Pune, India, Aug. 02, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Mobile Crane Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and by Crane Type, Application, and Geography”, the mobile crane market size is expected to grow from US$ 17.54 billion in 2021 to US$ 22.26 billion by 2028; it is estimated to grow at a CAGR of 3.5% from 2021 to 2028. The urbanization and population growth, and strong emphasis on automation and machine safety. However, the high procurement and operating costs associated with mobile cranes is expected hinder the growth of the market.
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Expansion into New Applications Provides Lucrative Opportunities for Mobile Crane Market:
Expansion into new applications presents a significant opportunity for the mobile crane market to diversify and expand its reach. Targeting industries and applications beyond traditional construction and infrastructure projects, the market can tap into untapped sectors and increase its customer base. One area of opportunity lies in the mining industry. Mobile cranes can be utilized for tasks such as heavy equipment installation and maintenance, material handling, and even assisting in mine site construction. The mining sector requires robust lifting solutions to handle the heavy machinery and components involved in excavation, mineral extraction, and ore processing. Manufacturers can capitalize on this sector's demand by providing specialized mobile cranes tailored to the unique needs of the mining industry. Shipbuilding is another promising application for mobile cranes. The construction and repair of ships necessitate the lifting and positioning of large components, such as ship hull sections, engines, and heavy equipment. Mobile cranes with the required lifting capacities and maneuverability can efficiently handle these tasks, making them valuable assets in shipyards. By catering to the shipbuilding industry's specific requirements, the mobile crane market can establish itself as a reliable solution provider in this niche market.
The oil and gas sector also offers opportunities for mobile cranes. Mobile cranes are essential for lifting and transporting heavy loads, equipment, and supplies on offshore rigs. They play a vital role in installation, maintenance, and decommissioning activities. Similarly, mobile cranes are employed in onshore oil and gas facilities for equipment assembly, pipeline installation, and rigging operations. By providing mobile cranes designed to withstand harsh environments and meet stringent safety standards, manufacturers can cater to the unique needs of the oil and gas industry. Furthermore, the maintenance and repair of heavy machinery and industrial equipment represent another avenue for market expansion. Mobile cranes can assist in lifting and replacing components, enabling efficient equipment servicing and minimizing downtime. Industries such as manufacturing, power generation, and transportation rely on heavy machinery, and having the right mobile crane solutions for their maintenance needs is crucial. The mobile crane market can address this segment by offering specialized cranes with the necessary lifting capacities and reach for equipment maintenance. Expanding into new applications requires understanding each industry's specific requirements and challenges. Mobile crane manufacturers can tailor their offerings by considering lifting capacities, reach, stability, maneuverability, and safety features relevant to the targeted applications. This approach allows manufacturers to provide industry-specific solutions, establish partnerships with key stakeholders, and build a reputation as reliable partners in diverse sectors.
Expansion into new applications presents a significant opportunity for the mobile crane market to diversify and expand its reach. Targeting industries and applications beyond traditional construction and infrastructure projects, the market can tap into untapped sectors and increase its customer base. One area of opportunity lies in the mining industry. Mobile cranes can be utilized for tasks such as heavy equipment installation and maintenance, material handling, and even assisting in mine site construction. The mining sector requires robust lifting solutions to handle the heavy machinery and components involved in excavation, mineral extraction, and ore processing. Manufacturers can capitalize on this sector's demand by providing specialized mobile cranes tailored to the unique needs of the mining industry. Shipbuilding is another promising application for mobile cranes. The construction and repair of ships necessitate the lifting and positioning of large components, such as ship hull sections, engines, and heavy equipment. Mobile cranes with the required lifting capacities and maneuverability can efficiently handle these tasks, making them valuable assets in shipyards. By catering to the shipbuilding industry's specific requirements, the mobile crane market can establish itself as a reliable solution provider in this niche market. The oil and gas sector also offers opportunities for mobile cranes. Mobile cranes are essential for lifting and transporting heavy loads, equipment, and supplies on offshore rigs. They play a vital role in installation, maintenance, and decommissioning activities.
China is poised to dominate the mobile crane market distinctively, separate from the broader Asia-Pacific region. Several factors contribute to China's expected dominance in the market. First and foremost, China's massive scale of infrastructure development and urbanization is a key driver. The country has been implementing ambitious plans to upgrade its transportation networks, construct new cities, and develop industrial zones. These initiatives require extensive construction activities, where mobile cranes are crucial in lifting heavy materials and equipment. China's rapid urbanization, population growth, and urban redevelopment projects contribute significantly to the demand for mobile cranes.
China's robust manufacturing sector and industrial growth also contribute to its dominance in the mobile crane market. The country's manufacturing industry spans diverse sectors, such as automotive, electronics, machinery, and construction equipment. Mobile cranes are vital for material handling, assembly, and equipment installation in these industries. As China continues to be a manufacturing powerhouse, the demand for mobile cranes to support these industrial activities remains high. Furthermore, China's emphasis on renewable energy and its status as the world's largest market for wind and solar power installations create a significant market for mobile cranes. The country has invested laboriously in renewable energy projects, including constructing wind farms and solar power plants. Mobile cranes are instrumental in installing and maintaining wind turbines and solar panels, positioning China as a leading market for mobile cranes in the energy sector. Government support and policies also play a crucial role in China's dominance.
The Chinese government has implemented various measures to boost infrastructure development and stimulate economic growth. These include the Belt and Road Initiative, urbanization plans, and industrial policies. The government's proactive approach and investment in infrastructure projects create a favorable environment for the mobile crane market, driving its growth and positioning China as a dominant player. China has a robust domestic mobile crane manufacturing industry. Several Chinese manufacturers have emerged as major players in the global market, offering a wide range of mobile crane models. The presence of these local manufacturers, coupled with the country's vast domestic market, gives China a competitive advantage in production capacity, cost-effectiveness, and customization options.
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Global Mobile Crane Market Analysis: Competitive Landscape and Key Developments
LIEBHERR-INTERNATIONAL DEUTSCHLAND GMBH; Terex Corporation; Tadano Ltd.; Zoomlion Heavy Industry Science & Technology Co., Ltd.; Xuzhou Construction Machinery Group Co., Ltd.; Sany Group; KATO WORKS CO., LTD; Kobelco Construction Machinery Co., Ltd.; Sumitomo Heavy Industries Construction Cranes Co., Ltd.; and The Manitowoc Company, Inc are a few of the key companies operating in the mobile crane market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In May 2021, In an effort to better serve the customers and as part of the global expansion of the company, Zoomlion inaugurated a production facility in Mantova, Italy. With this expansion, the company expects to further improve its foothold in Europe and global presence as a whole.
In April 2021, Liebherr introduced a compact one-man taxi crane, MK 73-3.1 mobile construction crane. This latest machine is designed to fulfill the market demands for a small, compact, and flexible mobile construction crane that is fast and agile in operation
In February 2021, Manitex Valla, an Italy-based manufacturer of mobile cranes, launched V110 R Electric Mobile Crane, which is a battery-operated and remote-controlled mobile crane.
Global Mobile Crane Market: Segmental Overview
On the basis of crane type, the mobile crane market is segmented into truck cranes, all-terrain cranes, rough terrain cranes, crawler cranes, and others. The truck cranes segment held the largest share of the market in 2020, whereas the all-terrain cranes segment is anticipated to register the highest CAGR in the market during the forecast period. Based on application, the market is segmented into construction, oil & gas, shipping & port building, power & utilities, and others. The construction segment held the largest share of the mobile crane market in 2020, whereas oil & gas segment is anticipated to register the highest CAGR in the market during the forecast period.
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