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Global Mobile Cranes Market to expand at nearly 6% CAGR through 2031
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The Mobile Cranes Market is expected to grow at a 6% CAGR through 2031, driven by recovery in construction and increased activity in APAC regions.
Mobile Cranes Market is set to expand at nearly 6% CAGR through 2031. The latest edition of the mobile crane market study builds upon the previous, widely cited report by Future Market Insights (FMI). After the unprecedented events of 2020, it has become important to capture the impact of COVID-19 and recalibrate our findings with the actual market scenario.
This edition (2021-2031) brings readers up-to-date with the key developments in mobile cranes market, providing analysis on how manufacturers and other stakeholders are reacting to change. Key industry metrics have been captured, and their impact on mobile crane sales has been analyzed.
A recent study by FMI on the mobile cranes market offers a 10-year forecast from 2021 to 2031. The study analyzes crucial trends that are currently determining market growth. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders and emerging players associated with mobile cranes. The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period.
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A detailed assessment of the value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the mobile cranes market, along with their product portfolios, enhances the reliability of this comprehensive research study.
According to the study, recovery in construction, shipping, and oil & gas will be key to mobile crane sales in 2021. Vaccination programs and optimism that China and India may not be heading for a second pandemic wave have raised hopes of a recovery in 2021. However, the slowdown induced by the pandemic will entail a long road to recovery, and in FMI’s survey with manufacturers and stakeholders, this sentiment was palpable.
China Remains a Key Market for Mobile Crane Manufacturers
Early recovery and lowering fears of a second wave have given China an edge over US and Europe in terms of COVID-19 economic recovery. Further, the government in China is heavily investing in road and infra projects, which has led to a spike in heavy equipment machinery.
According to FMI’s analysis, mobile crane manufacturers are looking to strengthen their position in APAC to offset the weakness in US and Europe. China, along with India are likely to see heightened activity from market players during the next decade.
“While increase in requirement from residential, commercial, and industrial construction sectors is spurring the growth of mobile crane manufacturers, availability of new products with wider variety is driving more potential buyers to this industry. This in turn is creating unlimited new opportunities for stakeholders in mobile cranes market,” says an FMI analyst.
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Key Takeaways from Study
Oil & Gas Industry will Provide Long-term Momentum
Oil & gas industry being a dominant end-use industry of mobile cranes, will be key to mobile crane sales in the long-term. According to the report titled “Oil 2020- Analysis” published by the International Energy Agency (IEA) on March, 2020, the global oil demand is expected to rise by a total of 5.7 mb/d, with China and India accounting for about half of growth.
As stated in the report, the world’s oil production capacity is expected to rise by 5.9 mb/d, while Non-OPEC supply will rise by 4.5 mb/d, and OPEC will build another 1.4 mb/d of crude and natural gas liquids capacity. These figures reveal the high potential of the mobile cranes industry.
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Who is Winning in this Space?
The global mobile cranes market is extremely competitive in nature. As key market players are focusing on increasing their sales footprint further, they are coming up with wide variety of products.
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The article discusses the projected growth of the Mobile Cranes Market at a 6% CAGR through 2031.
Recovery in construction and increased demand in APAC regions are key drivers.
The oil & gas industry is a dominant end-use sector, providing long-term momentum for crane sales.
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