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Crane Market is anticipated to surpass $20 Billion by 2024

Author : Rahul Varpe | Published Date : 2019-04-22 

Global Market Insights provides a detailed overview of Crane market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of Crane market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.

The constantly-growing population in the region has resulted in increased investments in the infrastructure development sector. Rapid urbanization in the country is demanding the faster construction of facilities and buildings for the growing population. In addition, the rising government investments in infrastructural operations have provided a potential for the growth of the crane market.

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Crane Market is expected to exceed USD 20 billion by 2024. Increasing construction spending across the globe is a major factor driving the market growth. Shifting focus of the government entities on infrastructure development coupled with growing consumer preference for aesthetic and luxurious constructions will drive the industry growth.

The rise in the adoption of mobile crane market is expected to accelerate owing to the expansion in the cement plants and infrastructure development. The construction and transportation sectors are the major segments contributing toward the adoption of mobile cranes with many on-going projects. Several major economies across the globe are contributing toward the industry growth, with construction and retrofit market growing at a significantly high pace. The market will witness a growing demand for the upgrading of mobile cranes in the coming years.

Key players participating in crane market include:

  • Palfinger AG Terex Corporation
  • Komatsu Ltd.
  • Konecranes PLC
  • Liebherr Group
  • Tadano Ltd.
  • XCMG Group
  • Hitachi Sumitomo Heavy Industries
  • Manitowoc

The crane industry is highly fragmented and competitive in nature owing to the presence of several regional and international players, who are actively investing in R&D and developing technologically-advanced products to sustain in the industry. There is an inclination toward energy-efficient cranes as they help in reducing carbon emissions. Several players are ensuring new product development initiatives to foster the crane market growth.

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In Europe, the focus of the crane manufacturers is on implementing new safety standards relating to the assembly and dismantling of the machine. An important product development issue across the entire range of crane types is the reduction of diesel engine exhaust emissions in compliance with Stage V of the EU Regulation on emission limits for mobile machinery. Europe accounted for the second largest revenue in crane market owing to the growing usage of cranes across the construction and oil & gas industries. However, the European market was hurt by changes in subsidies in the wind power market in Germany, resulting in fewer crawler crane sales.

Urbanization, environmental impacts, and population growth have surged the need for sustainable and smart infrastructure solutions. In addition, the growing demand for fuel-efficient and advanced cranes is rapidly gaining popularity due to their cost-effective performance and a high level of safety. Construction companies prefer using fuel-efficient equipment as it emits less carbon and enables fuel savings.

Government administrations of several countries have largely invested in the construction of buildings, road ways, and transportation points to advance the infrastructure of the country and provide better facilities for the local population. Public infrastructure and government utilities in North America will witness a high adoption of cranes owing to the construction of reservoirs, wastewater treatment plants, and power lines across the region thereby providing an impetus to the crane market.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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