CompaniesCrane BusinessCrane NewsGeneral

Global Crane Market is growing at 2% CAGR to reach $20bn by 2024

According to a new research report by Global Market Insights, Inc. Crane Market is slated to cross USD 20 billion business by 2024, the shipments exceeded 25,000 units in 2016.

Raimondi Cranes’ latest launch of luffing jib crane is symptomatic of the relentless efforts undertaken by crane market giants to be placed at a higher notch over their contemporaries. Given the dynamically charged intense share battle in the competitive landscape, companies have been feverishly focusing on expanding their product portfolio to stronghold their business position, as depicted from Raimondi’s new flagship crane. Dubbed as LR330, this new luffing jib crane, is claimed to be equipped with an equilateral triangular jib of a maximum length of 60 meter and weight carrying capacity of 18000 kg. Sources have also categorically stated that the Raimondi’s new luffing crane range has been specifically designed to reduce the impact of wind on the jib, thereby ensuring efficient transportation. Furthermore, the equiangular triangular jib design would also enhance numerous other operational aspects of the machine as well, cite sources. While Raimondi already holds a strong position in global crane market with a history of one and half century, the launch of LR330 would undoubtedly prove to be a milestone in its journey. Some of the other pronounced players whose contributions have been significant in proliferating crane industry trends include Hitachi Sumitomo Heavy Industries Construction Crane Co, Terex Corporation, Manitowoc, Konecranes PLC, Liebherr Group, and Palfinger AG.

Konecranes PLC, for instance, one of the most renowned Finland based crane market giants, has recently made to the headline with its proposed RENTALL concept. If reports are to be relied, the company now offers premium lower capacity overhead cranes of utmost 10 tonnes for rent, providing an alternative to buying a crane. As claimed by the company officials, the new business line is all inclusive of an absolutely free service package, where Konecranes itself provides all the maintenance cost of the rented crane without any further investment from the customers. With this absolutely innovative program designed to offer maximum flexibility to the customers, Konecranes PLC seems to be on the path of empowering its stance in the overall crane market share. The RENTALL concept, reportedly, has been already rolling out at some parts of Canada and U.S., post the successful launch of the program in some of the Nordic countries like Singapore, U.K., and Australia.  

The oil & gas sector is unquestionably a lucrative application arena for crane industry. Tower cranes are extensively deployed in offshore as well as onshore oil rig sites pertaining to applications such as drill pipe lifting, casting, maintenance equipment lifting from ships and the like. The ascent in demand can be credited to the product’s exclusive feature of operating even in severe weather conditions, in addition ensuring easy moving of heavy materials across the oil platforms.  As per a recent market assessment report, oil & gas applications in the year 2016, procured almost one-fifth of the global crane industry share and is anticipated to depict similar trends over the forthcoming seven years. Driven by the fact that this particular category of cranes is largely installed in wind energy park, Europe has emerged to be one of the strong grounds for the business space. In fact, statistics depict, Europe covered almost 33% of global crane market share in 2016, augmented by the region’s hefty investment in renewable energy projects in tandem with regulatory landscape supporting the same.

Speaking of its commercialization potential at a global scale, crane market size is forecast to exceed a valuation of USD 20 billion by 2024. Despite the appreciable growth prospect, high capital investment and maintenance cost associated with the equipment are perhaps two of the major challenges that crane industry players are presently dealing with. On the other hand, tremendous development in constructional activities across emerging nations is further scaling up the demand for high-end crane system.  In the face of these two-contradictory situations, companies have been readily investing in automation of equipment, in a bid to comply with the international quality standards. With profound technological interventions in product design ensuring accurate signal collection, rapid speed calculation, and high degree of safety, crane market is expected to witness a substantial momentum over the coming years.

Browse key industry insights spread across 850 pages with 2053 market data tables & 64 figures & charts from the report, “Crane Market Size By Product (Mobile Crane [All Terrain Crane, Crawler Crane, Rough Terrain Crane, Truck Loader Crane], Fixed Crane [Monorail Crane, Stiffleg Crane, Tower Crane, Gantry Crane], By Application (Construction & Mining, Utility [Electric, Telecom, Water], Manufacturing, Transport/Shipping, Oil & Gas/Energy), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/crane-market

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *