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Mobile and Tower Cranes Market: Industry Outlook, Growth Prospects and Key Insights
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Mobile cranes are lifting devices, which incorporate a cable suspended latticed boom or hydraulic telescopic boom designed to be moved between operating locations by transport over the road. There are various types of mobile cranes such as all-terrain, rough terrain, truck crane, crawler crane, and telescopic truck mounted cranes. Whereas, tower cranes are fixed cranes and have to be attached on-site. The tower crane present itself like a vertical metallic structure with a horizontal boom that can turn over an angle up to 360 degrees. Mobile tower cranes are combination of mobile and tower cranes. Increasing investment by governments as well as infrastructure companies is the major driving factor for increasing demand for mobile and tower cranes. Moreover, there is increase in demand for high capacity lifting for greater height application which is contributing in the growth of mobile and tower cranes market. The global mobile and tower cranes market was valued at US$ 23,033.8 Mn in 2016 and is forecast to expand at a CAGR of 3.5% from 2017 to 2025, reaching a value of US$ 31,240.6 Mn in 2025.
Rising Construction Activities Worldwide Boost Growth
The global mobile and tower cranes market is segmented on the basis of type, application and geography. On the basis of type, the market is segmented into mobile cranes, tower cranes and mobile tower cranes. Mobile cranes segment has been further sub-divided into all terrain, rough terrain, truck crane, crawler crane and telescopic truck mounted cranes. Among these, all terrain cranes has the highest adoption rate in mobile and tower cranes market. The tower cranes segment is has been further sub-segmented into self-erecting crane, flat top, luffing jib tower crane and hammerhead cranes.
In terms of application, the mobile and tower cranes market is segmented into oil & gas, construction, shipping & port and others. The rising demand for construction of smart cities across various countries and various mega construction particularly in developing countries is boosting the demand for mobile and tower cranes in these regions.
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Asia Pacific to Emerge Dominant during Forecast Period
Based on the geography, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America. Asia Pacific is expected to dominate the crane market in terms of volume over the forecast period owing to increasing construction activities in the region. Asia Pacific led the mobile and tower cranes market in 2016 and is expected to show sustainable growth throughout the forecast period. Countries such as China, India, and Japan will contribute significantly to the growth of this regional market. The primary driver for the growth of mobile and tower cranes market in Asia Pacific region is rising construction activities due to the advent of smart cities. Middle East & Africa region is also anticipated to experience promising growth in the mobile and tower cranes market during the forecast period. This is mainly due to the prominent presence of oil & gas refineries which requires large number of mobile and tower cranes.
Over the last few years, organizations have changed the way they used to operate earlier. Major companies are focusing on product innovation and acquisitions and mergers to expand their business. Major mobile and tower cranes market players profiled in the report include ELMAK, FAVELLE, FAVCO BERHAD, Hyva Cranes, Kobelco Cranes Global Ltd, Konecranes, Liebherr, Manitex International, Manitowoc, Sany Heavy Industry Co., Ltd, Tadano Faun, Terex Corporation, WOLFFKRAN International AG., YONGMAO and Zoomlion Heavy Industry Science & Technology Co Ltd.
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