Global commitments to build intelligent and connected cities has created novel business opportunities in the construction sector. Several countries across the world are heavily engaged in renovation activities, mega projects, and development of smart urban centers – all this has exponentially increased the demand for advanced construction equipment. This international scenario has positively influenced the demand and usage of mobile cranes. They are extensively used to facilitate in the movement of heavy construction; given their compact size, mobile cranes are more feasible to install, facilitating lifting of construction material in cramped spaces. These advantageous functional features, coupled with sound government schemes and rising construction activity, is poised to open sound revenue streams in the global mobile crane market. In the near future, major market players in this market are expected to indulge in strategic ventures and robust R&D endeavors, unlocking the promising potential of the mobile crane market.
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Innovation in Manufacturing of Mobile Cranes to Create Promising Business Outcomes
Intense innovation using advanced technologies such as artificial intelligence, big data, machine learning, SCADA, and Industrial Internet of Things has created a positive impact in the global mobile crane market. The manufacturing of advanced cranes sets off a series of operational benefits for crane operators and industry players as mobile cranes embedded with multiple sensors and probes enable crane operators to better control the machine. In the coming years, robust research and experimentation to build more advanced mobile cranes is expected to augment the demand for mobile cranes. The procurement of advanced mobile cranes by the government and private sector alike is projected to increase due to their highly promising investments in the construction of new commercial and residential infrastructures. In the years to follow, the combined force of these factors is poised to substantially expand the global mobile crane market.
Superior Performance to Increase Demand for All-Terrain Mobile Cranes
Over the forecast period, all-terrain cranes are projected to command a significant market share in the mobile crane market as they have more powerful lifting and maneuvering prowess. These cranes are useful in many end-use applications including oil and gas, power utilities, ship building, and construction. Given the overarching benefits of using all-terrain cranes in these industries, their demand is predicted to significantly increase over the course of the assessment period. Despite this sound business landscape, insufficient and inappropriate mobile crane operation training is anticipated to be a critical challenge. However, industry players are expected to overcome this challenge by seeking novel ways to offer comprehensive training to mobile crane operators.
North America Sustains Market Dominance; APAC Promising Region
North America is set to maintain its dominance in the global mobile crane market. In this region, the primary market drivers include growing number of commercial and residential projects, reduced oil prices, favorable sales of underused mobile cranes, and increase in infrastructure development activities. Mobile crane market of the Asia Pacific is also predicted to exhibit promising growth due to support from government policies, rising number of mega renovation projects, and presence of lucrative opportunities in its construction sector.
Some of the major market players in the global mobile crane market include Liebherr International, TADANO Ltd., Kato Works, Cargotec Corporation, Zoomlion, Bauer AG, Sumitomo Heavy Industries Ltd., Konecranes, and Terex Corporation among others.
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