Crane Market is a mechanical device that plays an integral part in several constructions and transportation-related activities. The device is mainly used to lift and carry heavy objects, and aid workers in the respective sector. One of the oldest technological setup, cranes still find substantial acknowledgment in several sectors owing to which a moderate CAGR of 5.9% during the forecast period (2017-2023) seems quite probable. Market research Future (MRFR) in their report reveals the possibility of a substantial leap for the crane market from its previous valuation of USD 32.10 billion in 2016.
Several factors such as the rapid urbanization and industrial overhauling in emerging economies are expected to bolster the cranes market. It is further receiving an acknowledgement from the oil & gas sector. Advanced technologies have made them lighter and stronger, and its efficacy increased considerably, which has given it much scope for percolation across industries. At the same time, its association with IoT is making crane’s operation much easier.
The global crane market, as observed by MRFR in their latest report on the same market, reveals a well-thought segmentation by type and application. This segmentation is expected to provide several insights to help the market analysts understand the coming years for the market and realize changes that can be made for a better prospect.
Based on the crane type, the crane market can be segmented into mobile cranes, fixed cranes, and marine cranes. The mobile crane’s segment finds several functional opportunities due to their ease of operation. The marine cranes have substantial utility in defense and other transportation-related scopes.
Based on the application, the crane market can be segmented into construction & infrastructure, mining, oil & gas, and others. The construction & infrastructure segment is gaining substantial traction due to emerging economies providing much scope owing to rapid urbanization and industrial upgradation.
Regionally, MRFR’s observance of the global crane market includes namely, North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). This attempt is to find out growth pockets and capitalize on the opportunities so that the market can maximize profits.
The APAC is expected to rise with thrust provided by countries such as India and China where the constructional activities are in full swing. Both countries have chalked out their construction activities and other infrastructural plans that would bolster the crane market in the coming years. Also, the oil & gas exploration and other activities in these two regions have accelerated which can substantially boost the regional market. India’s effort in the shipbuilding sector is expected to further the cause for the regional market. China, Japan, and South Korea, and others are equally trying to reshape their naval capacity. Such dynamics are expected to make the regional market achieve the fastest CAGR during the forecast period.
Europe’s market is expected to follow the lead of the PAAC with substantial construction and maritime activities to provide traction to their market. North America is also expected to showcase significant growth during the forecast period as its densely-packed industrial sector is constantly driving the crane market ahead.
The global crane market, as reported in the MRFR report, depends mostly on companies such as Konecranes PLC (Finland), Cargotec Oyj (Finland), The Manitowoc Company, Inc. (U.S.), Liebherr Group (Switzerland), Xuzhou Construction Machinery Group Co., Ltd. (China), Terex Corporation (U.S.), Tadano Ltd. (Japan), Sumitomo Heavy Industries Construction Crane Co., Ltd (Japan), Manitex International Inc. (U.S.), and Shanghai Zhenhua Heavy Industry Co., Ltd. (China) for better strategic outcomes. These companies are targeting individual growth, but the process would also give the market scope for expansion.
In May 2019, Columbus McKinnon planned to launch their latest series of crane technologies which would showcase variable frequency drives, advanced wire rope hoists, radio remote controls, mill duty brakes, and cable reels. Also, the company is also excited with their latest Magnetek brands OmniPulse DDC Series 2 drive and IMPULSE VG+ Series 4 drive. These two are further noted for their anti-shock, load summing, weight measurement II, hoist synchronization, and advanced system diagnostics.