The global market is expected to see a compound annual growth rate (CAGR) of 4.1 percent through 2022, when the sector could be worth $35.9 billion, according to the report.
After years of seesawing growth and contraction, a sustained global construction and energy boom is helping to boost the worldwide market for cranes, according to a report by BCC Research.
The global market is expected to see a compound annual growth rate (CAGR) of 4.1 percent through 2022, when the sector could be worth $35.9 billion, according to the report Cranes: Technologies and Global Markets.
Major players in the market include Abus Crane Systems, Cargotec OYJ, Dearborn Cranes and Engineering, Elliott Equipment, Fassi Gru, Fuwa Heavy Industry, Huisman Equipment, IHI, Kato Works, Kobe Steel, Liebherr-International, Manitowac, Mitsubishi Heavy Industries, National Oilwell Varco, Palfinger Group, Raimondi Cranes, Sany Heavy Industry, Tadano, Xuzhou and Zoomlion Heavy Industry Science & Technology.
By key type, fixed cranes will see the slowest growth, with a CAGR through 2022 of just 2.6 percent. Mobile cranes, meanwhile, will see the strongest growth, with a CAGR of 5.1 percent through the period.
Mobile cranes will account for more than 52 percent of the market share by 2022, with fixed cranes accounting for 31.1 percent and maritime cranes accounting for 16.7 percent.
Offshore cranes are anticipating a CAGR through 2022 of 32.1 percent, though sales will only total $248 million by then and pale in comparison to total sales for crawler cranes, which will have a market value of $7.2 billion.
“In terms of units, the fixed crane segment accounted for 68.1 percent of the overall global crane market in 2016,” said report BCC Research analyst and report author Aneesh Kumar. “It is estimated to grow at a five-year CAGR of 2.7 percent. The other two segments, marine and port cranes and mobile cranes, are far behind, as they accounted for 1.0 percent and 30.9 percent, respectively, in terms of units.”
Chinese Crane Market Leads Global Industry
The Asia-Pacific region has become the largest crane market in the world. In 2016, unit sales in the Asia-Pacific region accounted for nearly 52 percent of global sales, the report noted. Overall, the Chinese market is anticipating a CAGR of 4.2 percent between 2017 and 2022, when sales could approach $8.7 billion. Within China, tower cranes are the leading crane type, with $2.6 billion in sales anticipated by 2022. The fastest growing crane segment, however, will be rail-mounted cranes, which are anticipating a 6.9 percent CAGR through 2022.
About BCC Research
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