Growth in the construction, mining and waste management industries is expected to positively influence the growth of global industrial cranes market.
New York, NY -- (SBWIRE) -- 08/17/2017 -- Crane is a machine used for lifting and lowering materials with the help of metallic cables and to move them in a horizontal direction. The crane mechanism comprises of high tensile cables, ropes, and chains, coiled over a hoisting drum and several pulleys. Most commonly, these cranes are used in various industries for continuous operation and at container handling spots. High technological development in the crane industry has led to more reliable and energy efficient cranes.
There are various types of cranes used for industrial applications, which are overhead cranes, gantry cranes, jib cranes, etc. These cranes differ in arrangement of support and hoisting mechanism. Industrial cranes can be remote operated, cab operated or stick controlled.
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Market Dynamics: Industrial Cranes Market
The cranes are used in virtually all manufacturing industries, including automotive industry, iron ore processing industry, chemical industry, mining and bulk handling sectors, harbour, ports or dockyards. Growing manufacturing sector and other associated industries are estimated to fuel the demand for industrial cranes over the next decade. The market is projected to witness positive growth in the forecast period. Growth of construction industry and rapid urbanization are factors projected to boost the global industrial cranes market. Improved technology and automation will support the construction and production of efficient industrial cranes. High initial and maintenance costs associated with the industrial cranes add extra cost to consumers. Need of trained professionals for accurate operations and proper manufacturing standards to avoid the accidents, stringent government regulations, and rules are acting as hurdles for the manufacturers.
Growth in the construction, mining and waste management industries is expected to positively influence the growth of global industrial cranes market. Growing product innovation is expected to create several opportunities in the industrial cranes market.
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Regional Outlook: Industrial Cranes Market
Over an era of industrial growth, North America, Europe and Japan have dominated the global industrial cranes market due to significant demand in various industrial and construction sectors. However, over the past few years, the industrial cranes have witnessed significant demand from developing countries spread across Asia Pacific and Middle East and Africa regions. Developing economies, which are turning out as the major attraction for investors and growing significantly in terms of GDP are estimated to act as loci of the global industrial cranes market growth. On the country level, India, China, Mexico and several MEA and ASEAN countries are estimated to offer significant demand for industrial cranes over the forecast period. Whereas, developed countries such as the U.S., Canada, EU- Member (France, Germany, Italy, Spain, and United Kingdom) and Japan are estimated to grow at a relatively less pace. Manufacturers tend to equip their industries with high-end safety. This is expected to act as a catalyst for the growth of the overall industrial cranes market over the forecast period.
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The global industrial cranes market is moderately fragmented, where the low capacity cranes market is dominated by local or regional manufacturers, while the large capacity cranes market is led by the global players offering high technology products and services. Examples of some of the market participants in the global Industrial Cranes market, identified across the value chain include: Konecranes Plc., Sumitomo Heavy Industries Material Handling Systems Co.,Ltd., Gorbel Inc., North American Industries, ElectroMech Material Handling Systems (India) Pvt. Ltd., Demag (Terex MHPS Corp.), Street Crane Company Limited, Kundel Industries Inc., American Crane Norway A/S, Uesco Industries, Inc., Whiting Corporation, Asia Cranes Pvt Ltd.
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