In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
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.
Overview of the Parent Market
Analyst View
Segmentation
The global crane market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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