Cranes Market Sees Modest Growth Ahead as Emerging Countries Bring Demand, According to BCC Research
By Marketwired News
By Marketwired News
WELLESLEY, MA–(Marketwired – December 09, 2015) – The overall cranes market saw tepid sales in 2014, reflecting an industry still seeking its footing after the economic crisis of 2008. BCC Research reveals in its new report the global market should experience modest volume gains in the near future, especially as demand rises from emerging countries.
Cranes are an integral part of the global material lifting industry. Companies worldwide are focusing their R&D efforts on technological innovations in order to improve the flexibility, lifting and outreach capacity of cranes used in construction activity or at ports for container lifting. Cranes are classified broadly into three major types: mobile cranes, marine and port cranes, and fixed cranes.
The global crane market is estimated to reach about $29.9 billion (258,413 units) and $38.1 billion (326,630 units) in 2015 and 2020, respectively, reflecting a five-year compound annual growth rate (CAGR) of 5%. The mobile crane market, the largest segment, accounted for 45.3% in 2014, in terms of value. With a projected five-year (2015-2020) CAGR of 5.8%, this segment will grow faster than the overall market. The other two segments, marine and port cranes and fixed cranes, accounted for 22.7% and 32%, respectively, in terms of 2014 value.
In 2014, the overall crane market progressed positively. However, market growth still remains below the growth rate achieved before the economic crisis of 2008. Also, the downtrend experienced by the Chinese economy since 2012 has negatively impacted the overall market, primarily due to its prominent position as the market leader in the construction equipment market.
Overall sales in the mobile cranes market are estimated to increase during the forecast period. The overall growth was affected by the lower demand in the Chinese economy. However, due to stable EU recovery, reviving growth in the U.S. and stable demand in the several emerging economies, the overall demand remained flat compared with 2014. During the forecast period, the demand is expected to increase significantly across all regions, including China, but only after 2016.
The highest growth by crane type in the overall cranes market, in terms of volume, should be in truck cranes, which is estimated to grow at a CAGR of 10.8%, followed by rail-mounted gantry cranes, truck loader cranes and ship-to-shore cranes, which are estimated to grow at CAGRs of 7.1%, 5.8% and 5.7%, respectively, during the forecast period.
“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,” says BCC Research analyst Aneesh Kumar. “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.”
Cranes: Technologies and Global Markets (MFG032B) discusses cranes types used in the construction, manufacturing and transportation industries, with an examination of global market sizes, product trends, and the overall competitive landscape. The report also identifies growth drivers and opportunities, and projects revenues through 2020.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today’s major industrial and technology sectors, including emerging markets. For more than 40 years we’ve helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world’s greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email firstname.lastname@example.org.
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