Wind Turbine Crane Market Size, Share, Growth, And Industry Analysis, By Type (Less than 80m, 80m - 110m, 110m - 150m, More than 150m), By Application (Onshore Wind Farm, Ocean Wind Farm), Regional Insights, and Forecast From 2024 To 2031

Updated On: 22 April 2024

Wind Turbine Crane Market Report Overview

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The global wind turbine crane market size was 2231.5 million in 2022 and is expected to reach USD 2928.61 million by 2031, exhibiting a CAGR of 3.1% during the forecast period.

A specific kind of wind turbine called a "wind crane" is made to harness wind power at low elevations. They are able to be installed on rooftops and other low-height areas, and they have a sizable vertical-axis turbine. Compared to conventional wind turbines, wind cranes are more aesthetically attractive and quieter. Ideal for home and small commercial uses, this kind of turbine.

The market for wind cranes is expanding as a result of escalating investments in offshore wind farms around the world and rising demand for renewable energy sources. Due to its high lifting capacity and resistance to severe weather, the stiff boom cranes segment is anticipated to dominate the wind cranes market throughout the forecast period.

COVID-19 Impact: Positive Growth Was Achieved by Continuous Operation & Maintenance Services in Wind Renewable Energy

The COVID-19 pandemic has been unprecedented and staggering, with the Wind Turbine Crane market experiencing higher/lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The development of renewable energy sources depends heavily on imports from industrial nations, mostly China, in a number of places. As a result, the wind renewable energy business depends on the importation of parts and machinery for wind energy from many nations. Rotors, blades, and other essential wind energy raw materials and components are imported into the United States from China and Europe. Leading manufacturers, including General Electric, Goldwind, and others, have accompanied the fall in wind turbine output with enormous backlogs and delays in order processing. These countries in Europe and Asia Pacific have enacted nationwide lockdowns and travel bans. For instance, the industry for wind turbines has predicted a fall of approximately 30% in 2020, according to a report from Wind Europe. Due to disruptions in the supply chains for raw materials and component parts, the pandemic has had a significant effect on the global mobile crane manufacturing business. The drop in demand for mobile cranes from the manufacturing sector is the result of all manufacturing operations being shut down globally. Additionally, because of import and export limitations, trading of the products was restricted, which had a detrimental effect on the market.

Latest Trends

"Growing Use of Renewable Energy for Power Generation to Support Market Expansion"

Because of the growing population, there is a constant increase in the need for electricity. Countries are expanding their existing energy plants or installing new ones to meet the rising demand for electricity. Due to environmental rules, a variety of businesses are embracing renewable energy sources, primarily solar and wind power, to generate electricity, which eventually accelerates market growth. Numerous nations have adopted renewable energy to reduce carbon emissions and work towards carbon neutrality in the next years as a response of the escalating climate change and carbon emissions.

Wind Turbine Crane Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Less than 80m, 80m - 110m, 110m - 150m, More than 150m. Less than 80m is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Onshore Wind Farm, Ocean Wind Farm. Onshore Wind Farm will be the dominating segment.

Driving Factors

"Growing Demand from the Construction Sector Will Drive the Global Mobile Crane Market's Expansion"

Every day, the building sector expands and becomes more complex. The Texas Workforce Commission (US) projects that between 2014 and 2024, the US construction industry will expand at a CAGR of 27.8%. Additionally, the industry is expanding steadily in APAC and Europe as a result of higher investment on infrastructure improvements. Infrastructure investments and a rise in the demand for related tools and devices have been sparked by rising urbanization in China, India, the US, the UK, Indonesia, and the Philippines. The use of construction equipment is also growing quickly as new development plans are implemented and projects are subsequently launched. In the construction industry, tower cranes and mobile cranes are frequently used. Tower cranes facilitate the lifting and transportation of supplies and equipment during the construction of medium- to high-rise structures. Mobile cranes are needed to move bulky building supplies like iron beams, cement sacks and bricks on the ground. These cranes can lift enormous weights that are much above the capacity of a human using basic mechanics, cables, and hoists. Therefore, the need for mobile cranes has increased in the construction industry, which is promoting market expansion.

"Technology Advances in Operation and Maintenance to Support Growth"

Any procedure intended to keep wind turbines in an unstable operational condition is considered wind turbine operation and maintenance. The parts of a wind turbine are expensive, and lubrication is necessary for the turbine to operate at its best efficiency and production. Wind turbine maintenance and repair used to be done manually by plant operators. The operator used cranes to perform the turbine inspection. The manual system was unable to identify the component failure at an early stage, potentially resulting in the entire destruction of the turbine. Additionally, this raises operating and maintenance expenses and reduces wind turbine efficiency.

Restraining Factors

"Wind Turbine's High Operation and Maintenance Costs May Affect Market Growth"

For the wind turbine to run smoothly and have a longer lifespan, operation and maintenance are essential. One of the key factors impeding market growth is the high cost of operation and maintenance for wind turbines, which accounts for roughly 30% of their overall cost. In order to prevent common problems, wind turbines must be frequently inspected after installation.

Wind Turbine Crane Market Regional Insights

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"Asia Pacific region will dominate the market during forecast period"

From 2022 to 2030, the CAGR for Asia Pacific is predicted to be XX%, making it the region with the fastest growth. Offshore developments in China and India are the main drivers of growth in this area. Numerous offshore contracts that China signed in 2015 are expected to increase demand for wind turbines and, by extension, boom cranes throughout the Asia Pacific region in the coming years. Latin America, the Middle East, and Africa are just a few of the regions where the market has been researched. In 2021, the top five markets for new wind turbine installations were China, the U.S., Brazil, Vietnam, and the U.K.; these five markets accounted for 75.1% of total installations worldwide. Due to the huge number of offshore wind farms, which are necessary for the development of offshore wind farms, Europe now owns the lion's share of the market. A significant portion of the market is also located in Asia Pacific as a result of the rapid expansion of installations in China, India, and other nations.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Konecranes (Finland)
• Liebherr (Switzerland)
• Huisman Equipment BV (Netherlands)
• SANY (China)
• Mammoet (Netherlands)
• Fred. Olsen Windcarrier AS (Norway)
• Kenz Figee (Netherlands)
• Tianjin Anson International Co. Ltd (China)
• Henan Weihua Heavy Machinery Co., Ltd. (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.