The all-pervasive presence of cranes in numerous industries such as construction, logistics, automobiles, & aerospace has stimulated crane market share in recent years. Indeed, this trend is forecast to continue over 2019-2025, given the anticipated expansion in the aforementioned end-use domains. It is prudent to mention that post recession hit the world in 2008, there was a temporary slump in crane industry since the construction sector came to a veritable halt and commercial growth in almost all sectors slowed down for a while.
North America mobile crane market, by application, 2018 & 2025 (USD Million)
However, with the gradual recovery of global economy, numerous industries had begun to depict an improved growth landscape, on the grounds of which crane market convalesced as well. With the progress of technology, the functionality of cranes has not been limited to hoisting heavy objects but has shifted from simple mechanical handling of loads to complex and automated equipment handling, which has added a whole new dimension to crane industry outlook.
Crane market registers a considerable growth rate through the product’s widespread application in the construction industry. In fact, back in 2013 when the demand for cranes started to turn around, the increase in activity in the crane market was hailed as a harbinger of economic growth after the disastrous period global economies faced over 2008-2009.
Commercial, residential and industrial buildings usually employ multiple cranes that are either fixed to the ground or are mounted on a custom-built vehicle that can be moved a per requirement. Mobile cranes are the most versatile kind of cranes used in modern construction as these hydraulic cranes can be conveniently wheeled and have the least footprint area, that is, they can hoist materials while being positioned in a very compact space.
Another instance of a crane that can prove to be highly operational in a constricted space is the spider crane that be easily folded and transported through narrow corridors to wherever required – including museums, universities, and office blocks. Indeed, investors stand to gain commendable profits from the expanding crane industry.
The emergence of innovative designs is likely to boost crane market size from the construction sector, with building structures becoming increasingly futuristic and construction industry players striving to find advanced cranes to suit its needs. As the trend of urbanization has been permeating the globe at a rapid pace, high-rises and skyscrapers are becoming a common sight. In consequence, tower cranes are being extensively deployed, massively augmenting crane industry size. Tower crane market size is thus increasing at a massive pace as these crane are an inevitable part of high rise construction for their incredible combination of height and weight carrying capacity.
Crane industry also attained a strong foothold in the marine sector, given that cranes play a critical role in oil and gas exploration and marine transportation. Oil and gas industry accounted for a substantial proportion of the overall crane market revenue in 2018 and is expected to further contribute toward the growth of this business space over 2019-2025. Marine cranes being heavy-duty cranes designed to operate under extreme weather conditions, are used to handle heavy weight loads and transfer materials to and from barges or marine vessels. Their extensive deployment for transportation will thus impel crane market size from the marine sector.
It is noteworthy to mention that crane market has registered a steady demand in ports even in times of commercial slumps, as cranes are the most reliable and efficient means of handling and lifting heavy and bulky loads at ports. Bulk handling and container lifting cranes are useful as far as materials such as coal, gravel or food grains are concerned.
Other kinds of cranes like floating cranes are used in the construction of bridges and harbors and are also useful for loading and unloading of objects that can weigh up to tens of thousands of tons. The floating feature of these cranes makes them useful when sunken ships or planes are to be pulled out of water or a crane is to be transported to a different location on the waterbody.
The expansion of crane market cannot be solely credited to the fact that cranes are able to do extraordinary heavy lifting, but also because crane industry has been undergoing a massive transformation to suit the needs of modern warehouse requirements. In consequence, it is moving toward an ergonomic workplace design and is using lighter and smoother to run materials like aluminum.
As the focus shifts to reducing employee workload and increasing capacity for sustainability, crane market players are inclined toward designing intelligent systems that will be deemed suitable in the context of end-use demands in the future, thus adding new growth avenues to the thriving crane industry.