Players in the crane market largely are displaying interest in rental and lease-based business models owing to the high costs and frequent upgrades of new product offerings in the industry.
DUBAI, UAE / ACCESSWIRE / September 10, 2020 / The crane market is projected to display healthy growth with a CAGR of more than 5% in the assessment period from 2019 to 2029. A new FMI report has stated that the covid-19 pandemic is estimated to adversely impact the industry, largely owing to a major slump in construction and infrastructure activity during the outbreak. Tower crane types are in high demand and are expected to account for roughly US$ 20 billion in the forecast period.
“The growing requirement for enhancements in building structures in multiple industry verticals such as oil & gas, telecommunication, and manufacturing are projected to supporting the market, with higher demand for all terrain crane type products,” states the FMI analyst.
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Crane Market- Critical Takeaways
- Mobile crane types account for most sales, with impetus in recent years coming from improvements in safety and technical improvements.
- Energy sector applications account for significant revenue share owing to high material lifting requirements for rough terrain settings.
- North America is a key crane types market, with smart city investments demand from the infrastructure and utilities sector.
Crane Market- Drivers
- Rapid growth of urban areas, and the resultant demand for telematics cranes provide impetus to market growth.
- Steady increases in terms of worldwide construction spending remains the primary market driver.
- Transport and logistics investments in developing countries in Asia and MEA support demand.
Crane Market- Restraints
- Shortage of adequately skilled crane operators is a major hinderance to adoption of varying crane types.
- High costs of purchase restrain crane sales and adoption rates, especially among small and medium scale construction enterprises.
Coronavirus Impact on Crane Market
Government spending cuts on construction around the world have impacted sales and demand for cranes during the covid-19 pandemic. Consequently, manufacturers in the crane types market have made substantial reductions in production rates through 2020. Despite sustained orders, shortage of cash flow remains a major concern for market players. Demand is expected to recover towards 2021 with relaxation of lockdown regulations in the near term.
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Broderson Manufacturing Corp., Altec Inc., Columbus Mckinnon Corp., Elliot Equipment Co., Fushun Yongmao Construction Machinery Co. Ltd., Hitachi Sumitomo Heavy Industries Construction Crane Co. Ltd., Tadano Ltd., and Ingersoll Rand plc are some of the leading crane market players.
Major players in the crane market pushing for portfolio expansion strategies to meet construction and infrastructure development requirements in a wider range of industry verticals.
For instance, Altec Inc. has introduced the AC30-101b boom truck crane, with its largest carrying capacity of 680 kgs. Cargotec has unveiled RTG crane for handling containers at port terminal facilities. Further, Columbus McKinnon has released a new suite of crane automation control systems including Intelli-Crane, Intelli-Lift, and Intelli-Protect softwares.
About the Study
The study offers readers a comprehensive assessment of the crane market. Global, regional and national-level analysis of the latest trends influencing the crane market is covered in this FMI report. The study provides insights according to product type (mobile cranes, fixed cranes, and marine cranes), and supply (construction, mining, oil& gas, shipping & port building, automotive, and others) across six key regions (North America, Latin America, Europe, China, Asia Pacific excluding China, and Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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