The crane market is expected to grow at a CAGR of over 6% till 2022. The market accounted to USD 32.45 billion in 2016. Innovations in manufacturing and smart design have resulted in adaptable, intelligent and modular cranes. Advancements in technology have also resulted in lighter, compact and energy-efficient cranes.
Wolffkran has introduced its 7534 Clear, the most powerful flat-top crane of its range till date. With a maximum tip load capacity of 75m-jib and radius 2.4t in two-fall operation, the company claims to offer fast working speeds by proven hoisting winches with 45 kW and 75 kW. This crane has also been designed to offer the driver comfort and safety as a standard, with optimized field of vision, large room, storage space, an ergonomically designed control panel and an ultra-modern heating and air conditioning system. Tadano, another transpiring player in the crane industry, announced its ATF 600G-8, 600t all-terrain crane that does not require a separate boom suspension system. Several other companies are trying to capitalize on the market for crane systems by coming up with technologically innovative products.
The construction industry in the emerging economies of Latin America, Middle East, Eastern Europe, Africa, and Asia is expected to grow rapidly over the next 10 years. This market is expected to cross USD 6.8 trillion by 2021 in these countries, in the light of infrastructure renewal, growing needs of ‘megacities’ and ‘smart cities’ constructions in developing nations, globalization, and urbanization. This is a major driver for the crane market in these economies. On the contrary, the construction industry in developed economies is expected to witness a slower growth and so will the dependent crane market. Growing innovations in terms of lightweight materials and technologically advanced mechanics are expected to open up new opportunities for the crane market, with the ‘Green Fleet’ trend in existence.
On the whole, spiking construction market in the eastern world, recovering marine sector post the 2008 recession, and burgeoning industrial sector are some of the factors driving the crane market. On the downside, stringent emission norms, supply crunch in raw materials, and swinging fuel prices are major barriers to the crane market growth. Advancements in electric vehicle technology are expected to extend to the crane market as well, opening up new prolific ventures in the segment.
Asia-Pacific, led by China and India, is currently the largest market for cranes in the global scenario and is likely to lead the growth in the forecast period. Africa and Latin America are expected to emerge as good markets post 2021, as rising disposable incomes and improving economy will encourage more infrastructural development and constructions. As of 2016, China was the largest market for cranes, both within the Asia-Pacific region and in the global market. This could be mainly attributed to the large infrastructure sector and construction industry in the country. The Chinese economy is expected to recover by the end of 2016, which could rebound the slowed market in the country. The growing construction sector is expected to drive the market for mobile cranes at a higher pace in the Asia-Pacific region.
The market has been segmented on the basis of crane type, application, and geography.
The market for marine and port cranes has witnessed a slower growth since 2008. However, the growing sea trade is expected to propel the market to pre-recession levels by 2022. The market for mobile cranes is projected to touch USD 16.76 billion by 2018 and is poised to grow at a CAGR of XX% during the forecast period. The fixed crane market is expected to reach USD 10.1 billion by the end of 2016 and is expected to register a comparatively slower growth rate over the coming five years.
Some of the key players in the market are:
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