Recent report published by research nester titled “Global Crane Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global Crane market in terms of market segmentation by product type, by end-use industry and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global crane market is segmented into product type such as mobile crane, fixed crane and marine crane. Among these segments, mobile crane segment grabbed highest market share in 2016 and is anticipated to grow at satisfactory pace over the forecast period. Further, the growth of this segment can be attributed to rising constructional activities across the globe. Apart from this, the oil & gas drilling sector is likely to rise in near future and this factor is expected to drive the growth of marine segment at substantial pace during the forecast period.
Global crane market is expected to register a CAGR of 6.1% over the forecast period. Moreover, the global crane market is anticipated to expand on the back of growing emergence of new projects across the globe. In addition to this, growing infrastructural development activities in developing countries such as China and India is believed to escalate the demand for cranes across the globe. Further, growing automobile industry across the globe is also likely to fuel the demand for cranes in upcoming years.
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The oil & gas industry segment by end use industry is likely to grow at substantial pace during the forecast period.
Further, initiations of new oil & gas offshore drilling activities by various countries such as china and U.S. are major factors which are likely to be the key factor behind the growth of oil & gas industry segment over the forecast period.
Growing Oil & Gas Industry
U.S. has recently announced to expand their oil & gas drilling in U.S. offshore water. Further, growing expansion of oil & gas industry and emergence of new areas to drill for oil & gas are estimated to escalate the demand for marine cranes such as ship cranes, offshore cranes and others. Further, rising demand for marine cranes in offshore water drilling is expected to bolster the growth of global crane market in near future.
Rapid urbanization in developing countries is a major factor which is increasing the constructional activities such as building construction, road construction and others. Further, increasing construction activities due to urbanization is likely to increase the demand for cranes in developing countries.
However, extreme cost of crane, low demand for new cranes as compared to pre-owned cranes are some of the factors that are likely to inhibit the growth of the crane market in the near future.
This report also provides the existing competitive scenario of some of the key players of the global Crane market which includes company profiling of Terex Corporation, Lampson International LLC, The Liebherr Group, Konecranes, J C Bamford Excavators Ltd., Zoomlion, XCMG Group, American Crane and Equipment, Kobelco Construction Machinery Co., Ltd. and Manitowoc.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Crane market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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