A crane is a machine equipped with wires, chains, or ropes to lift and lower materials or displace materials that are heavy and beyond human capacity. Cranes comes in a variety of sizes and are utilized in industries such as construction, mining, and marine.
Increased investment in infrastructure, post the 2008 recession, is driving the global crane market. Increased high rise construction activity in metropolitan cities is fuelling the demand for cranes. The Trump administration plans to invest US$ 1.7 trillion in the next 10 years to rebuild infrastructure in the U.S., which in turn is projected to boost the demand for cranes in the country. Development of green energy projects such as hydroelectric dams and windmills has necessitated the usage of cranes for energy sector. The trade reforms among BRICS countries are fueling infrastructure development, and the formation of the New Development Bank to issue loans for projects reflects the emphasis on construction. Increased container traffic and formation of free-trade agreements are driving the demand for cranes that are employed on ports. Maritime cranes form an integral part of harbor management, and an increase in trade is estimated to boost the demand for cranes, globally.
High investment required for cranes is a factor that restrains the global crane market. Demand of cranes depends on the performance of primary industries such as construction, mining, and maritime. Therefore, sluggish expansion of these primary industries is likely to hamper the demand for cranes.
The global crane market can be segmented based on mode of operation, product type, industry application, and region. Based on mode of operation, the global crane market can be segmented into three segments. IC engine is the leading segment, as it is a traditional mode of operation and is capable of powerful operations. Utilization of industrial cranes for relatively light weight has led to the development of cranes powered by electric motors. Electric cranes do not produce emission; and hence, are convenient for indoor applications.
In terms of product, the global crane market can be classified into mobile cranes, fixed cranes, and marine cranes. Mobile cranes are used in construction projects, as they are self-propelled and can be transported to difficult-to-reach terrains. The mobile crane segment is further classified into eight sub-segments. Truck carrier, aerial crane, and crawler crane are some sub-segments. Fixed cranes have the ability to lift heavy loads, as are more stability. Fixed cranes are employed in manufacturing plants and large construction projects in order to hoist heavy loads. The fixed crane segment is further classified into five sub-segments. Tower crane and level luffing crane are some sub-segments.
In terms of application industry, the global crane market can be segregated into construction, maritime, mining, oil & gas, industrial, and others.
Based on region, the global crane market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is projected to dominate the global crane market owing to increased construction activity in China & India. Re-construction activity in North America & Europe is estimated boost the crane market in these regions at a steady pace. GCC sub-region of Middle East & Africa has witnessed a rapid expansion of construction projects. This, in turn, is estimated to boost the crane market in Middle East & Africa in the near future.
Key players operating in the global crane market include Liebherr Group, Cargotec, Konecranes, Mammoet, Altech Industries, Terex Corporation, Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd., Kato Works Co., Ltd., Columbus McKinnon, ZPMC, Ingersoll Rand, Zoomlion Heavy Industries Science and Technology Co., Ltd., and Sany Heavy Industry Co., Ltd.
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