Crane Market is expanding rapidly with industry leader Liebherr-International AG launching a new 150-ton mobile crane called LMT 1150-5.3

Crane Market Forecast : Market Will Boom In Near Future

𝗥𝗲𝗽𝗼𝗿𝘁 𝗣𝗮𝗴𝗲𝘀: [130 Pages]

A crane is a kind of mechanical device, usually equipped with a drum, chain, hoist rope, or hooks, which is used to move and lift objects vertically and to move them forward horizontally. It is primarily used for lifting objects and moving them vertically to various locations. Cranes are one of the most essential pieces of equipment in any construction project. With rising population and rapid urbanization in both developed and emerging economies, the demand for cranes has increased massively over the years. As per the United Nations (UN), by 2050, around 68% of the global population is expected to live in urban areas, increasing from 55% in 2018. According to the same source, in 2018, around 4.2 billion people were living in urban areas, increasing from 751 million in 1950. With rapid urbanization, construction activities are likely to increase, which could potentially boost growth of the crane market.

The various types of cranes include the fixed-base crane, the mobile/swivel crane, and the pneumatic crane. A fixed-base crane is commonly used when loads have to be lifted very high, whereas the mobile/swivel crane can be operated at ground level. Apart from the construction industry, the shipping sector is another strategic industry where cranes are widely used. The shipping industry uses ship-to-shore cranes that are specially designed with a range of outreaches and specification detail as per each customer’s requirement. Ship-to-shore cranes are used to enhance the reliability and efficiency of the terminal requirements to maintain productivity. Hence, such factors can stimulate growth of the crane market.

Major Players in Current Industry: Liebherr Group, Manitowoc, Tadano, Xuzhou Construction Machinery Group (XCMG), Zoomlion, Sany, KobelcoCrane, HitachiSumitomo, Furukaw, and Konecrane.

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In a fixed-base crane, the main working parts are the drum, the tower, the counterbalance, and the crane fork. The drum can be made up of different materials such as steel, aluminum, or a combination of any of these. On the other hand, the tower of the crane consists of the mast, the boom, the legs, the wheels, and the counterbalance. Even though cranes are essential for any construction project, the initial procurement cost is significantly high, and thus smaller organizations hesitate to purchase one. Besides, operating cranes require skilled and experienced personnel. With a lack of such trained professionals, it is unsafe to use the cranes. Hence, these factors can limit growth of the crane market.

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Developed countries such as the U.S. and Canada have exhibited significant traction in the crane market. This typically due to the fact that the disposable income in the above-mentioned countries is comparatively higher than in other countries. Besides, North America is witnessing high utilization of mobile & fixed cranes, which could boost the regional crane market growth.

Recently, in October Liebherr-International AG launched a new 150-ton mobile crane called LMT 1150-5.3

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This release was published on openPR.