The global mobile crane market size is anticipated to reach USD 22.34 billion by 2026 owing to increasing investments in the construction and shipbuilding sectors. This is further attributable to the rapid urbanization and the rise in the number of import and export facilities. Mobile cranes are used for lifting heavy objects and move them for short distances and also used for constructing giant tower cranes. According to a recent report published by Fortune Business insights™ titled, “Mobile Crane Market Size, Share & Industry Analysis, By Type (Truck Crane, All Terrain Crane, Rough Terrain Crane, Crawler Crane, and Others), By Application (Construction, Oil & Gas, Ship Building, Power & Utilities and Others) and Regional Forecast, 2019-2026,” the market size was USD 14.35 billion in 2018 and will rise at a CAGR of 5.8% between 2019 and 2026.
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List of Key players operating in the market are as follows:
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- Kobelco Construction Machinery Co., Ltd.
- Sarens n.v./s.a.
- PALFINGER AG
- Terex Corporation
- SANY GROUP
- XCMG Group
- Liebherr-International Deutschland GmbH
- Tadano Ltd.
- KATO WORKS CO., LTD.
- Sumitomo Heavy Industries, Ltd.
Scope of the Report
The report is based on a thorough analysis of the market and presents a 360-degree overview of the same. It emphasizes on prime factors boosting, retracting, challenging, and providing growth opportunities to the market. Additionally, the report presents interesting insights into the market and significant industry developments. Besides this, the report also offers details of the table of segmentation based on factors such as type, application, and regions, and names of leading segments and their promoting elements. Furthermore, the list of key players operating in the market are provided in the report and is available for sale on the company website.
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The advent of Industrial IoT into Machinery will Add Impetus to Market
There is a rise in demand for new building construction for commercial, residential, and public infrastructure is expected to promote the mobile crane market growth. To support this statement, we can cite the example of the report made by the International Energy Association (IEA) estimating the global investment on construction and power utility projects to account for USD 775 billion as per the 2018 records. The advent of the Industrial Internet of Things, Artificial Intelligence, and others into machinery and equipment are further expected to create lucrative growth opportunities in the coming years.
Asia Pacific Market Holding Dominance Owing to Presence of Numerous Players
Geographically, Asia Pacific is holding the most significant mobile crane market share owing to the increasing adoption of advanced technology on high-end applications. In 2018, Asia Pacific generated a revenue of USD 6.27 billion. China is dominating the regional market owing to the presence of numerous manufacturers dealing with technologically advanced mobile cranes for utilization in various industries. On the other side, the increasing investments made in power and utility, shipbuilding, and construction sectors will help North America witness significant growth in the forecast period.
Key Industry Developments of Mobile Crane Market Include:
November 2019 – The rise in urbanization across all Asian nations have propelled Liebherr mobile cranes to start their new service and training in Korea. This will help the company suffice to the increasing demand for after-sales services.
June 2018 – The hoisting of the first wind turbine of the Linxi Canal Wind Power Project was successful with the help of the Zoomlion QUY800 Crawler Crane with its safe, reliable, and stable performance. This crane laid a solid foundation for power generation and grid connection of the wind farm for the future years.
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