In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
A crane is a machine which is used to lift and lower the loads and to move them horizontally. Cranes are generally armed with a number of components such as cable and pulleys. Further, cranes are highly used in industries including construction, shipping and others.
Global crane market is expected to thrive at 6.1% CAGR over the forecast period 2017-2024. Further, crane market is anticipated to rise on the back of growing construction industry across the globe.
Regionally, the global crane market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East & Africa regions. Among these regions, Asia Pacific region is the largest market for cranes and is estimated to behold this growth over the forecast period. Growing infrastructure development in developing countries such as India & China is escalating the growth of crane market in Asia Pacific region. Apart from this, growing offshore drilling in Asia is also a major factor which is increasing the demand for offshore cranes. For Instance, China introduced world’s largest oil exploration offshore platform in 2017.
Further, North America crane market is anticipated to grow at significant pace over the forecast period. This growth in North America crane market can be attributed to growing constructional activities in this region. Rise in sales of tower cranes is likely to expand the growth of North America crane market in upcoming years.
Global crane market is segmented into product type, service and end-use industry. Additionally, end user segment is further sub segmented into construction industry, mining industry, oil & gas industry, shipping & port building, automotive and others. Among these segments, construction industry segment accounted for major share in 2016 owing to increasing constructional activities across the globe.
Additionally, product type segment is sub segmented into mobile cranes, fixed cranes and marine cranes. Mobile cranes segment witnessed substantial growth in previous year and is estimated to grow at notable pace in near future. Advantages of mobile cranes such as less setup requirement time and space are likely to fuel the growth of this segment in near future.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis has segmented global crane market into the following segments:
Global crane market is further classified on the basis of region as follows:
Key reasons behind the growth of global crane market are rising constructional activities across the globe and growing oil & drilling industry across the globe. Further, governments of developing countries are highly investing in infrastructural development which in turn likely to increase the demand for cranes in developing countries.
Further, rising manufacturing activities across the globe is also expected to intensify the demand for cranes in upcoming years. Additionally, cranes have a wide range of applications in various industries including shipping industry and others, and rapid introduction of new applications of cranes such as in media & entertainment industry are expected to intensify the growth of global crane market.
However, high price of cranes and high consumer preference for pre-owned cranes over new cranes are expected to hinder the growth of global crane market in upcoming years.