Global Crane Market Research Report Forecast to 2025
Global Crane Market: Information by Type (Industrial Cranes, Offshore Cranes, Port Cranes, and others), Application (Construction, Mining, Oil & Gas, Shipping & Port and others) and Region - Forecast to 2025
Generally, volatile raw material prices act as a moderation for the market growth during the forecast period. Moreover, the growing demand for rental units and emerging economies in the Asia-Pacific region can be a futuristic opportunity driving this market. Furthermore, lack of skilled labor can act as a challenge for the market during the forecast period. Asia-Pacific is expected to be a prominent region for crane market owing to the sheer number of construction projects set to go underway. With the nations such as India and China looking to strengthen their infrastructural base, government aids and subsidies are expected to attract significant investments in the construction industry. In 2018, North America organized the second-largest market share in the crane market. The region has witnessed high growth in the construction industry, owing to the increase in real estate investments. The government support for construction, the growth of the mining industry, and such other considerations drive the market growth.
The Global Crane Market is segmented based on material type, tool type, application and region respectively. The global market for cranes is segmented by type and application. Based on type, the crane market is segmented into industrial cranes, offshore cranes, port cranes, and others. The industrial crane's division is dominating the market, owing to many applications in intense construction or industrial projects. The industrial crane segment is further classified into mobile cranes, all-terrain cranes, rough terrain cranes, crawler cranes, telescopic cranes, and others. The mobile crane segment settled for the leading market share owing to the major advantages such as the flexibility and ability to access in areas where the static crane is unable to reach and requires less space. On the basis of application, the crane market is segmented into construction, mining, oil & gas, shipping & port, and others. The construction segment is the dominating segment, owing to an upturn in real estate investments. Furthermore, factors such as rise in construction of commercial buildings, such as business centers and offices raise the demand for cranes in the construction segment.
Geographically the Global Crane Market is split in regions like North & South America, Europe, Asia-Pacific, Middle east and Africa and Rest of the world. Asia-Pacific current account for the largest market share in the global crane market and is expected to grow at the highest rate during the forecast period. Moreover, the rapid industrialization and urbanization in emerging economies, such as China, India, and Japan, is also boosting the growth of the crane market in the region. Additionally, activities such as refurbishing and renovation of old buildings have increased investments in the infrastructure and construction industries, fueling the crane market. According to Concrete Asia, the ASEAN countries are expected to increase their budgets for residential, industrial, and infrastructural projects in the next five years. Factors such as increased urbanization, investments, government spending, and consumer spending have set ASEAN economies to grow significantly in the next 10 to 15 years, which would trigger the growth of the building and construction industry in the region.
The proposed spectators in the Global Crane Market are manufacturers, Retailers, distributors, wholesalers, Investors and trade experts, Governments, associations, industrial bodies, etc. The major companies functioning in the Global Crane Market are concentrating on firming their global ways by entering into untouched markets. The projected onlookers in the Global Crane Market are companies like Terex Corporation (US), Manitowoc (US), Konecranes (Finland), and Manitex International, Inc. (US) and Liebherr-International AG (Switzerland).