Mobile Crane Market to 2028 – Global Analysis and Forecast by Crane Type and Application. Mobile crane market is expected to grow to US$ 9.82 billion by 2028 from US$ 8.92 billion in 2016. The constantly growing population has resulted in increased investments in the infrastructure and construction sector of various economies. Also, government initiatives for up gradation of existing infrastructure of the developed economies has resulted in increased demand for heavy construction machinery. Mobile cranes are extensively used in various applications including construction, oil & gas, shipping, etc. Furthermore, increased investments in the construction of power plants has also influenced the market growth particularly, in developing nations.
Mining companies are also one of the largest consumers of mobile cranes. The mining industry utilizes this massive equipment for the extraction of raw materials in an open cast mining environment. Despite of the sluggish growth of this industry in past few years, it is predicted to showcase some growth in coming years. The growth in mining industry is highly influenced by the collaborations and partnerships initiated in this industry.
The truck cranes are amongst the largest selling mobile crane types in the world, due to its flexibility in lifting and ability to travel. Truck cranes are mainly used in infrastructure development/ construction projects such as buildings, bridges, airports, roadways, and other commercial & residential projects. In general, these types of cranes can travel on highways, without need of special equipment to transport the crane.
Truck cranes offer several advantages, which makes them a foremost choice over other cranes. Truck cranes are simple to operate and requires less maintenance and operational costs during its lifecycle. Furthermore, these cranes offer higher highway travel speeds and ease of transportation as they are designed with a purpose-built chasse. These cranes deliver customers with outstanding lifting capabilities along with maintaining compactness as well as rigidity to handle heavier loads. Thus, the market for truck cranes possesses a huge growth opportunity for the Mobile Crane market during the forecasted period from 2017 – 2028.
Truck cranes are a perfect solution for movable crane applications, it can be moved from job-to-job with fast on-site setup. They provide a cost-effective solution compared other mobile cranes especially all-terrain cranes. Besides this, truck crane also offers ease of operation and transportation as well as overall lower per unit cost/ rental cost as compared to other cranes. The truck cranes market remains stable with nominal growth during the forecast period, however, after 2019 there is positive headwinds for the market. Currently, North America including US truck crane market remains strong and shows decent growth in the future as well. Also in APAC, these crane types are shows positive growth. Some of the challenging factors influencing the market growth are tough exhaust emission laws and strict road regulations. This issue is affecting all stakeholders of the market from OEMs to end users, including rental companies.
Major market initiatives were observed in the Asia Pacific region. Being a region with a growing economy and rising construction sector, it is leading various companies to take several initiative measures. Technological advancements have also helped Mobile Cranes to flourish with Government sectors in various developing economies funding the research and developments of these tools that prove to be useful in the with their mobility, ability to lift and easy to maintain attributes.