February 21, 2020
As per a research report titled ‘Crane Market Size By Product (Mobile Crane [All Terrain Crane, Crawler Crane, Rough Terrain Crane, Truck Loader Crane], Fixed Crane [Monorail Crane, Stiffleg Crane, Tower Crane, Gantry Crane], By Application (Construction & Mining, Utility [Electric, Telecom, Water], Manufacturing, Transport/Shipping, Oil & Gas/Energy), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’ available at MarketStudyReport.com, the worldwide crane market size is projected to exceed a remuneration of USD 28 billion by the end of 2025.
According to the market analysis, crane market is massively driven by the mounting construction activities that have paved way for the emergence of new private and public infrastructures globally. Moreover, robust urbanization and shift of rural population to urban areas have invoked the demand of these machines, providing an impetus to crane market expansion during 2019-2025. Implementation of stringent government regulations pertaining to on-site worker safety is also likely to propel the product demand in the upcoming years.
As per the report, crane market growth will be hampered by the unavailability of trained and skilled operators across various regions. In fact, crane operations carried out by untrained personnel might result into workplace fatalities and induce damage to properties, eventually impeding the industry growth. However, government certified operator training courses are likely to overcome the aforementioned issues, thereby fueling the global crane market dynamics in the upcoming years.
Citing the product type, report suggests that adoption of tower cranes would augment the crane market share worldwide owing to their application in construction of high rise structures across various emerging economies such as Asia and Europe. These cranes are utilized to carry and transfer heavy materials in building tall and complex structures. Additionally, tower cranes also reduce the amount of labor required in transporting heavy materials thereby cutting down the labor costs.
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Considering the regional landscape, Europe crane market is forecast to evolve rapidly on the grounds of expanding construction and demolition activities across the region. Besides, the rising popularity of urban infrastructure, smart cities, and smart buildings in the European Union coupled with high labor cost and unavailability of site workers, are supporting the expansion of crane market size across the region.
Prominent key players across the global crane market include Komatsu Ltd., Manitowoc, Liebherr Group, Effer SpA, Sany Group, Tadano Ltd., XCMG, Terex Corporation, and Kobelco Construction Machinery. These conglomerates are engaged in new product launches and integrating innovative safety and high payload capabilities enabling them to sustain their geographical presence across the worldwide crane market.
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