Global Insights: Mobile Crane Market to hit US$25bn by 2030
A new report released by Global Market Insights estimates that the value of the mobile crane market is expected to reach US$25bn by the year 2030. The industry is being primarily driven by the rise in investments in the development of smart cities in countries such as China, India, Malaysia, Thailand, and Indonesia.
The growing population and migration of people to urban areas have led to an increase in demand for efficient transport infrastructure facilities, causing a rise in the number of urban infrastructure projects and escalating the demand for mobile cranes, the report found.
How has COVID-19 affected the mobile cranes market?
According to the report, the COVID-19 pandemic has predominantly had a negative impact on the mobile cranes market. Lockdowns imposed by various government authorities across the globe have affected the utility services & construction activities In addition, the restriction on international trade has reduced the sales of new equipment, hampering the market growth. However, due to a reduction in COVID-19 cases, governments are lifting the lockdown restrictions, which is expected to accelerate equipment sales by 2021.
Some of the major participants in the mobile crane market are Terex Corporation, Zoomlion Heavy Industries Science and Technology, Kobelco Construction Machinery, LiuGong Machinery, Kato Works, SANY Group, Liebherr Group, and Manitowoc.
Key findings of the Global Market Insights mobile cranes market report
- The rise in infrastructure transformation projects and rapid development of the construction sector across the globe are attributing to the industry growth.
- Rising investments in oil & gas production and mining projects are showing a positive impact in the Middle East and North America regions.
- Construction projects proliferation and advanced technologies integration, such as telematics and fleet management by OEMs, are creating growth opportunities for the mobile crane market.
- Mobile crane manufacturing companies are producing the equipment with advanced technologies to reduce the repair & maintenance cost and improve the overall performance and safety of the machine.
- Increasing government-funded projects, such as road construction, smart cities, renewable energy plant construction, airports, and commercial infrastructure, are supporting the demand for mobile cranes across the globe.
- Key market players operating in this mobile cranes industry are Terex Corporation, Zoomlion Heavy Industries Science and Technology Co., Ltd, Kobelco Construction Machinery Co., Ltd, LiuGong Machinery Co., Ltd., Kato Works Co., Ltd, SANY Group, Liebherr Group, and Manitowoc.
The mobile cranes market in the Asia-Pacific (APAC) region
Currently, the mobile crane market in the Asia Pacific region is predicted to drive equipment sales during the period from 2020 to 2027 due to rising mining projects and significant government focus on renewable energy plant construction. Asia Pacific countries, including Japan, India, and China, are investing in new renewable energy plant construction projects, creating opportunities for mobile cranes.
For example, in August 2021, Pacifico Energy started building a 121MWdc solar project on the former golf course in Sanda, Japan. The construction is estimated to be completed by 2023, and the project will generate electricity of around 143 million kWh.
The Global Insights report also revealed that Mobile crane companies are adopting various marketing strategies to boost their equipment sale and increase their market share. For instance, in January 2021, Kobelco Construction Machinery Co., Ltd launched a used crane service platform to buy or sell pre-owned Kobelco cranes. The service is currently available in Europe and the Middle East & Africa.