LONDON, March 14, 2016 /PRNewswire/ -- This BCC Research report provides an up-to-date analysis of recent developments and current trends in the global crane marketplace. It Identifies significant drivers of revenue growth in specific crane categories and offers forecasts through 2020.
Use this report to:
- Receive information about revenue forecasts from 2015 to 2020 for each of the major types of cranes, their subtypes and regional markets.
- Analyze major market drivers for the global crane industry, current trends within the industry and major end-user industries.
- Learn about major players in the market as well as major drivers and trends.
Highlights
- The global crane market is estimated to increase from $29.9 billion in 2015 to $38.1 billion by 2020 with a compound annual growth rate (CAGR) of 5.0 % for the period of 2015-2020.
- The mobile crane market is the largest segment of the overall global crane market and is expected to grow from $13.5 billion in 2015 to nearly $17.8 in 2020, with a CAGR 5.8%.
- The fixed crane market is expected to increase from approximately $9.7 billion in 2015 to approximately $11.9 billion in 2020, with a CAGR of 4.1%.
Introduction & Scope
INTRODUCTION
The global construction industry has seen many ups and downs in the last decade that have affected the construction equipment and material lifting market, of which cranes is an integral part. To assess the market, cranes have been broadly classified into three major types: mobile cranes, marine and port cranes, and fixed cranes. As the name suggests, mobile cranes can move around to support material lifting; thus they can be moved directly to the construction or the required site to perform the material lifting and lowering operation. Depending on the type of site, end-user industry, application, lifting material and the region, these cranes are broadly classified into truck, all-terrain, rough-terrain, truck loader and crawler cranes. Marine and port cranes find their application in the marine industry and assist in lifting material containers from ships to the shore or stacking containers at the ports. These cranes are also used on floating vessels or ships or boats to perform lifting operations onshore or offshore. These cranes are further sub classified into mobile harbor, gantry, offshore and ship cranes.
Fixed cranes are fixed to a base and are not movable. These cranes find their application on various infrastructure activities and manufacturing sectors. These cranes are broadly classified into tower and industrial/overhead cranes. All cranes vary as per their lifting capacity, outreach and height. Current market trends include a focus toward higher lifting capacity; as infrastructure gets more complex, more flexibility is also expected from material lifting equipment. The market is also focusing on "greener" fleets, advanced automation technology and fuel efficiency. Global infrastructure and construction growth, emerging markets (referred to in this report as Rest of the World [ROW]) and global trade are the major drivers of this industry. China, the largest crane market globally, is highlighted at the end of the report. This report also highlights consolidation in the markets and some major deals that have been struck since 2013 that could alter the companies' landscape.
STUDY GOALS AND OBJECTIVES
The goal of this report is to provide an up-to-date analysis of recent developments and current trends in the global crane marketplace. Identifying significant drivers of revenue growth in specific crane categories is an additional aim. The objective of this kind of systematic research is to quantify the projected impact of both internal and external forces that are affecting the global crane industry today and that will affect the industry for the next several years.
REASONS FOR DOING THE STUDY
With the increasing construction and infrastructural development in the high-growth emerging economies, especially in the Asia-Pacific region, the global demand for cranes has increased considerably in some of the major types of mobile cranes and fixed cranes. However, demand for some types of marine and port cranes, remains below or has marginally increased from the levels achieved before the economic and financial crisis of 2008. The Chinese economy, which has been a prominent market for construction equipment for years, has been on a downward trend since 2012; however, it is expected to start the recovery process by the end of 2016. Demand from the other emerging economies such as Indonesia, Malaysia, Philippines, Brazil and especially from India, which is expected to take over China as the fastest-growing economy in the world by the start of 2016, is expected to increase significantly during the forecast period (2015 to 2020). On the other hand, advanced economies showed signs of recovering growth during the end of 2014, with strong fundamental growth in the U.S.
With higher demand in the cranes market expected from the highly populated emerging economies, the governments in these regions will invest increasingly in line with the increasing expectation to improve the basic levels of infrastructure and construction needs, as well from advanced economies to update the present level of infrastructure and to invest in major projects to increase demand in order to stimulate the growth further.
SCOPE OF REPORT
The scope of this report is broad and covers several types of cranes used globally; it is broken down by three major types and further by their subtypes, regional markets and major players in each of these submarkets. The revenue forecasts from 2015 to 2020 are explained for each of these major types of cranes, their subtypes and regional markets for each type of crane. The report also includes discussion on major players across each of the sub segments within each of the three major crane markets; it explains the major market drivers for the global crane industry, the current trends within the industry and major end-user industries for the global crane market. The report concludes with a special focus on China, one of the largest crane markets. It covers the growth in the crane industry in the Chinese market; discusses the major players in the market; and the major drivers, trends and end-user industries.
INTENDED AUDIENCE
This report is intended especially for manufacturers, suppliers, end users and others in the value chain, with a vital interest in specific cranes equipment and market segments. The report should also be of interest to industries such as construction, infrastructure, energy, automotive, heavy metal, mining, etc. In addition, because of this report's business focus, it will be useful to sales executives and business managers as an up-to-date guide that includes challenges, drivers and trends that are expected to be significant factors in the current and future market.
INFORMATION SOURCES
The findings and conclusions of this report are based on information gathered from a variety of sources. The primary sources of information were Internet searches and industry association data, and interviews conducted with crane manufacturing companies, distributors and rental companies. In addition, other secondary sources were consulted for the report, including industry journals and publications, product literature, white papers and technical journals, and financial reports for industry suppliers. The base year for analysis and projection is 2014. With 2014 as a baseline, market projections were developed for 2015 to 2020. These projections are based on a combination of a consensus among the primary contacts combined with our understanding of the key market drivers, and their impact from historical and analytical perspectives. The analytical methodologies used to generate the market estimates are described in detail in the market analysis. All dollar projections presented in this report are in 2014 constant dollars.
RESEARCH METHODOLOGY
This BCC Research report, Cranes: Technologies and Global Markets, is based on a quantitative and qualitative approach. BCC Research collects data through a variety of primary and secondary sources, including, but not limited to, interviews with industry vendors, white papers, business journals, public financial proceedings and historical market data from the Internet. The market data were assessed and validated considering interrelated market attributes and the impact of global economic variables. Further, the market for each type of crane is obtained using a bottom-up approach through extensive research by lifting capacity and region. Finally, the global market was obtained by totaling all the crane segments by region.
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