Global mobile crane market size was valued at USD 15.72 billion in 2021, and it is expected to reach a value of USD 23.92 billion by 2028, at a CAGR of 6.18% over the forecast period (2022–2028).
Westford, USA, Nov. 30, 2022 (GLOBE NEWSWIRE) — SkyQuest’s 2022 mobile crane market forecast projects that the market will grow at a CAGR of 6.18% over the next seven years, reaching a total value of $23.92 billion by 2028. The growth is attributable to the increased demand for mobile cranes in various markets, such as civil engineering, mining, and construction. By 2028, 80% of all mobile cranes will be equipped with some form of advanced technology such as GPS or wireless communications. In addition, machine-to-machine (M2M) communication and networked control will also be essential components of the mobile crane ecosystem.
With the increasing demand for mobile crane market, manufacturers are responding with new models that are even more versatile and versatile. In 2021, a total of 26,477 mobile cranes were sold globally. This number is expected to grow to more than 28,000 in 2025. One of the most popular uses of mobile cranes is in construction sites. These cranes allow contractors to move large objects quickly and efficiently. They are also perfect for use around delicate areas or in tight spaces. Another common use for mobile cranes is in manufacturing plants. These cranes are ideal for moving heavy objects or materials across a factory floor. They also make it easy to access difficult-to-reach areas. Many mobile cranes can also be used for other purposes, such as military operations or environmental emergencies. These cranes can be used to lift heavy objects or carry people and equipment into dangerous territories.
To identify the key players and to gain an understanding of their strategies in the global mobile crane market, SkyQuest conducted a survey that included interviews with more than 50 decision makers including companies active in the industry, analysts, and end users. The leading players include Caterpillar (CAT), Roche (RHHBY), Mitsubishi Electric Heavy Industries Ltd., Hanwha Corporation (HQCL), and Hyundai Heavy Industries Co., Ltd.
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High Cost of Ownership and Limited Range of Application to Challenge Mobile Crane Market Growth
The market is plagued by a number of challenges, including the high cost of ownership and maintenance, a limited range of suitable applications, and the need for specialized training. To address these challenges, SkyQuest has conducted a study of the mobile crane industry to identify key opportunities and potential growth drivers. Our analysis reveals that the market faces considerable obstacles but also considerable potential. Here are key findings:
1. The high cost of ownership and maintenance is one of the main barriers to growth in the mobile crane market. The average cost of ownership stands at $85,000 per machine, far beyond the reach of many businesses. To lower costs and make mobile cranes more accessible to larger companies, we recommend that manufacturers focus on developing cost-effective modular hardware and software platforms that can be upgraded or customized as needed.
2. The limited range of suitable applications is another challenge facing the mobile crane industry. Unlike stationary cranes that are used in a variety of applications such as construction, mining, and transportation, mobile cranes are mainly used for industrial construction tasks such as site work, installation, and rigging. To tap into this market opportunity, we recommend that manufacturers develop new applications for mobile cranes, such as using them for offshore construction work.
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Truck Mounted Mobile Crane Generates Over 63% Revenue of Mobile Crane Market
According to SkyQuest’s latest report, truck mounted mobile cranes are in high demand and will continue to be in demand for the foreseeable future. The main drivers of this demand are the growing construction industry and the increasing deployment of infrastructure projects. Overall, the global truck mounted mobile crane market is expected to grow at a CAGR of 5.5% through 2021. This increase in demand can be attributed to a number of factors, including the increasing popularity of large-scale infrastructure projects such as airports and bridges. Additionally, more traditional construction sites are now involving mobile cranes as part of their overall construction process, due to the increased complexity and size of some projects.
The report on global mobile crane market also states that the key areas in Europe where this type of crane is in highest demand are France, Italy, Spain and Turkey. In France, for example, the demand for truck mounted mobile cranes is led by infrastructure projects such as the construction of a new airport and the renovation of Paris Disneyland. Italy also experiences high demand for these cranes, especially for projects such as the renovation of Rome’s Colosseum and the construction of a new motorway. Spain is another country where truck mounted mobile cranes are in high demand, mainly due to the construction of a new highway between Barcelona and Madrid. infrastructure projects such as the erection of a new bridge over the Bosphorus Strait.
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Key Trends in Global Mobile Crane Market
1. Development of innovative mobile crane solutions: As the market for mobile cranes continues to grow, crane OEMs are investing in new technology solutions to keep up. Some of the most innovative mobile crane solutions include drones and autonomous systems. Drones have become increasingly popular as a means of delivering goods and materials. They are also used for surveying and mapping, which can benefit the mobile crane industry. Autonomous systems are being developed to improve the safety and efficiency of mobile cranes. They can help operators avoid obstacles and collisions, and can even handle intricate tasks such as loading and unloading cargo.
2. Increased demand for heavy-duty cranes in mobile crane market: The increased demand for heavy-duty cranes is making mobile cranes a more popular solution. These cranes are able to lift loads up to 170 tons, which makes them ideal for construction sites, mining operations, and agricultural production pipelines.
3. Expansion of the offshore oil and gas industry: The offshore oil and gas industry is one of the fastest-growing sectors in the global economy. As a result, the demand for mobile cranes has increased sharply in this area. These cranes are used to move equipment and supplies around oil platforms and rigs.
4. Increased use of mobile cranes in manufacturing environments: Mobile cranes are increasingly being used in manufacturing environments. This is due to their ability to quickly move large pieces of equipment around factories.
Key Companies in Mobile Crane Market
- Konecranes (Finland)
- Liebherr (Germany)
- Tadano (Japan)
- Terex (US)
- Zoomlion (China)
- Ingersoll Rand (US)
- Palfinger (Austria)
- Columbus McKinnon (US)
- Kito (Japan)
- Kobelco (Japan)
- Sumitomo Heavy Industries (Japan)
- ABUS Kransysteme (Germany)
- XCMG (China)
- Mammoet (The Netherlands)
- Kato Works (Japan)
- Altec Industries (US)
- Verlinde (France)
- Shanghai Yiying Crane Machinery (China)
- Nucleon Crane Group (China)
- Cheng Day Machinery Works (Taiwan)
- Liugong Machinery (China)
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SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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