Selbyville, Delaware, Aug. 18, 2021 (GLOBE NEWSWIRE) –
Global Market Insights Inc. recently released a new report on the Mobile Crane Market that estimates the market valuation of Mobile Cranes at over $ 25 Billion by 2030. The industry is mainly driven by the increasing investment in smart city development in countries such as China, India, Malaysia, Thailand and Indonesia. The growing population and the migration of people to urban areas have resulted in an increasing demand for efficient transportation infrastructure, which has resulted in a significant increase in the number of urban infrastructure projects and an increasing demand for mobile cranes.
The COVID-19 pandemic has had a negative impact on the mobile crane market. A temporary lockdown imposed by various government agencies around the world has adversely affected utility and construction activities. In addition, the restriction on international trade has reduced sales of new equipment and hampered market growth. However, governments are lifting lockdown restrictions due to the reduction in COVID-19 cases, which is expected to accelerate device sales through 2021.
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Rough terrain cranes are able to provide robust maneuverability over various types of surfaces and meet equipment needs. Established market participants invest in R&D activities for new product innovations. In March 2020, for example, XCMG launched a new all-terrain crane XCR60L5_U with an active driving safety protection system and a load capacity of up to 60 tons. The crane has an innovative fault self-diagnosis system for automatic fault inspection and diagnosis.
The Asia Pacific mobile crane market is expected to drive equipment sales during the forecast timeframe due to rising mining projects and the government’s strong focus on building renewable energy assets. Countries in the Asia-Pacific region, including Japan, India and China, are investing in new renewable energy facilities and creating opportunities for mobile cranes. For example, in August 2021, Pacifico Energy began building a 121 MWdc solar project on the former golf course in Sanda, Japan. Construction is expected to be completed by 2023 and the project will generate around 143 million kWh of electricity.
The growing demand for utility services, including fire safety, rescue operations, clearing of fallen trees and buildings, and gas and water pipe installations, will offer positive market prospects for the mobile crane industry. The government agencies are starting various projects to increase power consistency. For example, in March 2021, the South African Department of Energy launched an electricity procurement program to help alleviate power inconsistencies across the country. As part of this program, the government will tender to build the 2,000 MW power grid by 2023 in order to improve the electricity supply.
Mobile crane companies are pursuing various marketing strategies to increase sales of their equipment and increase their market share. In January 2021, Kobelco Construction Machinery Co., Ltd. For example, launched a used crane service platform to buy or sell used Kobelco cranes. This service is currently active in Europe as well as the Middle East and Africa.
Key Findings of Mobile Cranes Market Report Include:
- The surge in infrastructure transformation projects and the rapid development of the construction sector around the world are due to the growth of the industry.
- Increasing investments in oil and gas production and mining projects are having a positive effect in the Middle East and North America.
- The proliferation of construction projects and the integration of advanced technologies such as telematics and fleet management by OEMs create growth opportunities for the mobile crane market.
- Mobile crane manufacturers produce the equipment using advanced technologies to reduce repair and maintenance costs and improve the overall performance and safety of the machine.
- Increasing government-sponsored projects such as road construction, smart cities, plant construction for renewable energies, airports and commercial infrastructure support the global demand for mobile cranes.
- Important market players in this mobile crane industry are Terex Corporation, Zoomlion Heavy Industries Science and Technology Co., Ltd, Kobelco Construction Machinery Co., Ltd, LiuGong Machinery Co., Ltd., Kato Works Co., Ltd, SANY Group, Liebherr Group and Manitowoc.
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Sub-chapter of the report table of contents (TOC):
Chapter 2 Summary
2.1 Mobile crane market 360 ° overview, 2016-2030
2.1.1 Business Trends
2.1.2 Type trends
2.1.3 Capacity trends
2.1.4 Application trends
2.1.5 Regional trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on the Mobile Crane Industry Landscape
3.2.1 Global outlook
3.2.2 Regional impact
188.8.131.52 North America
184.108.40.206 Latin America
3.2.3 The industrial value chain
220.127.116.11 Research & Development
3.2.4 Competitive landscape
18.104.22.168 Distribution network
22.214.171.124 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component Suppliers
3.3.2 Technology providers
3.3.4 End-use landscape
3.3.5 Sales channel analysis
3.3.6 Supplier matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.1 North America
3.5.4 Latin America
3.6 Industry influencers
3.6.1 Growth drivers in the mobile crane market
126.96.36.199 Increase in global construction spending
188.8.131.52 Increasing popularity of telematics-enabled cranes
184.108.40.206 High growth in the transport and logistics industry in North America and Europe
220.127.116.11 Growing demand for equipment rental in Asia and Europe
18.104.22.168 Growth of the Brazilian construction industry
22.214.171.124 Increasing demand for mobile cranes from the energy sector in MEA
3.6.2 Pitfalls and challenges in the industry
126.96.36.199 High acquisition and maintenance costs
188.8.131.52 Limited availability of specialist staff
3.7 Growth potential analysis
3.8 Porter Analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat from new entrants
3.8.4 Threat from substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
About global market insights
Global Market Insights, Inc., headquartered in Delaware, USA, is a global market research and consulting service provider; Offering syndicated and custom research reports along with growth advisory services. Our business intelligence and industry research reports provide clients with penetrating insights and actionable market data that is specifically designed and presented to aid strategic decisions. These in-depth reports have been generated using a proprietary research methodology and are available for key industries such as chemistry, advanced materials, technology, renewable energies and biotechnology.