LONDON–(BUSINESS WIRE) – Technavio’s new mobile crane market research shows negative growth in the short term as the business impact of COVID-19 spreads.
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“One of the main growth drivers for this market is the rapid development of the power distribution sector around the world,” says a senior industrial analyst at Technavio.
Mobile cranes are often used for construction and maintenance work in power distribution. The increasing demand for energy leads to the expansion and expansion of electricity networks and distribution networks. Increasing investments in power transmission and distribution networks (T&D) as well as modernization and expansion of existing networks will increase the demand for mobile cranes in this sector. The use of smart grid solutions for power transmission and expansion also promotes upgrading existing systems in the industry. This increasing demand from the energy sector should drive the global growth of the mobile crane market in the forecast period.
As the markets recover, Technavio expects the mobile crane market size to grow by $ 1.39 billion in the 2020-2024 period.
Highlights of the mobile cranes market segment for 2020
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A growth rate of -2.95% compared to the previous year is expected for the mobile crane market.
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The construction segment of the global mobile crane market is expected to grow significantly in the forecast period, with the use of new cranes by various construction companies increasing and the number of investments in the construction sector increasing.
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In addition, significant increases in infrastructure spending by governments in various regions is expected to drive growth in the construction segment, which in turn will encourage the adoption of global mobile cranes in this segment.
Regional analysis
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63% of the growth will come from the APAC region.
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The extensive investments in the construction and modernization of the infrastructure will significantly drive the growth of the mobile crane market in this region in the forecast period.
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China and Japan are the key markets for mobile cranes in APAC. The market growth in this region will be faster than the market growth in Europe, North America and South America.
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Remarks:
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The mobile crane market size is likely to accelerate over the forecast period with a CAGR of almost 2%.
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The Mobile Crane market is segmented on the basis of end-user (construction, industrial, and utilities) and geography (APAC, Europe, North America, MEA, and South America).
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The market is fragmented due to the presence of many established providers with significant market shares.
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The research report provides information on various market vendors including Action Construction Equipment Ltd., Altec Inc., Böcker Maschinenwerke GmbH, Broderson Manufacturing Corp., Escorts Ltd., Liebherr-International AG, Tadano Ltd., Terex Corp., The Manitowoc Co.. Inc. and Xugong Group Construction Machinery Co. Ltd.
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