The Global Cranes market was valued at USD XX Million in 2018 and is estimated to grow at a CAGR of 3.86% over the forecast period to reach a USD XX Million by 2026.
The global crane market growth is driven by increasing investments by government in infrastructure. There is rise in infrastructure spending in United States, as the government has made infrastructure spending its major priority to fuel growth and create jobs. For instance, in the United States, 2018, a USD 302 Million infrastructure investment was given for surface transportation under the Grow America Act to improve roads, bridges, transit systems, and railways over a four-year timeframe. Also, Asia-Pacific region added to more than 50% of investment in infrastructure between 2007 and 2015. China is one of the biggest contributor to this investment as China has made infrastructure spending its primary source to fuel economic growth. Moreover, India in its 2018 budget has allocated USD 2.2 billion to expand the telecom infrastructure and around USD 157 million for developing its airports. Hence, globally the growth in the crane market is fuelled by increasing investments in infrastructures.
Construction is the major end user of cranes market in 2018
The construction segment in global crane market is expected grow at a CAGR of 4.10% to reach market value of USD XX million by 2026 from the value of USD XX million in 2018. The tower cranes and vehicle mounted cranes are majorly used in construction of tall buildings and tower cranes were initially developed in Europe and they are currently used across the globe. Floating cranes are used in water way constructions such as bridges, ports and dams. Increase in construction initiatives across the globe by government and non-government organizations, associated with extensive usage of cranes in construction are the factors driving the construction segment in global crane market. According to RLB crane index, in January 2019, In Toronto 46% of cranes are dedicated to residential projects, there is overall rise in crane count of 22% in Los Angeles, and there is an increase in40% of cranes in New York from previous year. Increase in residential and commercial construction starts across the united states and increase in demand for mobile cranes are additionally contributing the growth of construction segment during the forecast period. According to U.S Energy Information Administration in 2019, by 2050 commercial building floor space is expected to reach 126.1 billion feet a 39% increase over 2017 levels.
Asia-Pacific is the largest and fastest growing region in cranes market
The Asia Pacific crane market is valued at USD XX Million in 2018 and is estimated to grow at a CAGR of 4.50% over the forecast period to reach a USD XX Million by 2026. China accounted for majority market share of 46.88% in 2018, and is expected to increase to 47.69% by 2026. Growing internet penetration and mobile connectivity in the region are the major factors driving the crane market in Asia Pacific. There have been lot of initiatives by governments of developing countries like India and China to provide better infrastructure and facilities to each and every part of their respective countries. India and China are the two most populated countries of the world and has been witnessing rapid urbanization. Construction in these countries is at all time high because of the majority of the population moving to urban areas. This shift will require more residential and commercial building construction as well as facilities such as internet connection. Due to rapid development in the region, tower and mobile cranes have been witnessing high demand in the region. Maintenance and installation of electricity towers, telephone towers require cranes. Rentable mobile and tower cranes can cater to the demand without the need for purchasing and ownership of the equipment. Moreover, another major factor driving the growth of the crane market in the region is rapid expansion of power distribution sector in the countries like China, India, and Malaysia. Majorly, mobile cranes are being used in the maintenance and construction work at power grid sites. However, due to lack of skilled labour and crane operator coupled with low awareness of project management techniques, and weak infrastructure will hamper the growth of the market in the region to some extent.
The market is moderately fragmented with many local and international players. The steadily growing demand for cranes has made the market favourable for both regional and international vendors. The market is also characterized by joint ventures between regional and international manufacturers. Mammoet, Sarens Group, Lampson International, ALE, and Maxim Crane Works LP are leading manufactures in the global cranes market. Mammoet is the global leader in the crane market followed by Sarens group and lampson international. These manufacturers compete on parameters such as high technology, large tonnage crane, after-sales services, financing options, easy payment options, and rental services. Domestic players of China are the major competitors for the international players. This is due to China has expanded over the period 2008 to 2018 to meet the demand for cranes such as crawler cranes, truck cranes, and all-terrain cranes.
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