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Cranes Market Size, Share & COVID-19 Impact Analysis, By Product Type (Mobile, Fixed, Marine), By End-User Industry (Construction, Mining, Industrial, Oil & Gas, Others) and Regional Forecast, 2020-2027

Region : Global | Format: PDF | Report ID: FBI101168

 

KEY MARKET INSIGHTS

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The global cranes market size was USD 33.84 billion in 2019 and is projected to reach USD 45.80 billion by 2027, exhibiting a CAGR of 4.1% during the forecast period.

COVID-19 Cover

This report covers COVID-19 impact analysis on Cranes Market

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The market is witnessing growth owing to the increasing demand from the construction sector. The evolving designs, along with high load-lifting capacity, is expected to serve the requirements of various industries including, complex manufacturing, telecommunication worksites, and shipbuilding.


In addition, manufacturers are focusing on renting or leasing the hoists, which has become a trend in the market. Despite economic challenges, countries such as India, Italy, Vietnam, Turkey, and others are emphasizing more on renting services. Additionally, increasing investments by governments and private firms in the infrastructure sector is driving the global market growth. High investments in technological development to establish smart factories for manufacturing is further propelling the cranes market share. For instance, in 2019, Zoomlion Heavy Industry Science and Technology Co., Ltd started the functioning of its tower crane smart factory in China with 12 automated production lines.


Global Market is adversely affected by the COVID-19 outbreak


The partial or complete lockdown owing to the COVID-19 outbreak has resulted in a severe downfall of many manufacturing processes. Additionally, closed factory activities and changes in dealer inventories are also negatively impacting the global market. The lockdown has further resulted in the unavailability of operators, thus reducing the revenue in on-going residential, commercial, and industrial operations.  Moreover, oil & gas, construction, mining, and industrial activities are affected by the COVID-19 outbreak. As per the industry research, the overall construction equipment industry experienced a downfall in the production of approximately 43,000 machines that is nearly 4% of 2019’s total output of about 1.07 million machines globally. Conversely, the renting companies are utilizing the lockdown period to spend time on maintenance services to return on project sites.


Considering the aforementioned facts, manufacturing recovery is a challenging task in the current year. Manufacturers are optimistic about the possibility of recovery however, the bigger challenge lies ahead in the first quarter of 2021, where the demand will be highly volatile.


LATEST TRENDS


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Accelerated Rental Services to Spur the Market Growth


Rental service has seen growth nearly in all the countries despite the economic challenges. Renting companies are enhancing their service offering to become premium service providers. As a result, manufacturers are also shifting towards leasing or renting options on a weekly or monthly basis along with proper maintenance of the equipment. For instance, in Vietnam, manufacturers are providing rental services of mobile hoists with capacity ranging from 25 tons to 800 tons. Additionally, the rental option reduces servicing cost thus, allowing customers to procure advanced equipment whenever required. Furthermore, in major markets where equipment rental services are on the verge of acceptance, the rate of expansion in such markets is expected to remain remarkable; Italy is one such economy that is witnessing the result for the same.


DRIVING FACTORS


Increasing Investment in Construction and Infrastructure Sector to Swell Market


The government and several private sectors are heavily investing in residential & commercial buildings construction and public infrastructure, thus supporting the growth of the market. Rapid urbanization in Asian and Latin American countries is creating a huge demand to easily transfer materials that weigh more than 500 tons. Additionally, increasing government focus on green building development is further expected to push the market growth. Moreover, oil & gas, mining, automotive and other end-users are also utilizing cranes in their overall transportation process, which in turn is also creating a positive impact on the global market.


RESTRAINING FACTORS


High Investment Cost and Lack of Safety Measures is Hampering the Market Growth


The maintenance and service cost is very high owing to costly replacement parts and unavailability of service facilities across Asia Pacific, Europe, Latin America, and other regions across the globe. Additionally, the high initial investment is restraining manufacturers and end-users in the purchase of this equipment. Various safety standards are enacted by various governmental bodies including, the International Organization for Standardization (ISO), Occupational Safety and Health Administration (OSHA), and others. However, the incidences of injuries are still on a page while working on floating structures, ascribed to the lack of importance of safety measurements amongst the crane manufacturers and workers.


SEGMENTATION


By Product Type Analysis


Mobile Type is Expected to be the Fastest-growing Product in the Future.


The increasing power demand has resulted in the expansion of power distribution patterns and acting as a key driving factor for the demand of mobile cranes in the near future. Furthermore, the increasing demand for truck-mounted hoists is anticipated to result in the growth of the market. Fixed type are likely to experience significant growth of the market during the forecast period owing to the better stability offered by the product.


By End-Use Industry Analysis


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Construction Industry to Grow at Higher CAGR during the Forecast Period


The construction industry sub-segment is expected to witness the highest growth attributed to the increasing demand for fixed cranes. These structures are fixed to the ground that provides excellent stability with high load capacity at greater heights. Furthermore, the rising government initiatives concerning infrastructure development is positively contributing to the industry.


REGIONAL INSIGHTS


Asia Pacific Cranes Market Size, 2019 (USD Billion)

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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 USD 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.


The growth in the mining industry in the U.S. is augmenting the crane market growth. Additionally, market players are expanding their product offerings to gain a competitive advantage in the U.S. market. For instance, The Manitowoc Company, Inc. introduced all-terrain cranes Grove GMK4090. It has a 51 m, six-section mega form boom that utilizes Grove’s Twin-Lock pinning system.


The increasing number of construction projects in Europe is anticipated to drive the market in the future. The construction in terms of transport up-gradation is also gaining momentum in Europe.


The Middle East and Asia and Latin America are expected to grow exponentially owing to the industrial investment, especially in the manufacturing sector and constructional works.


KEY INDUSTRY PLAYERS


Players such as SANY GROUP, Manitowoc Company, Inc., Terex Corporation, Komatsu Ltd, Liebherr Group to Dominate the Market


Leading manufacturers, including SANY GROUP, Manitowoc Company, Inc. Terex Corporation, Komatsu Ltd, Liebherr Group have dedicated business segments with an aim to improve product quality and reduce operation cost.  Additionally, companies are concentrated on technological developments to establish a strong footprint in the industry.


Terex Corporation Emphasizes on Tailored Products with Technological Development as the Key Factor


Terex Corporation emphasizes on research & development to improve on inter-constructional work where space constraints. The company’s ‘Terex Slewing Technology’ augments the control of cranes in various job sites.


LIST OF KEY COMPANIES PROFILED:



  • SANY GROUP (China)

  • Konecranes (Finland)

  • Manitowoc Company, Inc. (U.S.)

  • Tadano Ltd (Japan)

  • Komatsu Ltd (Japan)

  • Terex Corporation (U.S.)

  • Liebherr Group (Germany)

  • Hitachi Construction Machinery Europe NV (The Netherlands)

  • Demag Cranes & Components GmbH (Germany)

  • Zoomlion Heavy Industry Science and Technology Co., Ltd (China)

  • XCMG Group (china)

  • Caterpillar (U.S.)

  • GORBEL INC. (U.S.)

  • Street Crane Company Limited (U.K.)

  • PALFINGER AG (Austria)

  • ZPMC (China)

  • Certex (U.K.)

  • Cargotec (Finland)

  • BUCKNER HEAVYLIFT CRANES, LLC (U.S.)

  • Pelloby Ltd. (U.K.)


KEY INDUSTRY DEVELOPMENTS:



  • July 2020: Manitowoc Company, Inc. introduced reliable and efficient ‘Potain MTC 275’, a new model that delivers easier assembly and transport on construction projects. It is displayed with a full 70 m jib.

  • November 2019: XCMG Group introduced 84 tailored G-series products with 25 out of them are designed for the Middle East, Africa, and Southeast Asia markets.


REPORT COVERAGE


An Infographic Representation of Cranes Market

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The market report focuses on leading regions across the globe to offer a better understanding of end-users. Moreover, the report offers insight into the industry dynamics and analyzes technologies that are utilized at a rapid pace across the world. It also displays some of the key major factors and restraints to help the readers to gain in-depth knowledge about the market trends.


Report Scope & Segmentation








































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



By Type



  • Mobile

  • Fixed

  • Marine



By End-user Industry



  • Construction

  • Mining

  • Industrial

  • Oil & Gas

  • Others



By Region



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC, and Rest of the Middle East and Africa)

  • Latin America (Brazil, Mexico and Rest of Latin America)



Frequently Asked Questions

Fortune Business Insights says that the global market stood at USD 33.84 billion in 2019

In 2027, the market is expected to reach USD 45.80 billion.

Growing at a CAGR of 4.1%, the market will exhibit steady growth in the forecast period (2020-2027).

The Asia Pacific market value stood at USD 13.52 billion in 2019.

Mobile cranes are expected to be the leading segment based on product type

Increasing investment in the construction and infrastructure sector is driving the growth of the market.

SANY GROUP, Terex Corporation, Komatsu Ltd, Liebherr are the top players in the market.

The construction industry is expected to hold the highest share in the market.

High investment cost and lack of safety measures is adversely impacting the growth of the market.

Accelerated rental services is the current trend for the market.

Cranes Market  Size, Share and Global Industry Trend Forecast till 2026
  • Oct, 2020
  • 2019
  • 2016-2018
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