Despite the average performance of construction industry in 2016, predictions for the performance in 2017 remains positive.an positive growth of the associated industries is expected in the forthcoming years of the month. The global construction industry is anticipated to witness an annual growth rate, ranging between 5-10% in this year. The construction industry is a major end user of cranes, thus its performance has a notable impact on the growth of crane market. Though, the existing uncertainty in the global construction market could affect the demand for cranes in construction application, but the robust growth of automotive industry and steady revenue increment from mining are expected to fuel the growth of the global crane market. Global crane market is anticipated to witness noteworthy growth in developing parts of Asia Pacific, while a moderate growth will be foreseen in the America, Europe and the Middle East. Small sized equipment, affordable price, reliability and improved productivity will remain key concerns in the global crane market. The global crane market covers a vast number of products serving various requirements, including wheel mounted cranes, crawler cranes, side boom, straddle crane, railroad crane, and aerial cranes. These cranes are further bifurcated into telescopic, hydraulic, articulated etc.
Global Crane Market: Market Dynamics
The ongoing demand for construction of smart cities across geographies and various mega construction particularly in developing countries will rise demand for the cranes. Increasing investments made by governments as well as private sector companies in infrastructure development projects is the major factor driving growth of the global crane market. Within these infrastructure projects the key demand drivers going forward are road construction, urban infrastructure, irrigation and mining operations. Investments in infrastructure can be classified into investments for roads, ports, airports, railways, pipelines, irrigation, waterways and urban infrastructure. Further, increasing demand for high capacity lifting is boosting the demand for some specialized products such as mobile cranes.
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Increasing focus of customers towards procuring used cranes due to avoid high cost new equipment is a crucial factor which can obstruct the market growth. Some of the key trends witnessed in the market are shifting focus towards compact and remote operated cranes and changing consumer towards crane that ensures driver’s comfort and safety.
Global Crane Market: Market Segmentation
On the basis of product type, the Crane market can be segmented into;
- Mobile Cranes
- Truck Cranes
- All Terrain Cranes
- Crawler Cranes
- Side Boom
- Straddle Crane
- Aerial Cranes
- Floating Crane
- Railroad Crane
- Fixed Cranes
- Tower Cranes
- Overhead Track-mounted Cranes
- Level Luffing Cranes
- Underhung Cranes
- Stiff-leg Derrick
- Marine Cranes
- Harbor Cranes
- Ship Cranes
On the basis of supply type, the Crane market can be segmented into;
- Construction Industry
- Mining Industry
- Oil & Gas Industry
- Shipping & Port Building
Global Crane Market: Region-wise Outlook
Asia Pacific is expected to dominate the volume demand for Crane over the forecast period owing to increasing construction activities in the region. China and India are expected to emerge as the major contributor to the overall revenue in Asia Pacific. Europe and Japan are expected to be the next big market for cranes. Western Europe contributes for majority of the demand of cranes in the Europe and Eastern Europe hold nominal market share in the Europe. Followed by Asia Pacific, Europe and Japan is the North America, which is a matured market for cranes. The market is expected to witness steady growth as compared to robust growth in the developing region such as Asia Pacific. Middle East and Africa region is anticipated to witness moderate to steady growth in the annual sales of cranes. GCC countries will remain one of the major contributor in the growth of the market. Long term outlook for the market in South Africa remains positive.
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Global Crane Market: Market Participants
Examples of some of the market participants identified in the global Crane market are;
- Liebherr Group
- Terex Corporation
- Tadano Ltd.
- Altech Industries
- Zoomlion Heavy Industry Science and Technology Co., Ltd.
- XCMG Construction Machinery Co., Ltd.
- Sany Heavy Industry Co., Ltd
- KATO WORKS CO., LTD.
- Kobelco Construction Machinery Co., Ltd.
- Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd.
- FURUKAWA UNIC CORPORATION
- Columbus McKinnon Corporation