The Crane Market Continues to Climb the Global Equipment Ranking

    The growing European construction industry, along with the booming construction industry in the rapidly-growing economies of China and India, is driving the global crane market at a CAGR of 6%. The European construction industry, which tumbled post-recession, has been recovering over the past few years. This recovery is driving the crane and other construction machinery and equipment markets in the region, and also globally. Though the region has not seen pre-recession standards, the growth rate in the region is higher than the growth rate in many other countries. Europe is the second fastest-growing region, in terms of the sales of crane and construction machinery, only falling behind the booming Asia-Pacific region. The immense growth of equipment in Asia-Pacific is majorly lead by China and India.

    “The mobile cranes market is projected to touch USD16.76 billion by 2018”

    The large construction projects, across the world, are expected to drive the crane and construction machinery market in the near future, according to Mordor Intelligence. With its economy recovering, Europe is planning on many construction projects. Germany, France and Italy have witnessed the highest growth rates, owing to the construction projects happening in the region. The projects in the region include port extension, underwater tunnel connecting major European countries, railway tunnels, among others, which include use of many types of cranes, thus driving the entire crane market. Furthermore, the Russian construction machinery and crane industries are also in state of revival, which adds to the fast-paced growth of the global market growth. The growing number of wind energy farms across the world is a major opportunity to the on-shore as well as the off-shore crane market. Though the wind energy market is growing at a very fast pace, most of the growth is concentrated in the Western region, especially Europe. Only the large economies, such as China, the United States and India account for a significant wind power generation than Europe. With the vast expanse of the Asian countries and the environmental concerns in major economies of China and India haunting the governments, the transformation from the fossil fuel generated energy to wind energy will undergo faster than expected. This is a significant opportunity for both the on-shore and off-shore crane markets. The market has been segmented on the basis of crane type, application and geography. On the basis of crane type, the market is segmented by mobile cranes (wheeled mounted mobile cranes, commercial truck-mounted cranes, crawler cranes, side boom, straddle cranes, railroad cranes, aerial cranes, and others), fixed cranes (monorail & underhung cranes, overhead track-mounted cranes, tower cranes, stiff-leg derrick) and marine port cranes (mobile harbor, gantry, offshore, and ship cranes); On the basis of application, the market is segmented by construction, infrastructure, mining & excavation, shipyards, automotive, and others; By geography, the market is segmented by North America, Europe, Asia-Pacific, South America, and Africa & Middle East Asia-Pacific, led by China and India, is currently the largest market for cranes, globally, and is likely to lead the growth in the forecast period. Africa and Latin America are expected to emerge as good markets post 2021, improving economy and overseas investments are expected to encourage more infrastructural development and construction activity. As of 2016, China was the largest market for cranes, both within Asia-Pacific and the global market. The marine and port cranes market has been witnessing a slower growth since 2008. However, the growing sea trade is expected to propel the market to pre-recession levels by 2022. The mobile cranes market is projected to touch USD16.76 billion by 2018. The fixed crane market is expected to reach USD10.1 billion by the end of 2016, and is expected to register a comparatively slower growth rate over the coming five years.  
    Mordor Intelligence