The crane market is expected to show healthy growth with a CAGR of more than 5% in the assessment period from 2019 to 2029. A new FMI report found that the Covid-19 pandemic is likely to adversely affect the industry, largely due to a sharp drop in construction and infrastructure activity during the outbreak. Tower crane types are in high demand and are expected to total around $ 20 billion over the forecast period.
“The growing need for improvements in building structures in various industries such as oil and gas, telecommunications and manufacturing should support the market and increase the demand for products for rough-terrain cranes,” said the FMI analyst.
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Food stalls critical of the crane market
- Mobile crane types account for the largest turnover, with the impetus in recent years coming from improvements in safety and technical improvements.
- Applications in the energy sector account for a significant share of sales due to the high demands placed on lifting material in uneven terrain.
- North America is an important market for crane types with a demand for investments in smart cities from the infrastructure and utilities sectors.
Crane market driver
- The rapid growth of urban areas and the resulting demand for telematics cranes provide impetus for market growth.
- The steady increase in global construction spending remains the main market driver.
- Transport and logistics investments in developing countries in Asia and MEA support demand.
Crane market restrictions
- The lack of adequately qualified crane operators is a major obstacle to the introduction of different types of cranes.
- High acquisition costs affect the sale and acceptance of cranes, especially among small and medium-sized construction companies.
Effects of coronavirus on the crane market
Cuts in government spending on construction work around the world have impacted sales and demand for cranes during the Covid-19 pandemic. As a result, manufacturers in the crane types market have significantly reduced production rates through 2020. Despite ongoing orders, the lack of cash flow remains a major concern of market participants. Demand is expected to recover around 2021 and lockdown regulations to be relaxed in the near future.
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1.1. Global market outlook
1.2. Demand-side trends
1.3. Supply-side trends
1.4. Analysis and recommendations
- Market overview
2.1. Market taxonomy
2.2. Market definition
- Important market trends
3.1. Important trends influencing the market
3.2. Product innovation trends
3.3. Patent analysis
3.4. Introduction of new products
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About the study
The study offers readers a comprehensive assessment of the crane market. This FMI report conducts an analysis of the latest trends at the global, regional and national levels that are affecting the crane market. The study provides insights by product type (mobile cranes, fixed cranes and ship cranes) and by supply (construction, mining, oil and gas, shipping and ports, automotive and others) in six key regions (North America, Latin America), Europe, China, Asia-Pacific excluding China and the Middle East and Africa).
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