According to recent reports, the global cranes market is expected to reach USD 45.80 billion by 2027, at a CAGR of 4.1 percent during the forecast period. The major factors driving the growth of this sector include the surge in demand from the construction sector
. Furthermore, the evolving designs, with high load-lifting capacity of the newly designed and manufactured cranes, is anticipated to meet the requirements of numerous industries. This includes complex manufacturing, telecommunication worksites, and shipbuilding industries. The major factors supporting the growth of this market are the government and numerous private sectors that are investing heavily not only in the residential and commercial buildings construction sector but also the public infrastructure.
Also, manufacturers today are more focused on renting or leasing the hoists. Therefore, this has become a trend in the market. In spite of all the economic challenges, developing nations are emphasizing more on renting services. These countries include India, Italy, Vietnam, Turkey, and many other developing economies.
Lastly, rising investments by both government organizations and private enterprises in the infrastructure landscape are bolstering the growth in the global market. Since the rental service has seen tremendous growth in almost all the countries in spite of the economic challenges, renting companies are enhancing their service offering intending to become premium service providers. As a consequence, manufacturers are also shifting towards leasing or renting options on a weekly or monthly basis along with proper maintenance of the equipment.
For example, manufacturers in Vietnam are offering rental services of mobile hoists with a capacity ranging from 25 tons to 800 tons, where the rental option decreases servicing cost. This allows customers to acquire advanced equipment when needed. Moreover, in major markets such as Italy where equipment rental services are likely to be accepted and adopted easily, the rate of expansion is also anticipated to be remarkable.
Green building development
Rapid urbanization in the Asian, as well as Latin American countries, is creating a huge demand to easily transfer materials that weigh more than 500 tons. In addition to it, the growing focus on green building development by the government is further anticipated to drive the growth of this market. Other sectors such as oil & gas, mining, automotive, and other end-users are also utilizing cranes in their overall transportation process. This in turn is predicted to create a positive impact on the international market. The Asia Pacific is expected to be the fastest-growing region in the global market owing to the increasing infrastructure projects.
However, the lockdown owing to the COVID-19 pandemic has led to a dire downfall of many manufacturing processes. Moreover, closed factory activities and changes in dealer inventories are also negatively impacting the global market and since the lockdown has led to the unavailability of operators, it has reduced the revenue in on-going residential, commercial, and industrial operations.