Rapid Industrialization and Urbanization in Emerging Economies Propels the Crane Market Share

 Crane Market Will Reach USD 17.6 Billion by 2025. The reports forecast the crane market by product, application and region. It highlights COVID-19 impact on the crane industry.

 

Description

 Global Crane Market: by Product (Mobile Crane and Fixed Crane), by Application (Construction & Mining, Utility, Manufacturing, Transport/Shipping, Oil & Gas/Energy, Aerospace and Defense, Automotive & Railways, and Others), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)

 The crane market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region wise and segment-wise market share/growth analysis. The report's study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the crane industry.

 

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Crane Market Industry Overview:   

The crane market size was valued at USD 14.2 billion in 2019, which is expected to reach USD 17.6 billion by 2025, registering a CAGR of 5.2% during the forecast period (2020-2025). Cranes have been considered as one of the popular building materials due to their availability from natural rocks. Crane possesses properties, such as high strength and durability, which enables them to be an important constituent of the construction sector. There are several types of cranes available in the market, which include wheel-mounted cranes, crawler cranes, side boom, railroad cranes, straddle cranes and aerial cranes.

 

Factors Affecting the Crane Market Over the Forecast Period:

 

• Growing urbanization coupled with the rapid infrastructure development in BRICS countries and the continuous growth in transportation and logistics with the introduction of smart transportation in developed economies, such as the US, will offer growth opportunities to the crane market over the forecast period.
• Rising government investment on the smart cities, in UK, India, China, Australia, and others, is augmenting the construction industry, which in turn, is driving the growth of the crane market across the globe.
• Lack of skilled and qualified crane operators results in huge risk and loss of lives of people and damage to the area are certain pitfalls associated with the crane market.
• Volatile raw material prices of cranes will hamper the crane market growth over the forecast period.

 

 

Impact of COVID-19 on Crane Market:

The outbreak of COVID-19 has led to a huge downfall in the construction sector. Due to the implementation of lockdown across severely COVID-19 hit nations, such as the UK, France, India, and others, which led to the postponement and cancellation of construction projects. This has declined the production of cranes; therefore, the crane manufacturers are expected to witness a considerable downfall in revenue in 2020.

 

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Scope of the Report:

The report outlines the study of the global crane market based on product and application.

The crane market has been segmented on the basis of product-

·     Mobile Crane

·         All Terrain Crane

·         Crawler Crane

·         Rough Terrain Crane

·         Truck Loader Crane

·     Fixed Crane

·         Monorail Crane

·         Stiff leg Crane

·         Tower Crane

·         Gantry Crane

·     The crane market has been segmented on the basis of application-

·     Construction & Mining

·     Utility

·     Manufacturing

·     Transport/Shipping

·     Oil & Gas/Energy

·     Aerospace and Defense

·     Automotive & Railways

·     Others (Heavy Engineering, Mining, and Construction)

Geographical Outlook:

The crane market has been segmented into five geographical regions, namely, North America, Asia Pacific, South America, Europe, and the Middle East and Africa. In 2019, Asia Pacific held the largest share in the global Crane market, followed by Europe. Asia Pacific is further estimated to dominate the Crane market during the forecast period. Moreover, North America is expected to project the highest CAGR in the global market over the forecast period.

 

Crane Market Key Competitors Include:

 The crane market is highly fragmented, with the presence of a large number of small players across the globe. The key crane market players operating in the global market include –

 

·     Altec Inc.

·     Broderson Manufacturing Corp

·     Cargotec Corporation

·     Columbus Mckinnon Corporation

·     Effer S.P.A

·     Elliott Equipment Company

·     Fassi Gru S.p.A

·     Fushun Yongmao Construction Machinery Co. Ltd

·     Hitachi Sumitomo Heavy Industries Construction Crane Co. Ltd

·     Ingersoll Rand, plc

·     JASO Industrial Cranes

·     Kato Works Co. Ltd

·     Kito Corporation

·     Kobelco Construction Machinery Co. Ltd.

·     Komatsu Ltd.

·     Konecranes

·     Konecranes Plc

·     Liebherr-International AG

·     Manitex International, Inc.

·     Manitowoc

·     Terex

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