Global Crane market is valued at USD 28267.45 Mn in 2020 and is estimated to grow at a CAGR of XX % over the forecast period to reach USD 34156.54 Mn by 2027..
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. The U.S. Environmental Protection Agency (EPA) has imposed strict emissions standards to reduce harmful exhaust from diesel-powered equipment.
By type, the cranes market is divided into mobile cranes, fixed cranes and marine cranes. Mobile cranes include truck mounted, all terrain, crawler and others. Fixed cranes are further classified into monorail cranes, tower cranes, gantry cranes and others. Based on the end-user industry, the market is segmented into construction, oil & gas, manufacturing, metals & mining and others.
In April 2019, Specialized equipment and trailer manufacturer Load King LLC acquired Terex Corp.’s boom truck, crossover and truck crane product lines. Load King plans to unveil new and enhanced crane configurations in the near future, among other developments and opportunities expected to accelerate the company’s continued growth.
World’s largest manufacturers of construction machinery, Liebherr with Rheinmetall, the leading European supplier of military equipment, have delivered the first batch of armoured mobile and rescue cranes to the German Army. Liebherr-Werk Ehingen GmbH delivered the first of 71 protected mobile and recovery cranes, worth around $168 million, to the Bundeswehr under a major procurement contract.
Market Dynamics
Drivers
- Rising Infrastructure Investments
- Growing number of Construction Projects
Restraints
- Stringent Emission Regulations on Construction Machinery
Rising Infrastructure Investments
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. In the United States, 2018, a $302 Million infrastructure investment was given for surface transportation under the Grow America Act to improve roads, bridges, transit systems, and railways over a four-year timeframe.
Asia-Pacific region added more than 50% of investment in infrastructure between 2007 and 2015. China is one of the biggest contributors to this investment as China has made infrastructure spending its primary source to fuel economic growth. Moreover, India in its 2018 budget has allocated US$ 2.2 billion to expand the telecom infrastructure and around US$ 157 million for developing its airports. Hence, globally the growth in the crane market is fuelled by increasing investments in infrastructures.
Geographical Analysis
The Middle-East and Africa crane market is valued at USD 2044.61 Mn in 2020 and is estimated to grow at a CAGR of 3.96% over the forecast period to reach USD XX Mn by 2027. The rest of the world crane market is expected to grow at a CAGR of 2.86% to reach market Volume( units ) of 2924 units by 2026 from the volume of 2268 units in 2017. Rest of the world includes the Middle East, South Africa, and many others. The Middle East dominates the rest of the world crane market due to increase in establishments of residential homes, industries across the region, and presence of oil & gas reserves are major factors driving the market during the forecast period. Increase in investments by the regional rental players in the Middle east due to increase in demand by the manufacturing and oil & gas plants is equally contributing to the growth of the market. According to the OPEC Annual Statistical Bulletin 2017, the crude oil reserves in (units: million barrels) increased from 802.848 thousand units in 2015 to 807.730 thousand units in 2016. According to the OPEC annual statistical Bulletin 2017, the crude oil reserves increased from 127,969 million barrels in 2015 to 128,359 million barrels in 2016 giving rise equal market growth to the rest of the world cranes market. The rapid increase in establishments of offshore oil & gas reserves across the middle east due to presence of oil & gas fields led to increase in demand for offshore cranes. The significant increase in imports and exports and ship yards across the coastal belt of Saudi Arabia & South Africa led to an increase in demand for cranes in shipyards.
