The Global Crane Market Size is Predicted to Acquire 4.96% CAGR by 2025

 

According to Market Research Future (MRFR), the global Crane Market Size is estimated to expand at 4.96% CAGR from 2018 to 2025 (forecast period). The report discusses the key trends in the global Crane Market Size in the sense of the novel COVID-19 pandemic. The report includes a detailed overview of the industry's different facets that are likely to be impacted by the pandemic.

The crane is a type of construction machine used to transfer loads horizontally. This is fitted with a hoist rope, wire ropes which sheaves, and can be used to lift or transport large loads to other places. The mechanical advantages of the various components on the crane can produce high power. Crane designs have developed to meet the needs of various industries with modern cranes capable of managing simple systems in order to perform complex lifting tasks. For construction projects, a wide variety of different types of a crane can be used to lift and transfer materials and other building components from one site to another. Cranes can be of various forms and range from a basic rope pulley to a tower crane mounted to the top of a high-rise building. The choice of a crane for a particular application will depend on a variety of different factors.

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Market Dynamics

Government support for construction, the growth of the mining industry, and other factors are driving the market growth. Volatile raw material costs, however, serve as a constraint on market growth during the forecast period. Moreover, the rising demand for rental units and emerging economies in the Asia Pacific region will provide a futuristic opportunity to drive this market. However, the lack of skilled labor will serve as a threat to the market during the forecast period. 

 

Market Segmentation

The global market for cranes has been segmented by type and application. 

On the basis of type, the global crane market size has been segmented into industrial cranes, offshore cranes, port cranes, and others. Due to many applications in heavy construction or industrial projects, the industrial cranes segment dominates the industry. The industrial crane segment is further classified as mobile cranes, all-terrain cranes, rough terrain cranes, crawler cranes, telescopic cranes, and others. The mobile crane segment held the largest market share due to its significant advantages, such as flexibility and access capability in areas where the static crane is unable to reach and requires less space.

On the basis of application, the global Crane Market Size has been segmented into construction, mining, oil & gas, shipping & port, and others. The construction segment is the dominant segment due to a rise in investment in real estate. In addition, factors such as the growth in the construction of commercial buildings, such as commercial complexes and offices, increase the demand for cranes in the construction segment.

 

Regional Analysis

Region-specific analysis of the global Crane Market Size spans across North America, Europe, Asia Pacific (APAC), Europe, Middle East & Africa, and South America.

The Asia Pacific is the largest market share in the global Crane Market Size and is projected to rise at the fastest pace during the forecast period. Furthermore, rapid industrialization and urbanization in emerging economies, such as China, India, and Japan, is also boosting the growth of the cranes market in the region. In addition, activities such as renovation of old buildings have increased investment in the infrastructure and construction industries, fuelling the crane market. As per Concrete Asia, ASEAN countries are set to increase their budgets for residential, industrial, and infrastructure projects over the next five years.

North America held the second-largest market share in the Crane Market Size in 2018. The region has seen high growth in the construction industry as a result of increased investment in real estate.

 

Key Players

The prominent participants identified by MRFR operating in the global Crane Market Size are Liebherr-International AG (Switzerland), Terex Corporation (US), Konecranes (Finland), Manitowoc (US), and Manitex International, Inc. (US).

 

Key Questions Addressed by the Report

• What was the historic market size?
• Which segmentation (Product/ Capacity) is driving market?
• What will be the growth rate?
• How are the key players in this market?
• What are the strategies adopted by key players?

TABLE OF CONTENTS

 

1 EXECUTIVE SUMMARY

 

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

 

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

 

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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