"Catapult Your Business to Fore, Gain Competitive Advantage "
Region : Global | Published Date: Sep, 2019 | Report ID: FBI101168| Status : Published
Global Cranes Market which was valued at US$ 32.90 Bn in 2018 is projected to reach US$ 50.75 Bn by 2026, exhibiting a CAGR of 5.6% during the forecast period (2019 – 2026)
The Global Market has witnessed growth owing to the increasing demand from the construction sector. Furthermore, the evolving designs of cranes are expected to serve the requirements of various industries including, ship building, complex manufacturing, and telecommunication worksites further propelling the cranes market potential. High reachability and stability features of cranes are likely to drive their demand in complex infrastructure projects in the near future. In addition, the increased spending in technological developments of the cranes including remote access is likely to result in widening the cranes market share. The increasing demand for all-terrain cranes is resulting in increased product popularity. This is attributed to the growth of cement plants, shipbuilding, and utility sectors. Furthermore, manufacturers are focusing on product development. For instance, in 2018, Liebherr a German crane manufacturer launched the LTM 1230-5.1 with a 75 meters long telescopic boom and increased lifting capacity by 230 tones. The Manitowoc a U.S. based crane manufacturer introduced its all-terrain cranes Grove GMK4090. It has 51 m, six-section Mega form boom that utilizes Grove’s Twin-Lock pinning system. And a 15-meter bi-fold swing-away jib with an expansion length of 21 meters.
Get comprehensive study about this report by, request a free sample copy
Mobile cranes is expected to be the fastest-growing product in the near future.
The increasing demand for power has resulted in the expansion of power distribution patterns and in turn, is the key driving factor for the demand of mobile cranes in the near future. Furthermore, the increasing demand for truck-mounted cranes is anticipated to result in the growth of the mobile crane sector. The features offered by the truck-mounted load such as flexibility and elimination of a dedicated transport vehicle is gaining popularity among customers. Moreover, modern truck cranes offer enhanced safety and efficiency through automated hydraulic stabilizers. The expansion in load carrying capacity using outrigger stabilizing jacks is further expected to fuel the demand of truck cranes which in turn is contributing to the cranes market growth.
Fixed cranes is likely to show significant growth over the forecast period owing to the better stability offered by the product. The excellent lifting and height capacity of the fixed cranes is expected to result in the growth of fixed cranes in the near future. The increasing need for high capacity load-lifting at greater height is further going to result in the high demand for the products. The increasing demand from construction & telecommunication industry has resulted in the growth of a fixed market. As these structures are fixed to the ground, they provide excellent stability with high load capacity at greater heights. Furthermore, the rise in government initiatives with respect to increasing infrastructure development is positively contributing to the cranes market industry.
The upsurge in mergers and acquisitions of manufacturers is likely to drive the market over the forecasted period. For instance, in 2019, Mammoet, a Dutch based manufacturer of heavy equipment acquired ALE, a UK based heavy transport and lifting specialist. This is expected to improve the service of the company and create synergy through increased mobility of equipment and company representative worldwide. Furthermore, manufacturers are focusing on better market positioning. In 2019, Barnhart Crane and Rigging undersigned an agreement to purchase majority assets of Burkhalter Rigging. This agreement is expected to help Barnhart improve their market position through the customized solutions provided by Burkhalter. Adoption of such marketing strategies by manufacturers are contributing to the cranes market growth.
The increasing investment in communication technologies of the cranes is driving the interest of consumers in the near future. The innovations based on electronic and electric technologies, including sensors and controls, is contributing positively to the growth of the crane industry. The crane's manufacturers are continuously focusing on the easy to access technologies in smart cranes. For example, Liebherr mobile cranes offer intelligent crane control using the LICCON computer system. This electronic control system is tailored for each crane and is insensitive to extreme working conditions. Integration of such technologies is cranes is fueling the cranes market growth.
Rising investments in the smart factories of the cranes are further expected to positively contribute to the market share. For instance, in 2019, ZOOMLION started the functioning of its tower crane smart factory in China with 12 automated production lines. Furthermore, in 2019, ZOOMLION also launched three smart products including T6515, T6250, and T7525 4.0 PC flat-top tower cranes. These cranes offer remote operations, App management, and remote alarm function for unusual work situations.
To get details on market share, speak to our analyst
The upsurge in demand for metals from various industries including the development of power and cement industries development is the key driving factor of the cranes market. According to the International Energy Agency, the global coal demand observed growth by 1% in 2017 after a consecutive decline for two years. This is attributed to the coal power generation in China and India. Chinese coal imports observed significant growth in 2017. In 2017, according to the International Energy Agency, China coal imports grew by 15Mt alone. Furthermore, the imports significantly increase in various countries including Brazil, Taipei, Turkey, Malaysia, Mexico, Philippines, Pakistan, Vietnam, Japan, Chile, Thailand, and Morocco.
The Oil & Gas industry is likely to result in increased demand for cranes over the forecast period. This is attributed to the rise in petrochemicals demand. Petrochemicals have application in various day to day products such as detergents, fertilizers, medical equipment, packaging, clothing, and plastics. Increasing demand from the plastics sector is the key driving factor of the oil & gas industry. According to Plastivision India, a plastic exhibition, the global reinforced plastic market is anticipated to reach US$ 16 Bn in 2019. The rise in demand for reinforced plastics from the automobile industry is expected to significantly contribute to the growth of the plastic market. Furthermore, the use of petrochemicals in manufacturing wind turbines, batteries, electric vehicles and solar panels is further anticipated to result in the growth of oil demand in the near future.
The increasing power demand in growing economies such as China is estimated to contribute positively to the growth of the utilities sector. According to our secondary sources, power demand to grow by more than 5.5% yearly as a result of the upsurge in the services sector. Furthermore, the increasing demand from the household as a result of the rise in population is anticipated to drive the utility in future. The up-gradation of the distribution network with the construction of high voltage transmission lines is expected to result in increased investment from the power companies. The SOE mergers in the energy sector of China is likely to result in the growth of the utility industry. For instance, in 2017, Shenhua Group, a coal producer and China Guodian Group with significant wind power merged to form a new group with 500 Mn tons coal capacity and 225GW installed power capacity. The increasing trends mentioned above in the utility sector is fueling the cranes market potential.
Asia Pacific is expected to be the fastest-growing region in the global market owing to the increasing infrastructure projects. For instance, in 2018, The National Development and Reform Commission (NDRC) of China has sanctioned 27 infrastructure projects of approximately US$219.43 billion cost. Thus, the rise in construction activities in developing economies such as India and China is likely to result in the growth of the market. Similarly, the growth in the mining industry in the U.S. is likely to positively impact the crane sector. This is attributed to the executive order issued by President Trump aims to reduce the U.S. dependence on imports of minerals.
Similarly, the increasing number of construction projects in Europe is anticipated to drive the cranes market in the near future. The construction in terms of rail and road transport up-gradation is also gaining momentum in Europe. An approval of US$ 166.85 Mn by UK’s Department for Transport for the upgrade of Gatwick Airport train station represents the increasing investment in infrastructure projects. Tolent an UK based construction firm entered into a contract with Triton Knoll in June 2019 to construct a wind farm at Grimsby’s Royal Dock, England. The 857MW offshore wind farm development will include office and warehousing facility.
Europe Cranes Market, 2018
To get geographical overview of this market, request a free sample copy
The report provides qualitative and quantitative insights on the heavy industrial equipment where cranes play a major role in the market and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by product type and end-user industry on global as well as regional level. Based on product type, the market is segmented by mobile, fixed and marine cranes. Based on the end-user industry, the market is drilled down construction, mining, industrial, oil & gas, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
Along with this, the report provides elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are recent industry developments such as mergers & acquisitions, and key industry trends.
To get information on various segments, share your queries with us
By Product Type
By End-User Industry