Global Crane Market, By Crane Type (Fixed Cranes, Marine and Port Cranes, and Mobile Cranes), By Application (Mining, Construction & Infrastructure, Oil and Gas Industry, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2018-2026

  • To Be Published : Jul 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Cranes are machines used for lifting, lowering, and moving of heavy objects or freight from one place to another, mostly for transportation or construction work purposes. Increasing government investment for the development of smart city is one of the major driving factors for rising demand for cranes. For instance, according to the Indian government Union Budget 2018-19, the government has selected 99 cities under the smart city mission and will provide a fund of US$ 3.1billion for the development of these cities. Moreover, increasing production in mining have raised demand for the crane globally. For instance, according to world mining congress, the world mining production was 16.9 billion metric ton in 2016 up from 15.8 billion metric ton in 2010.

Crane Market: Dynamics

Increasing number of construction activities is one of the major factors fueling growth of the crane market

Increasing number of construction activities has led to rising demand for cranes globally, in turn driving growth of the crane market. According to the Chartered Institute of Building, the construction industry is estimated to account for 14.7% of the global GDP by 2030. Moreover, by 2030, the global construction market is projected to reach US$ 17.5 trillion from US$ 8 trillion in 2015. Demand for construction is increasing due to significant rise in urbanization. According to the United Nations Organization, 54.5% of the world population lives in urban cities in 2016 and is projected to reach around 60% by 2030. This is expected to lead to increasing construction activities to provide better facilities, housing and others. Therefore, this is expected to aid in growth of the market. Cranes are valuable equipment in the construction industry. Cranes are helpful for the construction of high-rise buildings and to reach inaccessible areas. Tower crane is the most common type of crane used in the construction of tall buildings and is fixed to the ground during the construction. Various advantages such as high loading and lifting capacity, and high height capacity have accelerated demand for tower crane in the construction industry.

The mobile crane segment is projected to exhibit the highest CAGR in the forecast period

Mobile crane segment is projected to exhibit the highest CAGR in the forecast period. Rapid growth of the power distribution sector become one of the major driving factor for growth of mobile crane market. This is attributed to use of mobile cranes during maintenance and construction activities in power distribution. Increasing government initiative in emerging economies to provide electricity in villages plays a major role for increasing demand for cranes in power distribution sector for construction purpose. For instance, according to Indian Brand Equity Fund, till March 2018, total 17,164 villages have been electrified out of 18,452 un-electrified villages. This is expected to in turn aid in growth of the market over the forecast period.

Crane Market: Regional Insights

On the basis of region, the global crane market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Asia Pacific held the dominant position in the market in 2017 and is projected to retain its dominance over the forecast period. India, China, and Japan are major growth engines in this region. Rising number of construction projects in China is leading to increasing demand for cranes. For instance, the announcement of ‘One Belt, One Road’ project in 2013 is expected to aid in growth of construction market in China. The main aim of the project was to link three regions including Asia, Africa, and Europe.

Furthermore, high investments in infrastructure by the Indian government have accelerated growth of crane market in India. For instance, according to the India Brand Equity Foundation (IBEF), in the Union Budget 2018 – 2019, the government allocated US$ 92.22 billion for infrastructure. Moreover, increasing urban population and growing housing projects is expected to drive growth of the market over the forecast period. For instance, according to the Chartered Institute of Building 2015 report, India needs to build 31,000 new houses per day over the next 15 years to meet the needs of rapidly growing urban population.

Crane Market: Competitive Landscape

Key players operating in the global crane market include Liebherr Group, Manitowoc, Tadano, Terex, Xuzhou Construction Machinery Group (XCMG), Zoomlion, Sany, KobelcoCrane, HitachiSumitomo, Furukaw, and Konecrane.

Crane Market: Taxonomy

By Crane Type:

  • Fixed Cranes
  • Marine and Port Cranes
  • Mobile Cranes

By Application:

  • Mining
  • Construction & Infrastructure
  • Oil and Gas Industry
  • Others

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
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Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
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Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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