Fixed Crane Market Size, Share & Industry Analysis, By Type (Overhead Crane, Tower Crane, and Others), By Application (Construction, Oil & Gas, Ship Building, Power & Utilities and Others) and Regional Forecast, 2019-2032

The global fixed crane market size was valued at USD 10.26 billion in 2018 and is projected to grow worth USD 22.66 billion by 2032, exhibiting a CAGR of 5.4% during the forecast period. Asia Pacific dominated the fixed crane market with a market share of 45.90% in 2018.

The demand for this type of crane is attributed to the increasing developments in the construction, power and utility, shipbuilding, and many other sectors across the globe. Moreover, the adoption of advanced technology-based operating systems such as telematics, offer several market opportunities in the developing regions. Local market players opt for fixed crane rental services that help them to cater to a large number of customer bases along-with access to the modern equipment.

MARKET TRENDS

Rising Adoption of Telematics for Monitoring Fixed Crane Operations

The increasing use of telematics in the construction equipment industry is attributing to the market growth. Several advantages of telematics such as asset allocation, easy maintenance & repair schedules, reduced fuel consumption, and improved productivity are propelling the growth of the industry. Several crane manufacturers across the globe are implementing telematics in equipment that allows the users to gather real-time operational data of cranes to ensure maximum equipment efficiency. For instance, Manitowoc has developed CraneSTAR, an asset management system for the crane industry. The technology allows real-time equipment monitor and control.

MARKET DRIVERS

Increasing Government Investments in Developing Public and Private Infrastructure to Uplift Growth

The governments and private sectors across the globe are making significant investments in the construction of new commercial & residential buildings and public infrastructure, supporting the growth of the fixed crane industry. According to the Institute of Civil Engineers, an organization in London that debates on the infrastructure and their respective environmental impacts stated that in 2018 that the global construction market is expected to reach at around USD 8 trillion by the end of 2030, driven by the U.S., China, and India. Increasing urbanization, particularly in the Asian and Latin American countries is creating huge demand for residential infrastructure, attributing to the market growth. Henceforth, the rising regional and foreign direct investments would lift the fixed crane market growth globally.

Rise in Equipment Rental Service Businesses in Emerging Economies

The governments and infrastructure development associations, such as Construction Equipment Rental Association (CERA) and European Rental Association (ERA) are opting for rental equipment services, as it is more comfortable, safer, and affordable to work with such rental organizations. Renting construction equipment reduces the costs of purchasing, warehousing, and maintaining these cranes. Moreover, according to a study of European Rental Association (ERA), the EU-28 and EFTA countries portrayed to grow at a positive growth rate of 2.8% in 2018, contributing 1.7% of growth in the European GDP. Thus, the adoption of rental services by associations and organizations is anticipated to drive the market growth throughout the world.

MARKET RESTRAINT

High Initial Purchasing Cost to Hamper the Market Growth Globally

The high initial purchasing cost of fixed crane is hampering the market growth. These machines are integrated with advanced components and technology to ensure maximum equipment and worker safety, adding to the overall equipment manufacturing cost. Moreover, the availability of low-cost used equipment is restraining the adoption of new construction machinery. Construction contractors with budget constraints choose rental services or used equipment services, thereby hindering the market size.

SEGMENTATION

By Type Analysis

Tower Crane Segment to Hold the Highest Market Share in the Forecast Period

On the basis of type, the global market is segmented into overhead crane, tower crane, and others.

The tower crane segment is expected to depict exponential market growth owing to the increasing demand in the construction, shipbuilding, power and utility, and many other sectors. The demand for tower cranes is emerging in the developed as well as the developing countries for large infrastructural projects, as these cranes have high load bearing capacity and work-efficiently in harsh environmental conditions.

Moreover, the overhead crane segment is anticipated to show progressive growth due to their rising demand in shipbuilding, oil and gas, and mining sectors. These types of cranes are fixed at the respective site for carrying the loads within a limited area. Nowadays, overhead cranes are extensively used for tunnel-boring projects across the world. The others segment is likely to show a steady growth, due to high initial purchasing and maintenance cost across various heavy engineering sectors.

By Application Analysis

Construction Sector to Exhibit the Highest CAGR in the Near Future

By application, the market is categorized into construction, oil and gas, shipbuilding, power utilities, and others.

The construction segment is anticipated to portray exponential market growth due to the rising public and private infrastructural developments throughout the globe. The governments and associations are investing in the modernization of societies by improving the educational institutions, airports, and other infrastructural services. It is hence, enhancing the fixed cranes market potential.

Moreover, the power and utility segment is likely to have progressive growth rate, owing to the emergence of investments from the government and private institutions. Major and local key players are opting for investments in the power and utility sector for expanding their business operations.

Furthermore, applications of fixed cranes have eventually increased in the oil and gas sector for providing efficient operation and control of the refineries by using the overhead and tower cranes. The shipbuilding segment is expected to exhibit moderate growth, as the implementation of overhead cranes is becoming primary necessity for building ship and transporting construction materials at the site. The others segment is likely to show stagnant growth, due to the minimization of investments relating to dormant government regulations across the world.

REGIONAL ANALYSIS

Asia Pacific market holds the largest share amongst all the region and is expected to exhibit the highest CAGR worldwide. The increasing investments in construction and reconstruction activities in this region will add up to the market demand. According to the National Investment Promotion & Facilitation Agency, the Indian construction and infrastructure industry is anticipated to reach at around USD 738.5 billion by 2022, providing opportunities to the fixed crane market.

This market is anticipated to showcase a significant growth in North America owing to the increasing government investments in developing new public transport infrastructure. The government of the U.S. is making investments in developing new airports, railway stations, and metro-stations, attributing to the fixed cranes market. Moreover, the rising urbanization in the U.S. and Canada is compelling the demand for new residential buildings, providing opportunities to the market size expansion.

Moreover, the Middle East and Africa market is witnessing progressive growth owing to the increasing urban population and rising private sector investments in developing new commercial buildings. Moreover, the increasing number of skyscrapers in the U.A.E. will attribute to the market growth over the forecast timeline.

Additionally, government authorities in Europe are making large investments in new smart city development projects. Countries in the European Union are expected to have over 300 smart cities by 2020, thereby increasing the adoption of advanced construction machines. Furthermore, the increasing number of residential infrastructure projects in Russia, France, and Germany will augment the market growth over the forecast timeline. The France government has developed ‘Big Investment Plan’ with the investment of around USD 66 billion to support regional structural reforms.

Similarly, the Latin America market is expected to experience a steady growth owing to the moderate upsurge in government initiatives to promote the participation of private sector in infrastructure development. The government of Brazil developed Programa de Parcerias de Investimentos (PPI) in 2016. Under the PPI program, 22 airports, 6 port terminals, and 14,500 kilometers of highways are to be granted to the private sector. The estimated total investment is about USD 10 billion. This, in turn, is expected to drive the market demand globally.

KEY INDUSTRY PLAYERS

Manitowoc Participates and Hails Awards in the Construction Trade Show to Enhance its Product Portfolio

Manitowoc enthusiastically participates in the CONEXPO each year, representing its highly advanced products. The company presents a significant number of advance technology-driven products, catering to a large number of customer bases. Moreover, the company opts for strategic developments that help to boost the stakeholders and customers’ value additions in the organization.

• March 2020: Manitowoc was awarded as number one for its Potain self-erecting tower crane dealership with Bronson Crane, an Utah based self-erecting tower crane rental service provider at CONEXPO.


• July 2019: Manitowoc’s Potain MCT 385 L14 top-slewing tower crane was awarded the “Tower Crane of the Year” at Bauma CTT RUSSIA 2019, as a part of the contest named “Innovations in construction equipment in Russia.”

List of Key Companies Profiled:

• SANY GROUP


• Sarens n.v./s.a.


• Manitowoc


• Terex Corporation


• Zoomlion Heavy Industry Science & Technology Co., Ltd.


• XCMG Group


• ABUS Kransysteme GmbH


• GORBEL INC.


• GH CRANES & COMPONENTS


• EMH, Inc.


• KITO Corp.


• Columbus McKinnon Corporation   


• Weihua Overseas Business Co., Ltd.


• FAVELLE FAVCO BERHAD

KEY INDUSTRY DEVELOPMENTS:

• February 2020: Sarens provided 3 HLTC and 1 Wolff tower crane for Istanbul’s energy power plant project. The delivered tower cranes can lift heavy components at the height of 50 meters and can operate at a wind speed of up to 17m/s.


• March 2020: Manitowoc announced a new Potain topless crane range MDT 569 at the CONEXPO 2020. The new topless range crane can operate with loading charts up to 35.3 USt capacity, providing quick operation and easy transport.

REPORT COVERAGE

The global fixed crane market report offers an elaborative analysis of numerous factors affecting in this market. These include opportunities, growth drivers, threats, key industry developments, and restraints. In addition to this, it further helps in analyzing, segmenting, and defining the market based on different segments such as type and applications. It strategically examines several strategies such as product innovations, mergers, alliances, joint ventures, and acquisitions adopted by players to gain a competitive edge in the market and attract high market revenue in the forecast duration.

Report Scope & Segmentation