Well bannafarsai – stock.adobe.com

Future Market Insights has published a new study on the global mobile crane market. This shows that mobile crane sales are currently in a recovery phase, similar to other heavy equipment segments. The study notes uncertainty about the construction industry and its impact on crane sales, although the long-term outlook is positive.

The recovery of construction, shipping, and oil & gas will be a key element in increasing mobile crane sales in 2021, according to Future Market Insights. The company goes on to say that COVID-19 vaccination programs and optimism are raising hopes for a market recovery in 2021. However, it is also advised that it will be a long way to go to recovery.

READ MORE: Worldwide tower crane sales are expected to grow 4.8% annually for the next decade

China, the oil and gas industry play a key role in crane sales

China is a key market for mobile crane sales due to its early economic recovery from COVID-19. In addition, the Chinese government has invested heavily in infrastructure projects, which has led to increased demand for various types of construction machinery including mobile cranes.

According to the new study, the crane manufacturers want to strengthen their position in the Asia-Pacific (APAC) region, as a large part of the construction activity takes place there. This will also help overcome the current weakness in the US and Europe. China and India are also likely to see increased activity due to their heavy investments in infrastructure.

“While [an] The increase in residential, commercial and industrial construction is spurring the growth of mobile crane manufacturers. The availability of new products with greater variety is driving more potential buyers into this industry. This in turn opens up unlimited new opportunities for stakeholders in the mobile crane market, ”said an analyst with Future Market Insights.

The oil and gas industry will continue to play a key role in mobile crane sales over the long term, according to the study. Future Market Insights publishes a report on the International Energy Agency (IEA) title: Oil 2020 Analysis, which shows global oil demand is projected to grow 5.7 mb / d (thousand barrels of oil per day). China and India are expected to account for around half of that growth.

Global oil production capacity is expected to increase by 5.9 mb / d, while non-OPEC shipments are expected to increase by 4.5 mb / d. In addition, OPEC (Organization of the Petroleum Exporting Countries) will create a crude oil and natural gas capacity of 1.4 mb / d. According to Future Market Insights, these numbers indicate high potential for mobile crane sales as they are widely used by the oil and gas industry.

Other important takeaways are:

  • Crawler cranes continue to be one of the best-selling categories
  • Rough terrain cranes should be lucrative
  • APEJ (Asia Pacific ex Japan), with its epicentres in China and India, will have the fastest growth rate through 2031
  • The United States is believed to hold the largest share of the North American mobile crane industry
  • Germany maintains its lead in the European mobile crane industry
  • The UK, Canada, Japan, France and a few others to maintain positive outlook