The Covid-19 pandemic has hampered the growth of the crane market as sectors such as energy, manufacturing, construction and automotive have been severely affected. The construction sector has also seen a significant drop in the number of projects around the world as most countries around the world have imposed lockdown restrictions that disrupt the entire supply chain.
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However, the market is expected to regain momentum after the pandemic as economic activities resume and manufacturing activities resume around the world. The implementation of automated technologies to reduce human interaction in manufacturing facilities and offices is expected to support the growth of the global crane market over the forecast period.
The use of technology, including advanced electronics and automated machines, during the COVID-19 pandemic has not only resulted in business continuity, but has also improved manufacturing processes.
The Asia-Pacific region is expected to be the fastest growing market over the forecast period due to increasing infrastructure projects in China and India. North America is likely to hold a significant stake in the region due to increasing mining exploration and maritime trade.
Major market trends
The all-terrain crane segment will dominate the market
With the growing construction industry and industrial development, the all-terrain cranes will gain importance all over the world. The all-terrain cranes are widely used in construction and other end-user industries. The all-terrain cranes will be used versus the traditional lifting and construction equipment that is likely to power the all-terrain crane market over the forecast period.
In addition, all-terrain cranes eliminate the need for a special transport vehicle to carry the crane. The added benefit of this crane is its customization flexibility, which attracts fleet owners and crane rental companies. Big players in the market are also introducing a new product portfolio in order to gain a competitive advantage over their competitors.
– In July 2020, XCMG launched the XCA750 eight-axle all-terrain crane weighing 750 tons. This crane comes with a 92-meter, seven-section main boom topped by a high-performance, hydraulically-erected wind turbine extension specially designed for repair and maintenance work on wind turbines.
All-terrain cranes are becoming increasingly popular in the new construction age due to their high power intensity and their ability to work in adverse terrain and weather conditions, which is likely to contribute to their growth in the near future. The increasing preference for building construction, mining and the development of energy resources has significantly increased the need for all-terrain cranes in recent years.
Asia Pacific is expected to be the fastest growing region
The growth in public infrastructure and housing units is expected to drive the growth of the crane market in the Asia Pacific region. One of the largest manufacturers and consumers of construction machinery is China. In the construction market, cranes hold a large portion of the market share, making China the largest crane market in the Asia-Pacific region. In India, the government made several announcements in the 2020-21 Union budget to improve the country’s infrastructure. For example,
– The Indian government has given the infrastructure sector a boost by allocating 1.69.637 billion rupees ($ 24.27 billion) for transportation infrastructure.
During the forecast period, the region is expected to lead the offshore crane market in terms of value, largely driven by oil and gas disclosures in the seaward basin of the Gulf of Thailand, the South China Sea and Australia. Governments in countries like Indonesia and the Philippines are also investing heavily in the construction sector to stimulate demand. For example,
– In March 2019, the Indonesian government announced that it would spend IDR 571 trillion by 2029 on expanding the transport infrastructure in the capital Jakarta through the construction of a 120 km long light rail corridor.
The government also announced that it would spend IDR 6 trillion in 2020-24 on developing all of the country’s infrastructure, with the construction of 25 new airports, highways, affordable homes and power plants in the country.
The crane market is dominated by a few major players. These players have successfully benefited from the significant demand for reliable cranes from key players in the construction, mining and industrial sectors. The big players in the region invest a lot in research and development of new products and deliver cranes worldwide. They also focus on various growth strategies such as mergers and acquisitions to strengthen their position. For example,
– In March 2020, Konecranes will deliver a mobile harbor crane to the port of Terneuzen, Netherlands in the spring and a second unit to the port of Antwerp, Belgium in mid-2020.
– Liebherr International took over Libero Bau Maschinen GmbH & Co.KG in January 2020. In the course of this acquisition, Liebherr is taking over Libero’s existing sales and service network and integrating it into Liebherr’s business services.
Some of the leading players in the market studied are Manitowoc, Tadano, Kobelco, Cargotec, Kone Cranes, Liebherr, Pal finger and XCMG.
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