LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global mobile crane market is projected to grow to USD 12.73 billion by 2021, at a CAGR of close to 4% over the forecast period.
This research report titled ‘Global Mobile Crane Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
A mobile crane is a lifting device, which incorporates a cable-controlled crane mounted on rubber-tired carriers or crawlers or a hydraulic-powered crane with a telescoping boom. The increased infrastructure-based development is creating a high demand for mobile cranes, acting as a key driver for the growth of the market.
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Based on end-users, the report categorizes the global mobile crane market into the following segments:
- Construction sector
- Industrial sector
- Utilities sector
“The construction segment has mobile crane requirements for residential buildings, commercial buildings, and infrastructure projects. The market segment occupies a majority 47% of the overall market,” says Likhitha Bandla, a lead analyst at Technavio for construction research.
The recovery of the residential and non-residential construction markets is expected to boost the demand for mobile cranes over the forecast period. Also, the increase in construction of transportation infrastructure and repair activities will significantly impact the market.
The industrial sector is the second largest end-user segment of the mobile crane market, projected to be worth USD 4.52 billion by 2021. Various industries use mobile cranes to move, load, offload, and trans-load various valuable and sensitive heavy materials safely. Primarily used for mobile handling, they are now being used for maintenance work in various industries.
The high adoption of mobile cranes in the fields of oil exploration, industries, and construction and maintenance is expected to be a major driver for the growth of the market segment through 2021. The stable monetary circumstances and solid macroeconomic conditions across the globe are enabling the growth of the market.
“End-users from the utility sector are expected to grow quickly in the mobile crane market, registering a CAGR of well over 4% through the forecast period. The growing demand for energy is spurring power plant construction activities, leading to the need for mobile cranes,” says Likhitha.
Mobile cranes are mainly used in the construction of transmission grids, power generation facilities, renewable power generation, installations for electricity and heat generation, solar thermal power stations, biomass facilities, and wind power installations. In addition, the power industry requires mobile cranes for maintenance purposes.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Liebherr Group
- Xuzhou Construction Machinery Group (XCMG)
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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