Crane Market To Surpass US$ 20 Bn By 2024 | Global Players Konecranes, Terex Corporation, Liebherr Group, XCMG Group, Welbilt Inc, Komatsu Ltd

Rise in construction spending is the major factor escalating the crane market growth. Shifting government focus on infrastructure development along with increasing consumer preference for luxurious and aesthetic constructions will provide an impetus to the industry growth.

Rising necessity for houses along with investment regarding infrastructure development such as smart city projects and increased construction expenditure particularly in economically stabilizing countries is expected to propel the crane market size. Population growth, environmental impacts and urbanization has up surged the need for smart and sustainable infrastructure solutions. Providing efficient building methods coupled with ability to offer effective integration, planning and designing, are major factors driving the crane market growth.

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Crane Market size is set to exceed USD 20 billion by 2024; according to a new research report by Global Market Insights, Inc. The shipments exceeded 25,000 units in 2016.

High investments and maintenance costs for the equipment is a key factor challenging the crane market growth. The cost of cranes is relatively high, which is discouraging manufacturers, businesses, and OEMs from procuring high-end systems. Companies are considering investments for automated equipment to meet the international quality standards. Development of infrastructure in emerging economies demands an increase in the number of cranes which are manufactured and hired for construction purposes. Rental companies are providing the equipment which incorporate the latest technological advancements, owing to which there is a rise in the demand for rental crane services.

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

Crane Market, By Application

• Construction & Mining
• Utility
• Electric
• Telecom
• Water
• Manufacturing
• Transport/Shipping
• Oil & Gas/Energy

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The mobile crane market is the fastest growing segment in the global industry owing to the increase in residential construction and urban infrastructure projects. The industry is being primarily driven by the rise in investments for the development of smart cities in countries such as China, India, Malaysia, Thailand and Indonesia. Growing population and migration of people to urban areas has led to an increase in demand for efficient transport infrastructure facilities, causing a significant rise in the number of urban infrastructure projects and escalating demand for mobile cranes. The region has also witnessed a rise in investments for power plants, which is aiding the global mobile crane market growth.

Europe crane market accounted for around 33% of the global revenue for cranes owing to the rise in investments in renewable energy and the rental market. Ongoing large construction projects in Europe are anticipated to drive the crane market over the coming years. The construction industry in Europe, has been recovering over the last few years after it tumbled post-recession. Several regional government administrations of countries such as UK, Germany, France and Italy are planning on undertaking construction projects, which include construction of railway tunnels, underwater tunnels connecting major European countries, and port extension, among others, which are using several types of cranes. In addition, the Russian crane market is also in state of revival, which is aiding the industry growth.

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Prominent players in the crane market include Manitowoc, Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd., XCMG Group, Tadano, Ltd., Liebherr Group, Konecranes PLC, Komatsu Ltd., Terex Corporation, and Palfinger AG among others. The industry dynamics are characterized by high competition with the presence of several regional and international players. As many of the companies have a longer operating history, brand recognition, established customer base, and supplier relationships and greater financial resources, it has become difficult for the new companies to compete with them. However, several companies are ensuring new product development initiatives to foster the crane market growth.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.