Mobile crane manufacturers are advancing their research and development efforts aimed at product development for industry-specific activities.
DUBAI, UAE / ACCESSWIRE / March 22, 2021 / Future Market Insights: Increasing investment by public and private organizations in the construction and construction sectors is the main driver of global demand for mobile cranes. The development of infrastructure in rapidly growing urban areas will add to the long-term prospects in the industry. The mobile crane market is expected to reflect a healthy growth rate with a CAGR of 6% over the assessment period from 2021 to 2031. High prices and frequent innovation in mobile crane offerings are likely to bolster the leasing and rental contracts in the market over the next decade. Automation initiatives and improved maneuverability are also driving the development and sales of mobile cranes.
“New models of mobile cranes are being developed to meet specific measurement requirements for parameters such as wind speed, crane height and boom angle. In addition, sensors installed in the mobile construction cranes area are being integrated to provide real-time data on the operating conditions of the machines that influence long-term market trends,” says it in the FMI study.
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Mobile Crane Market – Primary Food Stalls
- Crawler cranes reflect faster adoption due to compact sizes and the resulting accessibility to smaller construction sites.
- Utilities applications are becoming increasingly important due to their broad scope in the power, oil & gas, and utilities industries.
- China and India are leading regional markets supported by important government infrastructure development measures.
- Investments in commercial and private infrastructure projects offer lucrative opportunities in the MEA region.
Mobile Crane Market – Growth Factors
- Investments in the infrastructure and construction sectors around the world are the main driver of demand.
- The integration of telematics, fleet management and GPS tracking functions strengthens the sales prospects.
- The preference for rentals and increased demand from leasing companies will drive demand during the evaluation period.
Mobile Crane Market – Key Restrictions
- High purchasing and operating costs limit the sale and introduction of mobile cranes.
- Standard mobile cranes are limited to limited applications and require specifications to meet different industry requirements.
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Expected impact of the coronavirus outbreak on the market
Mobile crane market participants have faced significant problems related to the outbreak of the Covid-19 pandemic. Lockdown restrictions on construction and disrupted supply chains for essential components have limited production and maintenance operations in the industry. The reduced sales of industrial vehicles up to 2020 put a strain on short-term demand.
A steady recovery is forecast through 2021 as the relaxation of regulatory restrictions allows production to continue. The mobile crane market will present significant growth opportunities in the near future, supported by reforms in the construction and infrastructure sectors. The industry will see product development opportunities resulting from the transition to electric vehicles.
Prominent manufacturers participating in the mobile crane market include The Manitowoc Company Inc., Liebherr Group, Hitachi Sumitomo Heavy Industries Construction Crane Co. Ltd., Terex Corporation, Kobelco Construction Machinery Co. Ltd., Tadano Ltd. KATO WORKS Co Ltd., Zoomlion Heavy Industry Science and Technology Co. Ltd., Sany Heavy Industry Co. Ltd. and XCMG Construction Machinery Co. Ltd.
Leading players in the mobile crane market are showing increased interest in product development and go-to-market strategies, with an emphasis on customizing offerings tailored to industry needs in order to stay ahead in a moderately consolidated market landscape.
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For example, Tadano Ltd. presented its GR-1300XL-4 RT crane in March 2021, which is designed to work on uneven terrain with a reach of more than 183 feet with a telescopic pinning system and camera systems to aid in visibility into blind spots. In October 2020 Liebherr launched its new mobile telephony telescopic crane LTM 1150-5.3 with a new capacity of 120 tons, which was reduced by 200 kilograms compared to other cranes in this class. In February 2021, Manitex Valla announced the launch of its new battery powered remote controlled mobile mini crane model V 110 R with a lifting capacity of 11 tons and a lifting height of 10.4 m.
More about the report
FMI provides detailed insights into the mobile crane market. The market is divided into seven segments by product type (truck cranes, rough terrain cranes, rough terrain cranes, crawler cranes, etc.) and application (construction industry, oil and gas industry, shipping and port construction, etc.) Regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and the Middle East and Africa).
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