LONDON--(BUSINESS WIRE)--The new mobile crane market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the Rapid Development in the Power Distribution Sector across the Globe,” says a senior analyst for the Industrials industry at Technavio.
Mobile cranes are extensively used during construction and maintenance activities in power distribution. The increasing demand for energy is leading to the expansion and upgrading of power grids and distribution networks. The rising investments in the energy transmission and distribution (T&D) networks and the upgrading and expansion of existing networks will increase the demand for mobile cranes in the sector. The application of smart grid solutions for power transmission and expansion is also boosting the industry to upgrade existing systems. This rising demand from the power sector is expected to propel the global mobile crane market growth during the forecast period.
As the markets recover, Technavio expects the mobile crane market size to grow by USD 1.39 billion during the period 2020-2024.
Mobile Crane Market Segment Highlights for 2020
- The mobile crane market is expected to post a year-over-year growth rate of -2.95%.
- The construction segment of the global mobile crane market is expected to record a significant growth rate during the forecast period, with the rise in the use of new cranes by various construction contractors and an increase in the number of investments in the construction sector.
- In addition, a significant increase in infrastructure spending by governments in various regions is expected to drive the growth of the construction segment, which, in turn, will augment the adoption of global mobile crane in this segment.
- 63% of the growth will originate from the APAC region.
- The large-scale investments in the construction and modernization of infrastructure will significantly drive mobile crane market growth in this region over the forecast period.
- China and Japan are the key markets for mobile cranes in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.
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- The mobile crane market size is expected to accelerate at a CAGR of almost 2% during the forecast period.
- The mobile crane market is segmented by End-user (Construction, Industries, and Utilities) and Geography (APAC, Europe, North America, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Action Construction Equipment Ltd., Altec Inc., Böcker Maschinenwerke GmbH, Broderson Manufacturing Corp., Escorts Ltd., Liebherr-International AG, Tadano Ltd., Terex Corp., The Manitowoc Co. Inc., and Xugong Group Construction Machinery Co. Ltd.
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