DUBLIN--(BUSINESS WIRE)--The "Global Mobile Cranes Market By Product Type, By Application, By Regional Outlook, Industry Analysis Report and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The Global Mobile Cranes Market is expected to reach $16.9 billion by 2027, rising at a market growth of 4.8% CAGR during the forecast period.
Mobile cranes are large pieces of equipment that help lift heavy items around a construction site. For simple transportation of the machinery through both rough and smooth terrains, they are either tire-mounted or crawler-mounted. In addition, mobile cranes also feature self-erection capabilities, making them ideal for use in congested metropolitan areas and building sites.
These pieces of equipment are essential for construction projects since they aid in the movement of components and materials both within the construction site and between offsite facilities. The demand for these equipment is expected to be driven by continued urbanisation and consequent measures aimed at constructing new and upgrading current infrastructure.
Constant technological advancements, as well as a strong focus on automation and machine safety is supporting the growth of the market. The majority of the advancements are focused on creating personalized solutions for these machines.
Modern equipment now includes novel features such as GPS tracking and fleet management, as well as telematics solutions, which is the result of the integration of cutting-edge technologies. For example, Terex Corporation's products are delivered with the IC-1 Plus control system that assists operators in determining the lifting capability for each position of the boom. Due to this incorporation of modern systems such as telematics in the mobile cranes, the demand and growth of the market is expected to witness a spike in the coming years.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has significantly impacted almost all the domains of the business verticals. The imposition of various regulations to curb the spread of the virus like partial or complete lockdown, travel band and temporary ban on imports & exports have negatively impacted various market segments.
The COVID-19 pandemic had just a little impact on the market for mobile cranes. Due to government lockdown orders, several construction and infrastructure sites around the world, which are key commercial locations for cranes, have been shut down. However, because mining activities were designated important and continued to operate throughout the lockdown in some areas, the commercial possibility for mobile cranes was preserved.
Market Growth Factors
Rising demand for renewable energy resources
There is an increasing demand for renewable energy sources due to the rising focus on sustainable development. For generating wind, solar and thermal energy, several machines are being utilized, and mobile cranes are one of them. Few machines can match the efficiency and safety of mobile cranes when it comes to installing wind turbines for wind farms. A mobile crane is appropriate for such project sites, whether farmers are carrying rail siding or other key components.
Reduction in the overall cost along with less time for setup
Since mobile cranes can be utilised for a number of tasks, a user won't need to hire a different crane for each task. Because of the adaptability of mobile cranes, companies may save money by using one crane for all components of the project. This not only helps in keeping everything under budget, but it also saves more time because companies won't have to wait for each piece of equipment to arrive before it can get started. Larger cranes may also require specialised permits to operate, resulting in increased costs for any project.
Marketing Restraining Factor
Lack of properly trained workers
The majority of injuries, fatalities, and accidents on the job site are due to a lack of crane operator training. Because these cranes may come into touch with electric lines by mistake, it is critical to obtain clearances from the electrical lines as well as verifiable sources such as government electrical safety directives. Due to a lack of understanding of load indicating devices, technological developments are hampered, resulting in an increase in accidents caused by falling loads.
Product Type Outlook
On the basis of product type, the mobile cranes market is segmented into Truck Mounted Crane, Trailer Mounted Crane and Crawler Crane. The crawler crane segment is anticipated to register a promising growth rate over the forecast period. Crawler cranes are small and easy to use, making them ideal for small building sites, particularly in urban settings. Crawler cranes are the most powerful cranes for usage in large-scale building projects involving big industrial items.
Application Outlook
Based on application, the mobile cranes market is divided into Construction, Industrial and Utility. In 2020, the construction segment procured the maximum revenue share in the mobile cranes market and is expected to maintain this dominance during the forecast period. It is due to ongoing residential and commercial infrastructure projects around the world. Once placed, tower cranes cannot be moved until the project is finished. As a result, builders who work on a variety of projects often favour mobile cranes since they are portable.
Regional Outlook
Region-wise, the mobile cranes market is classified into North America, Europe, Asia Pacific and LAMEA. In 2020, Asia Pacific emerged as the leading region in the mobile cranes market with the highest revenue share and is anticipated to continue this trend over the forecast period. The rising building activity in emerging nations like China, India, and the Philippines along with various projects like the Bharatmala Yojana infrastructure development project of the Indian government, which aims to strengthen the country's road network is expected to also fuel the regional market growth.
Competitive Analysis
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include BAUER AG, The Manitowoc Company, Inc., Kobelco Construction Machinery Co., Ltd. (Kobe Steel, Ltd.), Liebherr-International AG, Manitex International, Inc., Palfinger AG, Sarens N.V. /S.A., Terex Corporation, Zoomlion Heavy Industry Science & Technology Co., Ltd., and Xuzhou Construction Machinery Group Co., Ltd.
Recent Strategies Deployed
- Oct-2021: Manitowoc acquired the Crane Business of H&E Equipment Services. This acquisition aimed to expand the company's aftermarket activities under a substantial geographic region. Under this acquisition, the crane business is expected to operate within its new wholly-owned subsidiary, MGX Equipment Services.
- Aug-2021: Manitowoc signed an agreement to acquire all assets of Aspen Equipment. The acquisition aimed to expand Manitowoc's direct-to-customer footprint in Nebraska, Iowa, and Minnesota with more sales, parts, service, used sales, and rentals to a range of end markets.
- May-2021: Zoomlion Heavy Industry Science & Technology expanded its business by opening its factory in Europe situated in the northern Italian town of Mantova. This factory is expected to enhance and advance Zoomlion's localized production in the European market involving automobiles, tower cranes, work platforms & forklifts, along with offering a wide line of services to local customers.
- Apr-2021: Liebherr introduced a compact one-man taxi crane, MK 73-3.1 mobile construction crane. This latest machine is designed to fulfill the market demands for a small, compact, and flexible mobile construction crane that is fast and agile in operation.
- Feb-2021: Manitex Valla released a new V 110 R Electric Mobile Crane. This crane is focused on the more mature markets, which seek electric pick and carry cranes as a fundamental tool for extracting specific performances by managing in an easy way, with the highest safety and respect for the environment.
Companies Mentioned
- BAUER AG
- The Manitowoc Company, Inc.
- Kobelco Construction Machinery Co. Ltd. (Kobe Steel, Ltd.)
- Liebherr-International AG
- Manitex International, Inc.
- Palfinger AG
- Sarens NV/SA
- Terex Corporation
- Zoomlion Heavy Industry Science & Technology Co. Ltd.
- Xuzhou Construction Machinery Group Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/rg6rau
