Key Manufacturers and Suppliers of Crane Motors
Some of the leading manufacturers and suppliers of crane motors include
Toshiba Corporation
ABB Ltd
Siemens AG
WEG SA
Regal Beloit
Hyosung Ltd
Nidec Corporation
TECO- Westinghouse
Kollmorgen Inc
Lafert Group
Brook Crompton
Wolong Inc
Jiamusi Electric Machine among others.
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.
