Mobile Cranes Market size worth over $25 BN by 2030
Published Date: August 16, 2021 Authors: Preeti Wadhwani, Prasenjit Saha
Mobile Cranes Market size is set to exceed USD 25 billion by 2030, according to a new research report by Global Market Insights Inc.
The increasing demand for heavy load lifting machinery in oil & gas and energy production sectors is driving the mobile crane industry growth. Moreover, crane rental service providers are expanding their fleet to increase market share. For instance, in July 2021, Cunzolo, a Brazilian crane rental service provider, purchased a new all-terrain Tadano ATG 400G-6 crane with lifting capacity of 400 tons. This aided the company to increase its crane fleet to 15 units.
Growing population and urbanization are escalating the real estate growth worldwide, supporting the mobile crane market statistics. Increasing number of people living in urban areas is compelling the demand for real estate properties, schools, malls, and industry & transport infrastructures.
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Analyst view: “The emergence of telematics technology is creating opportunities to improve the mobile cranes market. This technology enhances the machines’ efficiency with operation safety and reduces its maintenance and repair cost significantly.”
The requirement of high capital investment for new crane procurement and high maintenance cost are the major factors hampering the industry. In addition to this, fluctuating oil prices and stringent government regulations against high emission equipment are impacting the mobile crane sale remarkably. Manufacturers are investing significantly in R&D activities to improve the crane quality & performance by strictly following the government regulations. However, mishandling of equipment due to the limited number of skilled operators is resulting in fatal accidents and severe injuries.
The outbreak of coronavirus has negatively impacted the overall mobile cranes market ecosystem. The OEMs faced several challenges in equipment productions owing to the shortage of components and raw materials. The decreasing demand led by lockdown in several countries and workers returning to their countries due to pandemic is negatively impacting the overall manufacturing process.
Browse key industry insights spread across 200 pages with 327 market data tables & 20 figures & charts from the report, “Mobile Crane Market Size By Type (All Terrain Crane, Crawler Crane, Rough Terrain Crane, Truck Loader Crane), By Capacity (5 Ton, 10 to 20 Ton, 21 to 30 Ton, Above 30 Ton), By Application (Construction & Mining, Utility, Manufacturing, Transport/Shipping, Oil & Gas/Energy), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 - 2030” in detail along with the table of contents:
Rising demand for efficient material transportation
The truck loader crane market revenue is poised to grow at over 7.5% CAGR from 2021 to 2030. The rapidly growing manufacturing and energy production industry is creating a huge demand for truck loader cranes for material handling activities.
Established market players are receiving large orders of truck loader cranes from construction companies. For instance, in July 2021, HIAB received the order of 108 truck loader cranes from a landscaping manufacturer, Marshalls in the UK. The total deal valued at around USD 5.5 million for the crane models HIAB X-HiDuo 138 b-2 and HIAM X-HiPro 099R loader crane.
Increasing demand for mobile crane with the capacity of 21 to 30 tons
The 21 to 30 tons capacity mobile cranes market crossed USD 500 million valuation in 2020. These are witnessing growth in utility activities including transmission line maintenance, water & gas pipeline installations, and wire & cable services. The companies are collaborating with key local distributors to increase their regional market share.
Proliferation of oil & gas production across the globe
The rising number of oil & gas production plants is poised to create huge demand for mobile cranes. Industry participants are receiving crane orders specifically for oil & gas production projects in the MEA region. For instance, in August 2019, Zoomlion Heavy Industries provided its 47 ZRT850 rough terrain cranes in the Middle East for oil field project. The company‘s ZRT850 cranes have lifting capacity of up to 85 tons and the total transaction was nearly USD 15 million.
Rising equipment sale in European market
The Europe mobile cranes market captured above USD 3.5 billion revenue in 2020, with over 9,000 units sold. Significant investments by mobile crane companies to integrate advanced technologies into the product are propelling the regional market revenue. Growing migration activities and infrastructure projects will further augment the business expansion. The local crane rental service providers are emphasizing substantially on their fleet expansion to strengthen their market position.
The major players operating in the mobile cranes market include Manitex, Inc., LiuGong Machinery Co., Ltd., SANY Group, Palfinger AG, Kato Works Co., Ltd, Kobelco Construction Machinery Co., Ltd, Tadano Ltd, Zoomlion Heavy Industries Science and Technology Co., Ltd, Terex Corporation, Manitowoc, and Liebherr Group. Companies are focusing on strategic acquisitions, new product launches, and partnerships to gain a competitive advantage in the industry.