Crane Market Dynamics, Segments, Size and Demand, 2017-2027
Global Crane Market: Market Dynamics
The ongoing demand for construction of smart cities across geographies and various mega construction particularly in developing countries will rise demand for the cranes. Increasing investments made by governments as well as private sector companies in infrastructure development projects is the major factor driving growth of the global crane market. Within these infrastructure projects the key demand drivers going forward are road construction, urban infrastructure, irrigation and mining operations. Investments in infrastructure can be classified into investments for roads, ports, airports, railways, pipelines, irrigation, waterways and urban infrastructure. Further, increasing demand for high capacity lifting is boosting the demand for some specialized products such as mobile cranes.
Increasing focus of customers towards procuring used cranes due to avoid high cost new equipment is a crucial factor which can obstruct the market growth. Some of the key trends witnessed in the market are shifting focus towards compact and remote operated cranes and changing consumer towards crane that ensures driver’s comfort and safety.
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Global Crane Market: Market Segmentation
On the basis of product type, the Crane market can be segmented into;
All Terrain Cranes
Overhead Track-mounted Cranes
Level Luffing Cranes
On the basis of supply type, the Crane market can be segmented into;
Oil & Gas Industry
Shipping & Port Building
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Global Crane Market: Region-wise Outlook
Asia Pacific is expected to dominate the volume demand for Crane over the forecast period owing to increasing construction activities in the region. China and India are expected to emerge as the major contributor to the overall revenue in Asia Pacific. Europe and Japan are expected to be the next big market for cranes. Western Europe contributes for majority of the demand of cranes in the Europe and Eastern Europe hold nominal market share in the Europe. Followed by Asia Pacific, Europe and Japan is the North America, which is a matured market for cranes. The market is expected to witness steady growth as compared to robust growth in the developing region such as Asia Pacific. Middle East and Africa region is anticipated to witness moderate to steady growth in the annual sales of cranes. GCC countries will remain one of the major contributor in the growth of the market. Long term outlook for the market in South Africa remains positive.
Global Crane Market: Market Participants
Examples of some of the market participants identified in the global Crane market are;
Zoomlion Heavy Industry Science and Technology Co., Ltd.
XCMG Construction Machinery Co., Ltd.
Sany Heavy Industry Co., Ltd
KATO WORKS CO., LTD.
Kobelco Construction Machinery Co., Ltd.
Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd.
FURUKAWA UNIC CORPORATION
Columbus McKinnon Corporation
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