The Global Crane Market is expected to grow at a CAGR of 6.98 during the forecast period (2022-2029).
The global crane market growth is driven by increasing investments by the government in infrastructure. There is a rise in infrastructure spending in the United States, as the government has made infrastructure spending its major priority to fuel growth and create jobs.
Moreover, the GCC (Gulf Cooperation Council) countries have long-term strategies of development projects that focus on social infrastructure and transportation. This will eventually lead to more opportunities for the cranes market in the Middle East.
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By Type – Mobile Cranes
The Mobile Cranes segment of the Crane market was valued at US$ YY Mn in 2018 and is estimated to grow at a CAGR of 4.49% over the forecast period(2022-2029) to reach a US$ YY Mn by 2029.
Mobile cranes can be used in various applications such as power generation, mining, construction, and others. As power distribution patterns are expanding due to a rapid rise in power demand globally, the market for mobile cranes is growing rapidly.
Moreover, mining companies are also one of the largest consumers of mobile cranes as the mining requires massive equipment for the extraction of raw materials in an open cast mining environment. The growth in the mining industry is highly influenced by the collaborations and partnerships by major players in this industry, hence leading to rising demand for mobile cranes.
In addition, the latest trend of telematics in machines is growing rapidly, which is creating ample opportunities in future for the mobile crane market.
However, mobile cranes have high installation and maintenance costs, which is hindering the growth of the crane market.
Developing countries in the Asia-Pacific region such as India and China are mainly contributing to the growth of the market due to growing demand from the construction industry.
Geographical Analysis – North America
Mexico is also a key market in the region. It is a developing nation with a number of construction projects by government and private entities. In 2017, the government of Mexico announced plans to develop three special economic zones (SEZs) in the southern states of the country.
It is expected that strong growth in the construction sector will fuel growth in the North America Crane Market during the forecast period.
The global housing market has been witnessing significant growth over the last three years, especially in developed countries such as the US. The growth in the housing market is majorly propelled by the increased adoption of modern residential dwellings, improved economic conditions, and increased consumer spending power. New residential constructions and purchases are growing in the US, even though the momentum is still slow.
The market is moderately fragmented with many local and international players.
The steadily growing demand for cranes has made the market favourable for both regional and international vendors. The market is also characterized by joint ventures between regional and international manufacturers. Mammoet, Sarens Group, Lampson International, ALE, and Maxim Crane Works LP are leading manufacturers in the global cranes market. Mammoet is the global leader in the crane market followed by Sarens group and Lampson international.
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