Global Market Insights has recently added a report on Crane Market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.In the Crane Market, the oil & gas industry accounted for around 20% of the overall revenue and is anticipated to grow at a steady rate over the forecast timespan. The rise in the adoption of mobile Crane Market is expected to accelerate owing to the expansion in the cement plants and infrastructure development.
Crane Market is expected to exceed USD 20 billion by 2024. Increasing construction spending across the globe is a major factor driving the crane market growth. Shifting focus of the government entities on infrastructure development coupled with growing consumer preference for aesthetic and luxurious constructions will drive the industry growth. Urbanization, environmental impacts, and population growth have surged the need for sustainable and smart infrastructure solutions.
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The construction and transportation sectors are the major segments contributing toward the adoption of mobile cranes with many on-going projects.
Several major economies across the globe are contributing toward the industry growth, with construction and retrofit market growing at a significantly high pace. The crane market will witness a growing demand for the upgrading of mobile cranes in the coming years.
Crane Market, By Product
- Mobile Crane
- Truck Loader Crane
- Rough Terrain Crane
- All Terrain Crane
- Crawler Crane
- Fixed Crane
- Monorail Crane
- Stiffleg Crane
- Tower Crane
- Gantry Crane
Growing adoption of mobile and tower cranes for construction activities is accelerating the U.S. crane market growth. Increasing adoption of the cranes was owing to the rise in home construction, nonresidential building, and government construction activities. According to the U.S. Commerce Department, the construction spending rose to 0.9 percent in November 2016 by 0.3 percent. The constantly-growing population in the region has resulted in increased investments in the infrastructure development sector. Rapid urbanization in the country is demanding the faster construction of facilities and buildings for the growing population. In addition, the rising government investments in infrastructural operations have provided a potential for the growth of the crane market.
Public infrastructure and government utilities in North America will witness a high adoption of cranes owing to the construction of reservoirs, wastewater treatment plants, and power lines across the region thereby providing an impetus to the crane market.
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In Europe, the focus of the crane manufacturers is on implementing new safety standards relating to the assembly and dismantling of the machine. An important product development issue across the entire range of crane types is the reduction of diesel engine exhaust emissions in compliance with Stage V of the EU Regulation on emission limits for mobile machinery. Europe accounted for the second largest revenue in crane market owing to the growing usage of cranes across the construction and oil & gas industries. However, the European market was hurt by changes in subsidies in the wind power market in Germany, resulting in fewer crawler crane sales.
Key players participating in crane market include Palfinger AG Terex Corporation, Komatsu Ltd., Konecranes PLC, Liebherr Group, Tadano, Ltd., XCMG Group, Hitachi Sumitomo Heavy Industries, and Manitowoc among others. The crane industry is highly fragmented and competitive in nature owing to the presence of several regional and international players, who are actively investing in R&D and developing technologically-advanced products to sustain in the industry. There is an inclination toward energy-efficient cranes as they help in reducing carbon emissions. Several players are ensuring new product development initiatives to foster the crane market growth.
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Crawler Crane Market to reach US$ 3 bn by 2024
Crawler Crane Market size is set to exceed USD 3 billion by 2024; according to a new research report by Global Market Insights, Inc. The shipments are expected to grow at a CAGR of over 4%.
Increasing utilization of crawler cranes in the energy sector is anticipated to drive the crawler crane market growth. These machines offer heavy lifting operations at the nuclear and renewable energy sites and facilitate the operators in handling the materials efficiently. Several manufacturers have developed energy sector-specific machines that witness a high demand. For instance, Manitowoc has launched a wind power crane, Grove GTK1100, that is used for wind turbine operations such as erection and construction. Additionally, the crawler crane market is witnessing growth opportunities due to the increasing infrastructure projects across the globe.
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