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Industrial global crane market is expected to thrive at 6.1% CAGR over the forecast period 2017-2024

Industrial Market Research

The Global crane market is expected to thrive at 6.1% CAGR over the forecast period 2017-2024. The market is anticipated to rise on the back of growing construction industry across the globe. A crane is a machine which is used to lift and lower the loads and to move them horizontally. Cranes are generally armed with a number of components such as cable and pulleys. Further, cranes are highly used in industries including construction, shipping and others.

Global Crane Market: Global Demand Analysis & Opportunity Outlook 2024

The global crane market is segmented into product type such as mobile crane, fixed crane and marine crane. Among these segments, mobile crane segment grabbed highest market share in 2016 and is anticipated to grow at satisfactory pace over the forecast period.

Global crane market is segmented into product type, service and end-use industry. Additionally, end user segment is further sub segmented into construction industry, mining industry, oil & gas industry, shipping & port building, automotive and others.

Among these segments, construction industry segment accounted for major share in 2016 owing to increasing constructional activities across the globe.

Global Crane Market is expected to register a CAGR of 6.1% over the forecast period. Moreover, the Global Crane Market is anticipated to expand on the back of growing emergence of new projects across the globe.

In addition to this, growing infrastructural development activities in developing countries such as China and India is believed to escalate the demand for cranes across the globe.  Further, growing automobile industry across the globe is also likely to fuel the demand for cranes in upcoming years.

North America, Latin America, Europe, Asia Pacific and Middle East & Africa regions. Among these regions, Asia Pacific region is the largest market for cranes and is estimated to behold this growth over the forecast period.

Growing infrastructure development in developing countries such as India & China is escalating the growth of crane market in Asia Pacific region.

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Growing Oil & Gas Industry

U.S. has recently announced to expand their oil & gas drilling in U.S. offshore water. Further, growing expansion of oil & gas industry and emergence of new areas to drill for oil & gas are estimated to escalate the demand for marine cranes such as ship cranes, offshore cranes and others.

Further, rising demand for marine cranes in offshore water drilling is expected to bolster the growth of global crane market in near future.

Urbanization

Rapid urbanization in developing countries is a major factor which is increasing the constructional activities such as building construction, road construction and others. Further, increasing construction activities due to urbanization is likely to increase the demand for cranes in developing countries.  

However, extreme cost of crane, low demand for new cranes as compared to pre-owned cranes are some of the factors that are likely to inhibit the growth of the crane market in the near future.

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The report titled Global Crane Market: Global Demand Analysis & Opportunity Outlook 2024delivers detailed overview of the global Crane market in terms of market segmentation by product type, by end-use industry and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the global Crane market which includes company profiling of Terex Corporation, Lampson International LLC, The Liebherr Group, Konecranes, J C Bamford Excavators Ltd., Zoomlion, XCMG Group, American Crane and Equipment, Kobelco Construction Machinery Co., Ltd. and Manitowoc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.

On the whole, the report depicts detailed overview of the global Crane market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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Category: Market Research Publishers and RetailersCompany about: Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wis ...
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