The global Mobile Construction Cranes market is expected to reach USD 10.5 billion in 2022 and USD 15.5 billion by 2032, increasing at a CAGR of 4% between 2022 and 2032.
The global construction industry is witnessing a significant transformation, driven by advancements in technology, changing consumer demands, and an ever-growing need for infrastructure development. Mobile Construction cranes have emerged as a critical player in this evolving landscape, offering versatile solutions for lifting heavy loads and facilitating construction processes. This article delves into the Mobile Construction Cranes Market, offering valuable insights into its growth, opportunities, demand and supply trends, notable developments, and the intricate value chain that underpins this dynamic sector.
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Mobile Construction Cranes Market Growth
Urbanization is on the rise globally, with notable growth in emerging economies like India, China, Brazil, Mexico, and Argentina. This surge in urbanization is a significant factor fueling the expansion of the construction industry.
The construction sector, both in residential and commercial segments, is experiencing a noticeable uptick in activity. This surge can be attributed to the increasing demands and population growth, particularly with regards to the development of roads and transportation infrastructure. Consequently, this upward trajectory is anticipated to stimulate a surge in the global demand for mobile construction cranes.
Mobile Construction Cranes Market Opportunities
Increasing urban construction and rising rental demand are boosting the global market for mobile construction cranes. The economic recovery in various markets has led to a surge in building projects and heavy loads on tight city sites, driving the need for mobile construction cranes. Manufacturers are also witnessing growth in truck crane models as efforts to construct highways, dams, railways, and roads intensify. Notable ongoing projects include the HS2 Rail Link and Crossrail Development in the UK, Lyon-Turin High-Speed Rail in France, and the USD 100 million refurbishment of a concrete building in Montreal, Canada, for new occupants.
Mobile Construction Cranes Market Demand & Supply Trends
The demand for mobile construction cranes is influenced by various trends. High-rise building construction and the increasing popularity of skyscrapers have driven the demand for cranes with higher lifting capacities and longer reach. In addition, the demand for mobile construction cranes is seasonal, often peaking during the summer months when construction activity is at its highest. Manufacturers are also focusing on providing rental options to meet the fluctuating demand, ensuring that they can offer the right equipment at the right time.
Key Companies Profiled In This Report
- Liebherr International AG
- Terex Corporation
- Manitowoc Co. Inc.
- Tadano Ltd.
- Kobelco Construction machinery
- Palfinger AG
- Sumitomo Heavy Industries
- Zoomlion Heavy Industries
- XCMG Co. Ltd
- Sany Heavy Industries Co. Ltd.
- Others
After experiencing a 2% reduction in 2020, the construction output in the United States is projected to witness annual growth exceeding 3% in 2022 and 2023. The performance of residential construction is in a state of flux, primarily driven by the increasing demand for single-family housing. This demand surge is a result of additional disposable income, a direct outcome of substantial government stimulus packages, further bolstering the demand for home renovations and improvements.
However, the short-term outlook for commercial building construction appears subdued due to the low levels of investment observed over the past two years, a direct consequence of the COVID-19 pandemic. In addition to this, the United States mobile construction cranes market stands as a prominent player in the regional construction landscape. It is poised for substantial growth in the medium to long term, thanks to the government’s positive long-term outlook.
The U.S. Congress is currently in the process of approving a comprehensive infrastructure bill proposed by the government. This bill aims to foster inclusive investments in aging infrastructure, encompassing areas such as highways, roads, bridges, broadband expansion, and rail development.
Mobile Construction Cranes Market Notable Developments
The mobile construction cranes market has witnessed several noteworthy developments in recent years. One of the most significant trends is the integration of telematics and digital solutions. Cranes are now equipped with advanced sensors and communication systems, allowing for real-time monitoring, predictive maintenance, and improved safety. These developments not only enhance efficiency but also reduce downtime, lowering operational costs for construction companies.
Another notable development is the increasing use of electric and hybrid mobile construction cranes. With a growing emphasis on sustainability, these cranes are designed to reduce emissions and environmental impact. Furthermore, manufacturers are exploring automation and remote control technologies to enhance safety and precision during crane operations.
Competitive Landscape
The global mobile construction cranes market is marked by a substantial degree of fragmentation and competitiveness, primarily attributed to the presence of various regional and domestic manufacturers. Prominent players in the industry have employed a range of marketing strategies, including collaborations, expansions, partnerships, mergers, and acquisitions.
In a recent report by Fact.MR, comprehensive information on pricing from top mobile construction crane manufacturers, production capacities across different regions, sales growth, and potential technological advancements has been provided.
For example:
- On the 4th of August 2019, Liebherr International AG introduced the L1-32 crane as part of its L1 series at Bauma 2019. This crane boasts a remarkable maximum load capacity of 4 tons and a 30-meter radius.
- On the 7th of July 2021, Terex completed the acquisition of MDS International, a multinational company based in Ireland. This strategic move allows Terex to expand its operations and broaden its consumer base.
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The mobile construction cranes market is experiencing growth and transformation driven by urbanization, technological advancements, and sustainability initiatives. Opportunities are abundant, and the demand is closely linked to construction trends. Notable developments in telematics, electric and hybrid technology, and automation are shaping the future of the industry. The value chain, with its diverse set of stakeholders, is critical to ensuring that mobile construction cranes continue to play a pivotal role in the construction sector. As the construction industry evolves, so too will the mobile construction cranes market, adapting to meet the ever-changing demands of the modern world.
About Fact.MR:
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