Sellbyville, DE -- (SBWIRE) -- 10/09/2018 -- In the Crane Market, the oil & gas industry accounted for around 20% of the overall revenue and is anticipated to grow at a steady rate over the forecast timespan. The rise in the adoption of mobile Crane Market is expected to accelerate owing to the expansion in the cement plants and infrastructure development. The construction and transportation sectors are the major segments contributing toward the adoption of mobile cranes with many on-going projects.  

Several major economies across the globe are contributing toward the industry growth, with construction and retrofit market growing at a significantly high pace. The crane market will witness a growing demand for the upgrading of mobile cranes in the coming years.

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Crane Market is expected to exceed USD 20 billion by 2024. Increasing construction spending across the globe is a major factor driving the crane market growth. Shifting focus of the government entities on infrastructure development coupled with growing consumer preference for aesthetic and luxurious constructions will drive the industry growth. Urbanization, environmental impacts, and population growth have surged the need for sustainable and smart infrastructure solutions.

In addition, the growing demand for fuel-efficient and advanced cranes is rapidly gaining popularity due to their cost-effective performance and a high level of safety. Construction companies prefer using fuel-efficient equipment as it emits less carbon and enables fuel savings.

Public infrastructure and government utilities in North America will witness a high adoption of cranes owing to the construction of reservoirs, wastewater treatment plants, and power lines across the region thereby providing an impetus to the crane market.

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Growing adoption of mobile and tower cranes for construction activities is accelerating the U.S. crane market growth. Increasing adoption of the cranes was owing to the rise in home construction, nonresidential building, and government construction activities. According to the U.S. Commerce Department, the construction spending rose to 0.9 percent in November 2016 by 0.3 percent. The constantly-growing population in the region has resulted in increased investments in the infrastructure development sector. Rapid urbanization in the country is demanding the faster construction of facilities and buildings for the growing population. In addition, the rising government investments in infrastructural operations have provided a potential for the growth of the crane market.

In Europe, the focus of the crane manufacturers is on implementing new safety standards relating to the assembly and dismantling of the machine. An important product development issue across the entire range of crane types is the reduction of diesel engine exhaust emissions in compliance with Stage V of the EU Regulation on emission limits for mobile machinery. Europe accounted for the second largest revenue in crane market owing to the growing usage of cranes across the construction and oil & gas industries. However, the European market was hurt by changes in subsidies in the wind power market in Germany, resulting in fewer crawler crane sales.

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Key players participating in crane market include Palfinger AG Terex Corporation, Komatsu Ltd., Konecranes PLC, Liebherr Group, Tadano, Ltd., XCMG Group, Hitachi Sumitomo Heavy Industries, and Manitowoc among others. The crane industry is highly fragmented and competitive in nature owing to the presence of several regional and international players, who are actively investing in R&D and developing technologically-advanced products to sustain in the industry. There is an inclination toward energy-efficient cranes as they help in reducing carbon emissions. Several players are ensuring new product development initiatives to foster the crane market growth.