Crane Market Analysis
Crane Market is likely to develop at a 4.96% CAGR between 2018- 2025,
Reveals the current Market Research Future (MRFR) report. The strong global crane market size is due to the growing mining industry and increasing government support for construction.
The COVID-19 crisis has cast its spell on a majority of the industries, and unfortunately, the cranes market too could not escape its brunt. Due to lockdowns being enforced followed by the physical distancing trends, governments had compelled market players to let their employees work remotely. Fortunately, the use of automated technologies for reducing the interaction of humans in offices and production facilities is likely to boost the crane market share. The adoption of technologies such as automated machinery and advanced electronics during the outbreak has both improved the manufacturing operations and also the continuity of businesses.
Various e-commerce services and retail outlets were closed to prevent the spread of the virus. In fact, the manufacturing of products that are construction-related and the delivery of related services had been limited to permissible units at the time of the lockdown. Cranes production also was affected severely, leading to a gap between supply and demand across the globe. Such factors have impacted the worldwide economy and the generation of revenue of the construction sector.
The sales of products such as cranes play an imperative part when it comes to boosting the revenue in the infrastructure and construction industry, because of their increasing use to build manufacturing plants, residential and commercial spaces, and others. The fall in the demand for cranes during the crisis is likely to impact the cranes market in the projected timeframe. Industry players, however, are expected to make enhancements in their production capacity with the market scenario that is stabilizing during the forecast period. The construction sector globally is likely to experience steady growth in the upcoming days, which is predicted to impact the demand for cranes globally as also their related products
Investments in New Construction Projects to Bolster Market Growth
The increasing private and government investments in new building and construction projects to offer better infrastructure facilities is likely to bolster the crane market growth over the forecast period.
Additional factors that are adding to the crane market value include the growing global population, the need for new residential and commercial structures for addressing the demand of the population, the rapid development of the building and infrastructure sector owing to many refurbishments and new construction projects, the need for improved structures across different industry verticals like manufacturing, oil and gas, and telecommunication, and different benefits of cranes such as better efficiency and enhanced performance.
Automated Safety Features to Offer Robust Opportunities
The increased automated safety features that are added in the latest machines may offer robust opportunities to market players in the upcoming days.
High Initial Cost to Act as a Market Restraint
The high initial cost needed to purchase these machines as well as maintenance coupled with volatile prices of raw materials may deter the crane market revenue over the forecast period.
Lack of Expertise to Act as a Market Challenge
The lack of skilled labor may challenge the market outlook over the forecast period.
Crane Market Segment
Crane Market has been bifurcated based on Application and Type.
Industrial Crane Segment to Lead Crane Market
By type, the global crane market is segmented into port cranes, offshore cranes, industrial cranes, and others. Of these, the industrial cranes will lead the market over the forecast period for their wide application in industrial projects or heavy construction. The industrial crane segment is further bifurcated into telescopic cranes, crawler cranes, rough terrain cranes, all-terrain cranes, mobile cranes, and others. Of these, the mobile cranes will have the largest share in the market for their key advantages, such as the ability and flexibility to access in areas where static cranes cannot reach and needs less space.
Construction Segment to Dominate Crane Market
By application, the global crane market is segmented into shipping and port, oil and gas, mining, construction, and others. Of these, the construction segment will dominate the market over the forecast period for the rise in real estate investments, and increase in construction of commercial buildings.
APAC to Lead Crane Market
Geographically, the global crane market has been segmented into the Asia Pacific (APAC), North America, Europe, South America & the Middle East & Africa (MEA). Of these, the APAC region will lead the market over the forecast period. Rapid urbanization and industrialization in Japan, India, and China, increased investments in construction industries and infrastructure for an increase in renovation and refurbishing of old buildings, and increased government investments and consumer spending are adding to the global crane market growth in the region. Besides, huge developments in farm machinery, demand for farm mechanization to cater to the growing population’s needs, government support to boost the agriculture sector’s productivity with the automation of farming methods, and rapid development of industries like mining, infrastructure, agriculture, and construction in India and Australia are also adding market growth.
North America to Have Notable Growth in Crane Market
In North America, the global crane market is predicted to have a notable growth over the forecast period at a 6% CAGR by 2025. Expansion of infrastructure and utility sectors, rising disposable income, US citizens’ high spending capacity, smart city developments, rising consumer awareness about digitization, improved broadband network, setting up of new telecommunication infrastructures, and high utilization of fixed and mobile cranes for the accessibility of trained operators coupled with the presence of various enhanced training providers are adding to the global crane market growth in the region.
The global crane market is highly competitive and fragmented in nature for the presence of several key players. These industry players have incorporated numerous strategies such as acquisitions, mergers, joint ventures, partnerships, new product launches, and others to widen their portfolio and also strengthen their position in the market.
Prominent players profiled in the crane market report include Xuzhou Construction Machinery Group Co., Ltd. (China), Tadano Ltd. (Japan), Shanghai Zhenhua Heavy Industry Co. Ltd. (China), The Manitowoc Company, Inc. (the USA), Cargotec Oyj (Finland), Manitex International Inc. (USA), Liebherr Group (Switzerland), Terex Corporation (USA), Sumitomo Heavy Industries Construction Crane Co., Ltd (Japan), and Konecranes PLC (Finland), among others.
December 2020- Bragg Crane has signed $7.9M lease for keeping with the construction growth of Valley.
December- Global Ports has put its second Liebherr LHM 550 mobile harbour cranes into operation at Petrolesport terminal.
The global crane market report by Market Research Future throws light on the current trends and niches in the industry. The report also lays emphasis on the various market drivers, opportunities, market restraints, and challenges, as well as offers insights for the forecast period. It also throws light on the different market segments for a comprehensive understanding of the reader
Rough Terrain Cranes
Oil and Gas
Shipping and Port
The Asia Pacific (APAC)
The Middle East and Africa (MEA)
|Market Size||2027: Significant Value|
|CAGR||4.96% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Manitex International, Inc. (US), Konecranes (Finland), Manitowoc (US), Terex Corporation (US), and Liebherr-International AG (Switzerland).|
|Key Market Opportunities||Automated Safety Features to Offer Robust Opportunities|
|Key Market Drivers||Investments in New Construction Projects to Bolster Market Growth|
Frequently Asked Questions (FAQ) :
Crane market projected to grow at a 4.96% CAGR between 2018-2025.
The Asia Pacific is expected to lead the crane market.
The construction segment will dominate the crane market.
Key players profiled in the crane market include Manitex International, Inc. (US), Konecranes (Finland), Manitowoc (US), Terex Corporation (US), and Liebherr-International AG (Switzerland).
Lack of skilled labor may limit the crane market growth.