Key crane market players include Elliott Equipment Company, Altec Inc., Broderson Manufacturing Corp, Fushun Yongmao Construction Machinery Co., Ltd, Columbus Mckinnon Corporation, Dongqi Crane, Ingersoll Rand, PLC, Cargotec Corporation among others.
| Source: Global Market Insights Inc.
Selbyville Delaware, Oct. 03, 2022 (GLOBE NEWSWIRE) —
The crane market is expected to cross a valuation of USD 38 billion by 2030, according to latest research study by Global Market Insights Inc. Increasing requirement of cranes in urban infrastructure development is anticipated to drive the industry trends. Rising disposable income of the working class, along with technological advancements in cranes, are speculated to increase the demand for cranes.
Limited knowledge of project management techniques is likely to emerge as a key factor hampering crane market growth. Various hazards associated with cranes, including inefficient use of the equipment, as well as weak infrastructure sites, a shortage of trained employees, and low usage of high-performance technologies, are curbing their penetration. However, the introduction of optimized platforms to track real-time activities and the location of equipment, which allow owners to monitor and manage fleet efficiency, is estimated to benefit players to eventually combat this restraint.
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Surging usage in telecom sector to push mobile cranes revenue growth
The mobile crane segment is projected to depict considerable demand through 2030 due to the widespread installation and maintenance of telephone lines that require cranes. In the telecommunications industry, mobile cranes are used to provide a platform at dangerous heights and to service the overhead lines, which is bolstering segmental growth. The sector is further classified based on type, load capacity, and application.
Crawler type mobile crane industry to grow significantly
The crawler type crane industry is said to record a CAGR of more than 5% from 2022 to 2030. This growth is attributed to the growing prominence of crawler cranes in the transportation, construction, and manufacturing industries as they are suitable for complex projects and can lift objects in confined spaces. Their tracker properties make them highly stable on diverse ground types, including uneven and challenging terrain, which is poised to stimulate product penetration.
Increased preference for mobile cranes in manufacturing applications
The cranes demand in manufacturing industry is set to reach an estimate of over USD 500 million by 2030. The flourishing sector is encouraging the participants to upgrade their existing equipment with single engine designs to reduce carbon emissions and operating costs, thereby improving their revenue share, which is slated to foster mobile cranes market outlook by end of 2030.
Latin America to emerge as a top regional ground
The Latin America crane market is foreseen to reach about USD 2 billion revenue by 2030. Rapid developments and investments in the power distribution sector across the region are influencing the business growth subsequently. In addition, the utility vertical is monetizing the lack of traditional infrastructure in the region, which is projected to impel the LATAM industry progress.
Product diversification to remain a pivotal growth strategy
The competitive landscape of the crane market includes Elliott Equipment Company, Altec Inc., Broderson Manufacturing Corp, Fushun Yongmao Construction Machinery Co., Ltd, Columbus Mckinnon Corporation, Dongqi Crane, Effer S.P.A, Fassi Gru S.p.A., Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd., Ingersoll Rand, PLC, Cargotec Corporation, JASO Industrial Cranes, Kato Works Co., Ltd., Kito Corporation, Kobelco Construction Machinery Co., Ltd., Konecranes Plc, Liebherr Group, Linden Comansa (Construcciones Metálicas Comansa S.A.), Locatelli Crane S.R.L, Mammoet, Manitex International, Inc., The Manitowoc Company, Inc., O.M.V. Officine Meccaniche VICARIO S.P.A., Palfinger AG, Raimondi Cranes S.p.a, Sany Group, Tadano Ltd., Terex Corporation, Weldco Beales Manufacturing, Wolffkran International AG, Xuzhou Construction Machinery Group Co., Ltd. (XCMG), and Zoomlion Heavy Industry Science and Technology Co., Ltd.
These companies are working to provide value-added services and engage in strategic alliances to launch innovative products and enhance their business reach. For example, in May 2022, Sany Group, a Chinese heavy equipment manufacturing company, launched a series of cranes with low maintenance and high fuel economy called the SRC400C. It cogently adapts to demands, providing operating efficiency and savings on account of its distinctive dual-engine-modes for carrier and crane capabilities.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Crane industry 3600 synopsis, 2018– 2030
2.2 Business trends
2.3 Regional trends
2.4 Product trends
Chapter 3 Crane industry Insights
3.2 Impact of COVID-19 outbreak
3.3 Impact of Russia-Ukraine conflict
3.4 Crane industry ecosystem analysis
3.5 Technology & innovation landscape
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
184.108.40.206 Rising mining activities in North America
220.127.116.11 Increased use in transportation & logistics industry of Europe
18.104.22.168 Increasing investments in infrastructure development in APAC
22.214.171.124 Rising construction activities in Latin America
126.96.36.199 Expanding oil & gas industry in MEA
3.7.2 Industry pitfalls & challenges
188.8.131.52 High capital investments
184.108.40.206 Lack of skilled operators and technicians
3.8 Key initiatives & news
3.9 Patent analysis
3.10 Price trend analysis
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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