Crane Market Industry, Future Trends, Dynamic Growth & Forecast To 2030
Market Analysis
The Crane Industry is projected to grow from $36.36
billion in 2021 to $41,732.50 million in 2030 at a CAGR of 4.18% in the
forecast period, 2022-2030. The increasing infrastructural and economic growth
across the world has increased the need for construction which will boost the
market growth.
Opportunities
High Loading Capacity to Offer Robust Opportunities
The high loading capacity of Crane Industry will offer robust
opportunities to the market in the forecast period. These cranes have immense
loading capacity and help to transport goods easily from one place to another.
Besides, the growing use of such cranes in hydropower projects, railway, and
civil infrastructure and rising need for mobile machinery at difficult terrain
and remote areas or while lifting heavy loads in a compact setting are also
adding market growth.
Restraints
High Installation Cost to Act as Market Restraint
The high installation cost and maintenance cost may
act as a market restraint over the forecast period.
Challenges
Lack of Skilled Workers to act as Market Challenge
The lack of skilled workers for the operation of the
cranes and rise in number of accidents may act as market challenges over the
forecast period.
COVID-19 Analysis
The COVID-19 outbreak has altered the complete
scenario. The spread of the outbreak has impacted the construction industry
drastically. The worth of the construction industry overall has reduced
significantly in 2020 owing to the fall in demand for construction-related
products. Governments in different countries have imposed lockdowns that led to
the closure of manufacturing and other forms of businesses. The production of
construction products along with the provision of construction-related services
has been limited at the time of the lockdown. Besides, the production of truck
cranes have been impacted severely leading to a demand-supply gap. Several industries
like mining, oil and gas, construction, and other industrial activities have
temporarily halted their operations. All these have severely impacted the
market growth.
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Market Segmentation
The global truck mounted Crane Industry has been
segmented based on application and type.
By type, the boom truck cranes segment will lead the
market over the forecast period accounting for the highest market share of
41.1%. It is likely to grow at a high CAGR.
By application, the utilities segment will dominate
the market over the forecast period accounting for the largest market share of
43.3%. It is predicted to grow at a 7.3% CAGR by 2027.
Regional Analysis
APAC to Spearhead Truck Mounted Crane Industry
The APAC region will spearhead the market over the
forecast period. The presence of major country-level markets such as Australia,
Vietnam, India, and China, booming construction sector, growth in the
development of new infrastructure, improvement in financial conditions, rapid
urbanization and industrialization, the presence of emerging economies like
India and China, investments of the governments in the developing countries in
large-scale construction projects, people’s rising purchasing power, growing
population , government efforts to offer affordable housing, and rising
adoption of advanced technology-based machinery are adding to the global truck
mounted Crane Industry growth in the region.
Key Players
Eminent players profiled in the global trailer mounted crane Market report include Liebherr Group, Tadano Ltd., Terex Corporation, Xuzhou Construction
Machinery Co. Ltd, and Altec Industries, Kato Works Co.,
Ltd, Elliott Equipment Company, Böcker Maschinenwerke Gmbh, The Manitowoc
Company, and Hidrokon Ltd.
Key players have
incorporated several strategies to stay at the forefront such as mergers,
acquisitions, partnerships, and more.
Industry Updates
Tadano has
launched two new truck mounted cranes- HK 4.070-1 and HK 4.050-1 that will
offer higher manoeuvrability and various boom and outrigger solutions for
versatile lifting capacities especially in confined spaces.
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