Wilmington, Delaware, United States, July 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global mobile and tower cranes market was valued at US$ 28.9 Bn in 2022. It is estimated to grow at a CAGR of 3.7% from 2023 to 2031 and reach US$ 40.1 Bn by the end of 2031.
The ongoing trend of urbanization, coupled with efforts aimed at creating new infrastructure and enhancing existing infrastructure, is anticipated to fuel the demand for mobile and tower cranes in the foreseeable future. The market is poised for growth due to technological advancements, continuous innovations, and a significant focus on automation and machine safety.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 28.9 Bn | |
| Estimated Value | US$ 40.1 Bn | |
| Growth Rate - CAGR | 3.7% | |
| Forecast Period | 2023–2031 | |
| No. of Pages | 130 Pages | |
| Market Segmentation | Type, By Application | |
| Regions Covered | North America, Europe, Asia Pacific Middle East & Africa, South America | |
| Companies Covered | FAVCO BERHAD, Hyva Cranes, Kobelco Cranes Global Ltd, Konecranes, Manitex International, Manitowoc, Sany Heavy Industry Co. Ltd., Tadano Faun, Terex Corporation, and WOLFFKRAN International AG | |
Mobile and Tower Cranes Market: Prominent Players
The global market for mobile and tower cranes is characterized by several regional and global entities. Some key mobile and tower cranes providers profiled by TMR include:
FAVCO BERHAD, Hyva Cranes, Kobelco Cranes Global Ltd, Konecranes, Manitex International, Manitowoc, Sany Heavy Industry Co. Ltd., Tadano Faun, Terex Corporation, and WOLFFKRAN International AG
Prominent developments in the mobile and tower cranes market domain by key players are as follows:
- United States crane manufacturer Manitex introduced the ECSY-Electric Crane System on March 9, 2023. This innovative system is specifically designed for low-noise and emissions-sensitive lifting environments.
- Terex Tower Cranes introduced the CTT 222-10 Flat Top Tower Crane on October 3, 2022. The crane showcases premium design features including Terex Power Match (TPM), an energy-saving mode, and T-Link, a remote access telematics system for fleet data.
- Konecranes introduced its sixth-generation mobile harbor cranes in June 2021, expanding its industry-leading portfolio.
The incorporation of cutting-edge technologies has enabled modern equipment to provide innovative features like GPS tracking, fleet management, and telematics solutions. For example, Terex Corporation's products come equipped with the IC-1 Plus control system, enabling operators to calculate the lifting capacity for various boom positions. The integration of such advanced systems, including telematics, is expected to drive the market's growth.
Rising demand for mobile and tower cranes is expected to create significant opportunities for Original Equipment Manufacturers (OEM). Customers' preference for renting equipment helps them save on procurement and maintenance costs, leading to reduced project expenses. This trend opens doors for manufacturers to collaborate with rental equipment companies, boosting their sales. Rental companies are also expanding their fleet size to meet the increasing rental demand, thereby fueling sales of mobile cranes in the forecast period.
Key Takeaways from the Market Report
- The global mobile and tower cranes market is expected to be worth US$ 29.97 billion as of 2023.
- From 2023 to 2031, the market is projected to grow with a CAGR of 3.7%.
- By type, mobile cranes are expected to dominate the market in 2023 while growing at a CAGR of 4.6% during the forecast period.
- By application, the construction segment is expected to generate significant demand for mobile and tower cranes with a CAGR of 5.5% during the forecast period.
- As per TMR projections, the demand for mobile and tower cranes in China is anticipated to increase at a CAGR of 4% during the forecast period.
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Mobile and Tower Cranes Market: Growth Drivers & Trends
- The rising demand for housing, especially in urban areas, has led to the construction of high-rise buildings. This drives the market growth for equipment used in lifting and handling materials at elevated heights in these construction projects.
- Government and private sectors worldwide are investing significantly in the construction of new residential and commercial buildings, as well as public infrastructure. This robust investment is expected to directly fuel the market growth.
- The rise of SCADA-connected devices and industrial IoT is enhancing the reputation of advanced cranes, which is expected to fuel sales of mobile cranes.
- Increasing demand for new equipment from rental equipment companies is expected to fuel market expansion.
Mobile and Tower Cranes Market: Regional Analysis
- Asia Pacific is expected to dominate the mobile & tower cranes market by accumulating over 41.6% market share in 2023. The region’s demand for mobile and tower cranes is anticipated to rise with a CAGR of 3.9% during the forecast period.
- The growth is attributed to increasing construction activities in emerging economies, such as India, China, and the Philippines. The implementation of India's "Bharatmala Yojana" infrastructure development scheme, along with the significant investment of US$ 200 billion from the Asian Infrastructure Investment Bank (AIIB) into the National Investment & Infrastructure Fund (NIIF), acts as a driving force for the growth of India's infrastructure sector.
- The demand for mobile and tower cranes in North America is expected to rise with a CAGR of 3.6% driven by increased investments in the power and energy, construction, and shipbuilding sectors. The United States is expected to lead the market due to government initiatives focusing on eco-friendly infrastructure development.
- This presents tremendous opportunities for mobile crane manufacturers. The rising export from the United States to other regions is anticipated to further contribute to the regional market's growth in the coming years.
Mobile and Tower Cranes Market- Key Segments
- Type
- Mobile Cranes
- All Terrain
- Rough Terrain
- Truck Crane
- Crawler Crane
- Telescopic Truck Mounted Crane
- Tower Cranes
- Self-erecting Crane
- Flat Top
- Luffing Jib Tower Crane
- Hammerhead Crane
- Mobile Tower Cranes
- Mobile Cranes
- By Application
- Oil & Gas
- Construction
- Shipping & Port
- Others
- Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
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