September 13, 2022 19:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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DUBAI, United Arab Emirates, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Suppliers are also introducing a more sophisticated variety of truck cranes, crawler cranes, or any other types of cranes as the applications of mobile cranes is becoming more diverse due to the growth in demand from many industries, including port, transportation, building & construction, to mention only some.
The sales of mobile cranes has also been driven by projects being undertaken to upgrade the current infrastructure. Around the world, a plethora of projects involving the renovation of existing buildings are in progress.
For instance, Asia Pacific countries are rapidly improving their state of economy with greater focus on developing public buildings and transport facilities. It’s also projected that OEMs would see considerable prospects for growth as a result of the real estate business expansion.
The market for mobile cranes is anticipated to expand at a moderate CAGR of 6% from 2022 to 2032. The market share for mobile cranes is predicted to grow from a total value of US$ 15.2 billion in 2022 to almost US$ 27.2 billion by 2032.
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According to the study, building, shipping, and oil and gas recovery will be critical to mobile crane sales in 2021. Vaccination campaigns and anticipation that China and India will avoid a second pandemic wave have bolstered prospects for a comeback in 2021. However, the pandemic-induced slowdown will require a long road to recovery, and this sense was clear in FMI’s survey of manufacturers and stakeholders.
China Remains a Key Market for Mobile Crane Manufacturers
Early recovery and reduced fears of a second wave have given China a COVID-19 economic recovery advantage over the US and Europe. Furthermore, the Chinese government is actively spending in road and infrastructure projects, which has resulted in an increase in heavy equipment machines.
According to FMI’s research, mobile crane manufacturers are aiming to expand their presence in APAC to compensate for difficulties in the United States and Europe. Market participants are projected to increase their engagement in China and India over the coming decade.
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“While increase in requirement from residential, commercial, and industrial construction sectors is spurring the growth of mobile crane manufacturers, availability of new products with wider variety is driving more potential buyers to this industry. This in turn is creating unlimited new opportunities for stakeholders in mobile cranes market,” says an FMI analyst.
Oil & Gas Industry will Provide Long-term Momentum
The oil and gas industry, as a prominent end-use industry for mobile cranes, will be critical to mobile crane sales in the long run. According to the International Energy Agency (IEA) report “Oil 2020- Analysis,” published in March 2020, global oil demand is predicted to climb by 5.7 mb/d, with China and India accounting for over half of the growth.
According to the analysis, global oil production capacity will increase by 5.9 million barrels per day, while non-OPEC supply will increase by 4.5 million barrels per day, and OPEC will add 1.4 million barrels per day of crude and natural gas liquids capacity. These data demonstrate the mobile cranes industry’s enormous potential.
Who is winning in this Space?
The global mobile cranes market is fiercely competitive. As important market participants want to expand their sales presence, they are developing a diverse range of items.
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Mobile Cranes Market by Category
3. Mobile Cranes Market Analysis Scenario
3.1. Global Mobile Cranes Market: Construction Equipment Industry overview
3.3. Global Mobile Cranes Market – Price Projections By Type
3.4. Global Mobile Cranes – Price Projections By Region
3.5. Global Mobile Cranes Market Forecast
3.6. Mobile Cranes Market: Value Chain Analysis
Click Here for Mobile Cranes Market 317 pages TOC Report
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