Despite the construction industry’s average performance in 2016, forecasts for 2017 performance remain positive. In the coming years of the month, positive growth in the associated industries is expected. An annual growth rate of between 5 and 10% is expected for the global construction industry this year. The construction industry is a major end user of cranes, so their performance has had a notable impact on the growth of the crane market. While the current uncertainty in the global construction market could impact demand for cranes for construction applications, the robust growth of the automotive industry and steady growth in mining sales should fuel the growth of the global crane market. For the global crane market, remarkable growth is expected in the developing parts of the Asia-Pacific region, while moderate growth is expected in the Americas, Europe and the Middle East. Small equipment, affordable price, reliability and improved productivity will continue to be a central concern in the global crane market. The global crane market includes a wide variety of products that meet different needs, including wheel cranes, crawler cranes, jib cranes, tensioning cranes, railroad cranes and flying cranes. These cranes are further divided into telescopic, hydraulic, articulated, etc.
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Global crane market: market dynamics
The continued demand for building smart cities in different regions and for various mega-structures, especially in developing countries, will increase the demand for cranes. Increasing investment by governments and private sector companies in infrastructure development projects is the main driver of the growth of the global crane market. Within these infrastructure projects, road construction, urban infrastructure, irrigation and mining are the most important demand drivers for the future. Infrastructure investments can be broken down into investments in roads, ports, airports, railways, pipelines, irrigation, waterways, and urban infrastructure. In addition, the increasing demand for high capacity hoists is increasing the demand for some specialty products such as mobile cranes.
The increasing focus of customers on sourcing used cranes to avoid costly new equipment is a critical factor that can hamper market growth. Some of the major trends in the market are the shift of focus to compact and remote controlled cranes and the shift of the consumer to cranes that ensure operator comfort and safety.
Global crane market: market segmentation
Based on the product type, the crane market can be divided into the following areas:
- Mobile cranes
- Truck cranes
- All rough terrain cranes
- Crawler cranes
- Side arm
- Straddle crane
- Air cranes
- Floating crane
- Railway crane
- Fixed cranes
- Tower cranes
- Overhead traveling cranes
- Level luffing cranes
- Underground cranes
- Stiff-legged derrick
- Sea cranes
- Harbor cranes
- Ship cranes
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Based on the type of offer, the crane market can be divided into the following areas:
- Construction industry
- Mining industry
- Oil and gas industry
- Shipping & port construction
Global crane market: regional prospects
Due to the increasing construction activity in the region, it is expected that the Asia-Pacific region will dominate the volume demand for cranes in the forecast period. China and India are expected to be the largest contributors to total sales in the Asia Pacific region. Europe and Japan are expected to be the next big market for cranes. Western Europe is largely responsible for the demand for cranes in Europe, and Eastern Europe holds a nominal market share in Europe. The Asia-Pacific region, Europe and Japan are followed by North America, a mature market for cranes. The market is expected to grow steadily versus robust growth in developing regions such as the Asia-Pacific region. Moderate to steady growth in annual crane sales is expected for the Middle East and Africa. The GCC countries will continue to be a major contributor to the growth of the market. The long-term outlook for the South African market remains positive.
Global crane market: market participants
Examples of some of the market players identified in the global crane market are:
- Liebherr Group
- Terex Corporation
- Tadano Ltd.
- Altech Industries
- Zoomlion Heavy Industry Science and Technology Co., Ltd
- XCMG Construction Machinery Co., Ltd.
- Sany Heavy Industry Co., Ltd.
- KATO WORKS CO., LTD.
- Kobelco Construction Machinery Co., Ltd.
- Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd.
- FURUKAWA UNIC CORPORATION
- Columbus McKinnon Corporation
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