The recently published market study by Fact.MR shows the current trends that are expected to influence the dynamics of the rough terrain crane market in the coming years. The report examines the supply chain, cost structure, and recent developments related to the Rough Terrain Cranes Market in the report and the impact of the COVID-19 on these facets of the market. In addition, the micro and macroeconomic factors that can influence the growth of the rough terrain cranes market are examined in depth in the presented market study.
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More than 4,700 rough-terrain cranes will be sold in 2018, and the market is likely to see steady growth of 3.7% year-on-year in 2018 compared to 2017, according to Fact.MR. Overall Rough Terrain (RT) crane market growth is due to:
- A steady stream of construction projects in the pipeline
- Improving the landscape of crane rental on uneven terrain
- Demand in various industries, from civil engineering to government projects
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“After a significant period of stabilization in demand, the rough-terrain crane market has come to the fore and is making steady progress. With governments focusing on expanding the capacity of the utility sector and developing infrastructure, the demand for rough terrain cranes has been on a steady upward trend over the past decade, and the market is expected to reach nearly $ 2,400 million in 2018, “said a senior analyst at Fact.MR.
According to the Fact.MR study, sales of rough-terrain cranes with a lifting capacity of up to 35 tons will increase by almost 60 units in 2018 compared to the previous year. The increasing demand for compact yet efficient heavy-duty equipment in the construction sector has resulted in up to 35 tons of RT cranes being used on a large scale.
Demand for up to 35 tons of rough terrain cranes on the rise
The study assumes that RT cranes with a lifting capacity of 35 to 50 tons will experience rapid acceptance due to the increasing demand for larger lifting capacities. Although units sold for lower capacity RT cranes continue to be higher, the Rough Terrain Cranes market will generate higher value-wise revenues from the higher capacity cranes due to higher equipment prices. On the same lines, 35-50 tons of rough terrain cranes will occupy nearly $ 100 million more than up to 35 tons of RT cranes in 2018.
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The RT crane market continues to see growing demand in the oil and gas industry. The Fact.MR study found that the oil and gas industry will sell more than a third of RT cranes in 2018. The increased demand is due to increasing efforts by rental companies and OEMs to expand market share.
According to the Fact.MR study, the demand for RT cranes in the construction sector is expected to follow the oil and gas industry, with the steady development of the construction sector in global countries leading to sales of over 1080 units in 2018. Growing Government Focus on Renewable Energy Power generation is expected to be the main driver of the rapid growth of the market for RT cranes in wind farms at over 4% YoY in 2018 versus 2017.
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Japan held almost a third of the rough-terrain crane market share in 2017, with APEJ following suit
The Fact.MR study estimates that Japan, headquartered for leading manufacturers in the rough-terrain crane market, will continue to hold almost a third of the market share in 2018. Manufacturers like Tadano and Kobelco are making major strides in terms of capacity in the RT crane market expansion and increasing global presence.
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