Growing Shipbuilding Activity in Asia Pacific Drives Crane Market

18/feb/2020 10:08:39 Automotive Market Research Reports Contatta l'autore

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global crane industry outlook. The report looks at the various factors affecting the global cranes market’s development, including its historical development, present conditions, and likely future growth potential. The global crane market is expected to grow at a strong 5.9% CAGR over the forecast period from 2017 to 2023. The crane market was valued at USD 32.10 billion in 2016.

Cranes are mechanical devices used to lift or carry heavy loads. They utilize a mechanical advantage to lift heavy loads and are mostly used in construction applications, in addition to being used in mining and oil and gas applications. Cranes are among the first construction tools built by mankind, with the basic principle behind gaining a mechanical advantage through cranes being a well-known fact since the time of Ancient Greece. With the introduction of motor power, design changes were made in subsequent years to make cranes equipped to deal with the sea change around them. The growth of the construction industry has driven the global crane market in recent years and is likely to remain the major driving factor for the global crane market over the forecast period.

Technological innovations in cranes have resulted in the development of stronger, lighter, and more efficient cranes that can be controlled remotely or digitally. The increasing adoption of the Internet of Things is likely to further bring about a raft of changes in crane design over the forecast period, as cranes become smarter in line with the similar development of other construction equipment. Growth of the construction industry is likely to remain the key driver for the global crane market over the forecast period, as the construction industry is experiencing a steady growth in demand in developing as well as developed countries. The growing demand for infrastructure, in particular, is likely to be a major driver for the global crane market.

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Segmentation:

The global crane market is segmented on the basis of crane type, application, and region.

On the basis of crane type, the global crane market is segmented into mobile cranes, fixed cranes, and marine cranes.

On the basis of application, the global crane market is segmented into construction and infrastructure, mining, oil and gas, and others.

Regional Analysis:

Regionally, the global crane market is segmented into North America, Europe, Asia Pacific, and rest of the world.

Asia Pacific is likely to remain the dominant regional segment in the global crane market over the forecast period. The growing infrastructure construction activities in Asia Pacific countries such as China and India are likely to be a major driver for the global crane market, as China has undertaken massive amounts of infrastructure construction in the last few years to give itself an edge in regional geopolitics and trade, while India has also announced a number of infrastructure construction plans that are likely to draw a steady demand from the crane market. Increasing port construction activities in India are likely to lead to a growing demand from the crane market, as India is trying to increase its shipbuilding activity in order to increase its naval capacity. China, Japan, and South Korea are among the leading producers of ships in the world, and are likely to exhibit a steady demand from the crane market. The growing construction and shipbuilding industries in the region are likely to establish Asia Pacific as the leading regional segment of the global crane market over the forecast period. The region is also expected to exhibit the fastest growth in the global crane market over the forecast period.

Europe is also likely to be a major regional segment for the global crane market over the forecast period due to the growing demand from the construction and shipbuilding industries.

Competitive Analysis:

Leading players in the global crane market include Cargotec Oyj, Liebherr Group, Terex Corporation, Xuzhou Construction Machinery Group Co. Ltd., Sumitomo Heavy Industries Construction Crane Co. Ltd., Shanghai Zhenhua Heavy Industry Co. Ltd., Manitex International Inc., Tadano Ltd., The Manitowoc Company Inc., and Konecranes PLC.

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