The global cranes market is poised to grow during the forecast period of 2017 to 2024. Various reasons for the growth of the cranes market are higher demand from construction and infrastructure industry, the growth of economies in developing nations, construction of smart cities and mega cities and technological innovations which have resulted in lighter and more energy efficient cranes.
Cranes are used to lift and lower material and also to move them horizontally. It is used for lifting heavy things and transporting them. Most commonly it is used in construction and infrastructure. Continuous technological advancement in this sector has led to the creation of more adaptable, intelligent and modular cranes. There is a higher demand for energy efficient, lighter and compact cranes. They are widely used in the marine sector, mining, and excavation.
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Cranes market is segmented on the basis of geography, type and end user. On the basis of the type, it can be segmented into mobile cranes, fixed cranes and marine and port cranes. Marine port cranes are further classified into the mobile harbor, gantry, offshore and ship cranes. Fixed cranes are segmented into monorail and underhung cranes, overhead track-mounted cranes, tower cranes and stiff-leg derrick. Mobile cranes are classified into wheeled mounted mobile cranes, commercial truck-mounted cranes, crawler cranes, side boom, straddle cranes, railroad cranes, aerial cranes and others. End uses for cranes can be construction, infrastructure, shipyards, automotive, excavation and mining and others.
Market drivers for cranes are the growth of economies in developing nation, rejuvenation of construction industry in developed nations with improving fiscal scenario, rapid urbanization, development of megacities and smart cities and technological advancements which have led to the creation of energy efficient, compact and lighter cranes.
It is expected that the market for marine cranes will report the highest growth in the forecast period due to increasing sea trade. However, the market for fixed cranes is going to grow at a slow rate in the forecast period.
As end-user, cranes will be used mostly by the construction industry. Improving fiscal situation in developing countries like India, China, Brazil and the African and the Latin American region will lead to rapid urbanization and the need for more construction activities.
Factors that will restrain market growth are high maintenance costs, stringent emission norms, supply crunch in raw materials and unstable fuel prices.