Mobile Crane Market Size, Share & Industry Analysis, By Type (Truck Crane, All Terrain Crane, Rough Terrain Crane, Crawler Crane and Others), By Application (Construction, Oil & Gas, Ship Building, Power & Utilities and Others) and Regional Forecast, 2019-2032

The global mobile crane market size was valued at USD 14.35 billion in 2018 and is projected to grow worth USD 33.26 billion by 2032, exhibiting a CAGR of 5.8% during the forecast period. Asia Pacific dominated the mobile crane market with a market share of 43.69 % in 2018.

The market is experiencing rising investments in the construction, power utilities and shipbuilding sectors, due to increasing urbanization and export & import facilities. Moreover, the introduction of industrial IoT, SCADA, AI and machine learning technologies is enhancing the market opportunities for the key players. These emerging technologies offers easy operating services with appropriate navigation and decision making skills.

MARKET TRENDS

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Emergence of SCADA and Industrial IoT-enabled Mobile Cranes to Boost the Market

The emergence of SCADA connected devices and industrial IoT is crafting a positive image for advanced cranes across the world. Industrial Internet of Things (IIoT) incorporates the existing technologies such as big data and artificial intelligence at next level, offering value added services to their clients. These cranes are integrated with multiple sensors and probes, assisting the crane operator by gathering appropriate data, to better understand, control and guide the machine, henceforth, boosting the market growth across the world.

MARKET DRIVERS

Rising Construction and Power Utilities Spending Worldwide to Thrust the Market Growth

The government and private sectors across the globe are making large investments in the construction of new residential & commercial buildings and public infrastructure, thus supporting the growth of the construction industry. According to the Institute of Civil Engineers, in 2018, the global construction market is expected to reach USD 8 trillion by the end of 2030, driven by the infrastructure development across U.S., China, and India. For instance, as stated by the International Energy Association (IEA), the global power sector investment accounted for USD 775 billion in 2018, however China witnessed the highest growth in the power utilities sector with increasing investments in the construction as well as the power utilities projects.

Therefore, increasing foreign direct investments and other research and development plans tend to boost the demand globally.

MARKET RESTRAINT

Inappropriate Crane Operation Training Leads to Hazards Restraining the Market Growth

Lack of training to the crane operators is responsible for causing most injuries, fatalities and accidents on the site. These cranes can accidentally come in the contact of electric lines, thus it is essential to get clearances from the electrical lines and verified sources such as electrical safety orders from the government.  Unawareness of load indicating devices limits the technological advancements leading to increasing accidents caused due to falling of load, hence restrains the market growth globally.

SEGMENTATION

By Type Analysis

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Truck Crane to Portray the Highest Growth Rate in the Near Future

The global mobile crane market is segmented on the basis of type, which is further sub-segmented into truck crane, all terrain crane, rough terrain crane, crawler crane, and others.

The truck crane is anticipated to have an exponential market growth owing to the rise in demand for mobile machinery in the construction, power utility and many other industries. Truck cranes are integrated with fixed telescopic booms over the truck that offers varied engineering and construction services.

Moreover, the all-terrain crane and rough terrain crane segment depicts progressive growth due to increasing demand for construction machinery in the rough terrain construction projects. These types of cranes are mostly used in heavy engineering and construction, shipbuilding and power and energy utility industries.

Furthermore, the crawler crane market is expected to portray stagnant growth owing to its increasing average selling price, leading to minimum sales and dipping demand of these cranes. The other segment comprises of loader cranes that represents steady growth, due to decreasing demand of loader machineries across several sectors.

By Application Analysis

Construction Application to Lead the Market in the Forecast Period

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

Construction application is predicted to grow at a higher rate owing to the increasing urbanization, creating huge demand for infrastructure, thus attributing the mobile crane market growth. Governments of the most developing countries are consistently emphasizing on fixing the nation’s infrastructure deficit in order to improve the quality of life and strengthen economic competitiveness, thus enhancing the market potential.

Moreover, Oil and Gas application is projected to grow gradually due to enhancement in the machinery and their applications, further attributed to the advanced technological implementations. Thus, enabling easy and efficient operations through the refineries. Shipbuilding application is likely to have moderate growth due to constant construction projects at the ports, resulting in moderate usage and demand across the globe. Power and utilities sector is experiencing a gradual increase in power and energy generation projects. As per secondary research, the power and energy sector investment remained relatively stable in 2018 at USD 1.8 trillion.

The others segment is likely to witness steady growth due to limitations from the government regulations and projects globally.

REGIONAL ANALYSIS

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Asia Pacific holds the largest mobile crane market share and is anticipated to show highest growth worldwide. Rising adoption of advanced technology-based machinery integrated with high-end applications, is promoting the overall market potential. China is estimated to hold the highest share as a result of numerous emerging market players that are manufacturing the technology driven cranes for varied mobile crane industry based applications.

North America market is likely to depict progressive growth rate due to increasing investments for the power and energy, construction, and shipbuilding sectors. The Construction Management Association of America (CMAA) states that with the membership of 11,000 corporates and construction owners, North American countries are anticipated to experience numerous investments in the construction, power and utility and shipbuilding sectors. The United States is estimated to dominate the market as the government is investing in developing the infrastructure of the country which includes several eco-friendly proposals without harming the environmental balance. As a result, the mobile crane manufacturers are witnessing tremendous opportunities as these machines are used in developing bridges, roads, buildings, shipbuilding, etc. Moreover, over the past years, the export from U.S. to other parts of the country is also increasing drastically that is further anticipated to positively influence the growth of the regional market in the coming years.

Moreover, the mobile crane market in Europe will witness substantial growth due to the increasing remanufacturing process in construction, as well as power and utility industry. The major determining factor of demand is increasing investments in various applications such as oil and gas, mining and shipbuilding projects. Germany is estimated to dominate the regional market as there is rise in the investments of infrastructural megaprojects, by simultaneously considering the environmental impact.

Additionally, GCC holds the highest market share in the Middle East and Africa regions, owing to the development of large-scale infrastructure projects across the GCC countries. Saudi Vision 2030 program is becoming the key growth driver for gearing up the development across the GCC, enabling the higher rates of foreign direct investments (FDI) in the construction industry. For instance, planning and construction of the world’s biggest airport i.e Al Maktoum International Airport is taking shape in Dubai, United Arab Emirates (UAE) with total investment of USD 32 billion with 140 million passenger pass by 2025.

Similarly, Latin America has a total of 421 construction projects planned, out of which Brazil has the highest number of infrastructure projects in pipeline valued at USD 241.5 billion. Colombia and Argentina have substantially larger number of projects including 114 projects valued at USD 66.8 billion and 92 projects worth USD 58 billion. Similarly, Chile has 309 projects worth USD 117.1 billion, Mexico with 209 projects valued USD 98 billion and Peru has 230 projects worth USD 83.1 billion; this in return, is anticipated to drive the mobile crane market demand globally.

KEY INDUSTRY PLAYERS

“Manitowoc Emphases on Innovative Technology in order to Enhance its Product Portfolio"

Manitowoc unveiled its six new cranes and several lifting technologies from its Potain and Grove ranges at the Bauma 2019 exhibition in Munich, Germany. The company represented a technology pavilion, highlighting a significant number of customer-focused innovative products. Moreover, Manitowoc encompasses growth strategies and core values, that adds value to their key stakeholders, employees and customers. Such strategies further boost the development of strong business models, enabling viable financial results.

List of Key Companies Profiled:

• Manitowoc


• Tadano Ltd.


• Terex Corporation


• Liebherr-International Deutschland GmbH s


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


• XCMG Group


• KATO WORKS CO., LTD.


• SANY GROUP


• Kobelco Construction Machinery Co., Ltd. 


• PALFINGER AG


• Sumitomo Heavy Industries, Ltd.


• Sarens n.v./s.a.

KEY INDUSTRY DEVELOPMENTS:

• November 2019: Liebherr delivered 25 new mobile cranes to South Korea, due to increasing urbanization across Asian countries. Asian countries are demanding these cranes, for which the company has inaugurated a new training and service centre for the after-sales services.


• August 2019: Terex Corporation completed the sale of its DEMAG Mobile Cranes business to Tadano Ltd. at an enterprise value of USD 215 million. The sale was based on strong industrial logic, thus making DEMAG business a global complementary product portfolio under the trademark of largest crane manufacturer

FUTURE OUTLOOK

The growth of the market is attributed to the advent of SCADA, Industrial IoT and Artificial Intelligence technologies integrated in truck and all terrain cranes. This advanced technology is offering a highly integrated system with high adaptability to various utility applications. In the near future, these cranes will become a primary construction machinery for high-end industrial applications.

REPORT COVERAGE

An Infographic Representation of Mobile Crane Market

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The mobile crane market report offers an elaborative analysis of numerous factors affecting the global market. These include opportunities, growth drivers, threats, key mobile crane 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 mobile cranes market revenue in the forecast duration

Report Scope & Segmentation