LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global truck-mounted crane market is expected to reach USD 2,688 million by 2021, growing at a CAGR of almost 7%.
This research report titled ‘Global Truck-mounted 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.
Urbanization is anticipated to spur the growth of the global truck-mounted crane market as they help in determining the potential number of buildings and nonbuilding infrastructure to assess the extent of new construction activities. The legal and regulatory environment related to emissions and technological innovations in equipment design is also influencing the sales of truck-mounted cranes.
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Technavio’s heavy industry research analysts categorize the global truck-mounted crane market into three major segments by end-user. They are:
The construction sector accounted for 46.99% of the market share in 2016. The highest demand for the truck-mounted crane is from construction activities like residential buildings, commercial buildings, and infrastructure projects. The rapid growth of the non-residential construction industry is anticipated from the construction of office buildings.
According to Gaurav Mohindru, a lead construction research analyst from Technavio, “Developing countries like India and China are under a period of rapid and sustained economic growth, necessitating the development of offices and extra commercial space. This development will boost the demand for truck-mounted cranes in the coming years.”
The industries segment of the global truck-mounted crane market accounted for 34.98% of the market in 2016. Developing economies are increasing their manufacturing capacities and are setting up new factories, which is becoming a major growth driver for this segment. The need for smart and high-capacity truck-mounted cranes is also increasing due to the industrialization trend worldwide.
“The industries segment is expected to grow because of the high adoption of truck-mounted cranes in the fields of oil exploration, and industrial construction and maintenance. The recovery in energy prices is expected to increase the capacity addition in the oil and gas sector. As a result, this will increase the demand for truck-mounted cranes in the coming years,” says Gaurav.
Truck-mounted cranes in the utilities sector accounted for a revenue of USD 353 million in 2016. This sector is expected to be the fastest growing segment during the forecast period. The growing demand for energy is spurring the construction of more power plants, leading to the need for truck-mounted cranes. For instance, in North America, the demand for truck-mounted cranes has increased because many companies in the region are setting up new power factories and revamping their existing production facilities.
The top vendors highlighted by Technavio’s research analysts in this report are:
- 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, re-sellers, and end-users.
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