Prominent Players
Dus Architects (The Netherlands), Winsun Global (China), Skanska AB (Sweden), Cybe Construction (The Netherlands), Foster + Partners (London), Sika AG (Switzerland), HeidelbergCement AG (Germany), LafargeHolcim Ltd (Switzerland), Balfour Beatty (U.S.), and Apis Cor (Russian Federation) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Crane Market.
Global Crane Market – Overview
Crane is primarily used for lifting heavy loads and transporting them to other places. It is widely used in mining, shipyards and marine sector. The Global Crane Market is growing with the rapid pace; mainly due to growing construction and infrastructure sector across the globe.
According to a recent study report published by the Market Research Future, The global market of Crane is booming and expected to gain prominence over the forecast period. The global Crane market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, double digit CAGR of 5.9% during the estimated period (2016 – 2023).
Currently, the crane market is spurting mainly due to the increasing FDI in construction in emerging nations and supportive government regulations and policies. Governments across all regions are seen promoting and developing their construction & infrastructure sector. The emerging nations are particularly bringing various reforms and regulations to boost their infrastructure growth and real-estate market. Many key players across the globe are investing heavily in their Research and development and coming up with new innovating crane models. Technological innovations in crane models have resulted in more fuel-efficient and cost-effective cranes, which offer a high level of safety. These factors have had a positive influence on the growth of the market. However, high initial investment is the factor that may hamper the growth of the market.
Crane Global Market – Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Crane appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, and services. Vendors operating in the market strive to deliver the best quality products and services based on innovative technologies, and best practices. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. Crane market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.
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Industry News
In June 2017, Maxim Crane Works, L.P. and Essex Rental Corp. jointly announced the successful completion of the acquisition by Maxim of Coast Crane Company, one of the largest providers of bare crane rental and related lift solutions servicing the West Coast of the United States.
In April 2017, Leavitt Cranes has acquired the assets of Pacific Tower Crane and Pacific Lift Equipment from Barnhart Crane & Rigging Co. of Memphis, Tenn.
In April 2015, Liebherr-Werk Biberach GmbH completed its takeover of the tower crane business from the Shriro Group in Hong Kong at the end of 2014. The company continues to build on its presence on the Asian market by taking over the business’s entire hire fleet and all staff.
Crane Market – Segmentation
Global Crane Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
Segmentation:
Based on Crane Types, the market has been segmented into Mobile Cranes, Fixed Cranes, and Marine Cranes. Mobile cranes dominates the crane type segment of the market. Increasing investments in power transmission and distribution (T&D) networks increase the demand of mobile crane. Tower crane is the type of fixed crane. These cranes are operated from a fixed place and used to carry Heavy loads.
Based on application, the market has been segmented into Construction & Infrastructure, Mining, Oil & Gas, and others. Construction & Infrastructure dominates the application segment of the market. Factors such as the recovery of the housing market across the globe and rapid growth in the non-residential construction industry are the key contributors to the dominance of this segment in the global market.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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Global Crane Market – Regional Analysis
Asia Pacific region dominates the global crane market. It is expected to grow at a highest CAGR during the forecast period. Increase in construction activities in countries such as China, Japan, India, and Indonesia in Asia Pacific region, is the major factor fuelling the growth of the market. Additionally, increase in industrialization, rising urbanized population, and growth in spending capacity are the factors pouring the growth of the market in Asia-Pacific region. China is one of the leading markets in the Asia-Pacific region. The Chinese Government issued several favorable policies for lowering the proportion of down payment for second house loans and exempting of sales tax for ordinary housing, which helped the recovery of commercial housing market. This will provide the positive influence on the growth of the market.
North America another major region for the global crane market. The U.S. is the major markets in North America. Strong development in commercial and residential structures in the U.S., is anticipated to fuel the demand for market in the region.
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