Mobile and Tower Cranes Market Report Size, Global Key Players, Future Trends, Emerging Drivers, and Business Forecast to 2031

The global mobile and tower cranes market, valued at US$ 28.9 billion in 2022, is poised for substantial growth, estimated to achieve a remarkable CAGR of 3.7% from 2023 to 2031. Analysts attribute this anticipated surge to increased government investments in global infrastructure, robust construction activities, and the expanding oil and gas industry. The market is expected to reach an impressive US$ 40.1 billion by the end of 2031.

A crane is a vital machine capable of lifting heavy objects to considerable heights with minimal human assistance. Cranes can be fixed or mobile, depending on the project's nature. Mobile cranes are typically affixed to movable platforms and come in various types, including hydraulic mobile cranes, pick and carry hybrid cranes, truck-mounted mobile cranes, and electric mobile cranes. Self-erecting tower cranes and climbing cranes are also popular choices.

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Driving Forces Behind the Growth
The surge in government investments globally in infrastructure and construction, coupled with the expansion of the oil and gas sector, serves as the primary driver for the mobile and tower cranes market. Ongoing projects such as metros, railways, bridges, and flyovers are contributing significantly to the demand for medium and heavy-duty mobile cranes.

The landscape of investments and development in different regions creates lucrative opportunities for original equipment manufacturers (OEMs) in the construction sector. The market is also influenced by foreign direct investments (FDIs) and the growth in mining, oil, and gas sector revenues.

Construction Boom Propels Growth
The construction industry is expected to be a major driver of the global economy in this decade. Despite disruptions caused by the COVID-19 pandemic, the construction sector displayed resilience. Tower cranes, shaped like inverted L structures, are crucial in most construction projects, allowing for the lifting of heavy loads to remarkable heights. Safety by design is a priority for mobile crane manufacturers, focusing on preventing accidents and ensuring safer operations at construction sites.

With a surge in construction and infrastructure activities worldwide, mobile cranes, holding the largest share in the crane market, are experiencing robust recovery. Government capital expenditure on infrastructure development is positively impacting the mobile and tower cranes market value. Additionally, the rental sector is significantly contributing to the growing demand for these cranes.

Oil and Gas Industry Expansion
The oil and gas sector, contributing significantly to GDP in various regions, relies heavily on cranes for drilling, lifting, and hauling. Rough terrain cranes and all-terrain cranes are commonly used in challenging environments for installing and maintaining drilling rigs, pipelines, and other equipment.

Regional Analysis
In North America, the use of tower cranes has increased alongside the growth of high-rise construction. The U.S. hospitality construction sector holds a 24% share in the mobile and tower cranes market. Toronto leads the region with 43% of active tower cranes, followed by Seattle, Los Angeles, and Washington D.C. Asia Pacific is anticipated to experience steady growth, driven by construction activities in China, India, and Japan. The establishment of smart cities and infrastructure development initiatives by governments is a primary driver in the region. The Middle East & Africa is expected to witness promising growth due to the significant presence of oil and gas processing plants requiring versatile tower cranes.

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Market Outlook
The global mobile and tower cranes market is on an upward trajectory, with significant growth expected in the coming years. As construction activities continue to surge globally, and the oil and gas industry expands, the demand for these heavy lifting equipment is set to soar. Industry players are urged to capitalize on this growth by aligning their strategies with the evolving market trends.

Analysis of Key Players
Significant investment in R&D activities, product expansions, and mergers and acquisitions are the business model followed by prominent manufacturers of mobile and tower cranes. The market is highly competitive, with the presence of various global and regional players.

FAVCO BERHAD, Hyva Cranes, Kobelco Cranes Global Ltd, Konecranes, Manitex International, Manitowoc, Sany Heavy Industry Co. Ltd., Tadano Faun and WOLFFKRAN International AG are the prominent entities profiled in the mobile and tower cranes market.

Market Segmentation
Type
• Mobile Cranes
• All Terrain
• Rough Terrain
• Truck Crane
• Crawler Crane
• Telescopic Truck Mounted Crane

Tower Cranes
• Self-erecting Crane
• Flat Top
• Luffing Jib Tower Crane
• Hammerhead Crane
• Mobile Tower Cranes

By Application
• Oil & Gas
• Construction
• Shipping & Port
• Others

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This release was published on openPR.