Selbyville, Delaware, Aug. 18, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the mobile crane market which estimates the market valuation for mobile cranes will cross US$ 25 billion by 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. Growing population and migration of people to urban areas have led to an increase in demand for efficient transport infrastructure facilities, causing a significant rise in the number of urban infrastructure projects and escalating the demand for mobile cranes.
COVID-19 pandemic has showed a negative impact on the mobile cranes market. Temporary lockdown imposed by various government authorities across the globe has adversely affected the utility services & construction activities. Moreover, restriction on international trade has reduced the sales of new equipment, hampering the market growth. However, governments are uplifting the lockdown restrictions due to reduction in COVID-19 cases, which is anticipated to accelerate the equipment sales by 2021.
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Rough terrain cranes have the capability to provide robust maneuverability over different types of surfaces, supporting the equipment demand. Established market players are making investments in R&D activities for new product innovation. For instance, in March 2020, XCMG launched a new XCR60L5_U rough terrain crane with driving safety active protection system and lifting capacity upto 60 tons. The crane has an innovative technology fault self-diagnosis system for automatic fault inspection and diagnosis.
The mobile crane market in the Asia Pacific region is anticipated to propel the equipment sale during projected timeframe 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 project, creating opportunities for mobile cranes. For instance, in August 2021, Pacifico Energy started building 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 the electricity around 143 million kWh.
Increasing demand for utility services, including fire safety, rescue operations, clearing collapsed trees & buildings, and gas & water pipeline installations, will provide a positive market outlook for the mobile crane industry. The government authorities are launching various projects to increase the consistency of electricity. For instance, in March 2021, the South African energy department launched power procurement program to mitigate the inconsistency in electricity supply across the country. Under this program, the government will issue the tender for setting up the 2,000MW power grid by 2023 to improve the electricity supply.
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 used crane service platform to buy or sell pre-owned Kobelco cranes. This service is currently active in Europe and the Middle East & Africa.
Some major findings in the mobile crane market report include:
- 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.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Mobile crane market 360° synopsis, 2016 – 2030
2.1.1 Business trends
2.1.2 Type trends
2.1.3 Capacity trends
2.1.4 Application trends
2.1.5 Regional trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on mobile crane industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research & development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.3 Manufacturers
3.3.4 End use landscape
3.3.5 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.1 North America
3.5.2 Europe
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.5 MEA
3.6 Industry impact forces
3.6.1 Mobile Crane Market Growth drivers
3.6.1.1 Increase in global construction spending
3.6.1.2 Growing popularity of telematics-enabled cranes
3.6.1.3 High growth of transportation & logistics industry in North America and Europe
3.6.1.4 Increasing equipment rental demand in Asia and Europe
3.6.1.5 Growth of Brazilian construction industry
3.6.1.6 Increasing demand for mobile cranes from energy sector in MEA
3.6.2 Industry pitfalls & challenges
3.6.2.1 High initial purchase & maintenance costs
3.6.2.2 Limited availability of skilled operators
3.7 Growth potential analysis
3.8 Porter's analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
