What's driving the Crane Market Size Key Players are: Manitowoc, Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd., XCMG Group, Tadano, Ltd., Liebherr Group, Konecranes PLC, Komatsu Ltd., Terex Corporation, and Palfinger AG

Market Study Report, LLC, elucidates a comprehensive research of the ‘Crane market’ that mentions valuable insights pertaining to market share, profitability graph, market size, SWOT analysis, and regional proliferation of this industry. This study incorporates a disintegration of key drivers and challenges, industry participants, and application segments, devised by analyzing profuse information about this business space.

The global crane market is likely to grow at a substantial rate in the years to come, propelled by the development of internet and mobile connectivity to provide citizens with seamless telecommunications services. The internet has achieved a massive penetration rate in recent years leading to the growth in smartphones, tablets and other mobile devices. This trend proves investing in cell towers to be a lucrative opportunity worth exploring.

Such substantial growth in the telecommunication industry will favor the development of the global crane market. For instance, AT&T and Verizon have almost completed the upgradation of their network structures to 4G-LTE. Furthermore, these companies will soon be developing their services for the next generation of wireless technology. The growing need to install new towers that supports the latest technology followed by its maintenance will positively impact the demand for cranes over the estimated timeframe.

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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. 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.

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.

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.

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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.

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