The Global Crane Market Growth, COVID-19 impact and Forecast (2021-2025)
Global crane market is segmented based on Crane type as Mobile crane, Fixed crane and Marine and Offshore crane ; based on application as Industrial, Oil & Gas, Construction, Mining and Others; based on geography as APAC, Europe, North America, and ROW.
Introduction
Cranes have been designed with such a technology that they can efficiently fulfil various industrial needs of achieving complex lifting and lowering tasks and that too in very dangerous environments. Cranes can function well even in severely dusty, smoky areas including the areas with extreme weather.
The mechanical advantages created by various components on the crane can generate powerful strength.
The overall situation of the crane market has shown signs of development, owing to the growth in the number of mega construction projects in Europe and the Asia-Pacific region. The Belt and Road initiative led by China, which involves the construction of ports, roads, railways, airports, and energy projects, is expected to significantly drive the demand for cranes.
The fall in the demand for cranes during the Covid-19 crisis is likely to impact the cranes market in the projected time frame.
Table of Contents
Market Overview
The global electric truck market is expected to grow to $45.53 billion by 2025 at a CAGR of 5%
The global shipments are expected to exceed 35 thousand units by 2025. They are expected to grow at a CAGR of 5.5% in the forecasted period.
The designs of cranes have evolved to meet the requirements of a variety of industries with modern cranes.
The Trump administration plans to invest US$ 1.7 trillion in the next ten years to rebuild infrastructure in the U.S., which in turn is projected to boost the demand for cranes in the country.
Key Trends
The North American market for mobile cranes remains sluggish following nationwide shutdowns due to the COVID-19 pandemic.
Values for mobile cranes were stable heading into March but have experienced a slight decrease primarily due to a decline in construction and oil and gas activity resulting from the pandemic.
Key Market Players
The global crane market is dominated by global vendors like Xuzhou Construction Machinery Group, Tadano, Shanghai Zhenhua Heavy Industry, The Manitowoc Company, Cargotec and Manitex International
Growth Drivers and Challenges
The increasing private and government investments in new building and construction projects to offer better infrastructure facilities is likely to bolster the crane market growth over the forecast period..
Additional factors that are adding to the crane market value include the growing global population, the need for new residential and commercial structures for addressing the demand of the population, the rapid development of the building and infrastructure sector owing to many refurbishments and new construction projects
The lack of skilled labor may challenge the market outlook over the forecast period.
However, an increase in the demand for rental cranes may hinder the growth and demand for new cranes. But, enactment of stringent emission norms is expected to create demand for new cranes that comply with the new regulations.
Crane manufacturers will devote significant capital to the construction industry, owing to investment upheaval in civil infrastructure development across commercial and residential sectors, especially in developing regions.