The global mobile crane market is projected to reach $24.5 billion by 2031, At a CAGR of 5.3% from 2022 to 2031
PORTLAND, OR, UNITED STATE, June 20, 2023/EINPresswire.com/ — The Mobile Crane Market is experiencing remarkable growth, fueled by various factors such as expanding construction and infrastructure projects, industrial development, and technological advancements. This industry is poised for significant expansion. This article delves into the key drivers, market trends, challenges, and opportunities shaping the mobile crane market’s impressive growth trajectory.
The global mobile crane market size was valued at $14.4 billion in 2021, and is projected to reach $24.5 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
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Leading market players in the Mobile Crane Market include:
Liebherr-International AG, Kobelco Construction Machinery Co., Ltd., Terex Corporation, Manitowoc Company, Inc., Xuzhou Construction Machinery Group Co., Ltd., Altec, Inc., Cargotec corporation, Zoomlion Heavy Industry Science and Technology Co., Ltd., Tadano Ltd., SANY Heavy Industry Co. Ltd.
The construction industry continues to witness substantial growth globally, leading to an increased demand for mobile cranes. These versatile machines play a crucial role in lifting and moving heavy loads at construction sites, enabling faster and more efficient project completion. With rapid urbanization, infrastructural development, and government initiatives in emerging economies, the mobile crane market is poised for substantial expansion.
Safety remains a paramount concern in the construction industry, and the mobile crane sector is no exception. Strict regulations and safety standards have been established to ensure accident prevention and worker well-being. The industry has witnessed the introduction of advanced safety features such as anti-collision systems, load moment indicators, and automatic stability control systems. As safety continues to be a priority, the demand for mobile cranes compliant with these standards is expected to surge.
The mobile crane market presents lucrative opportunities, it also faces challenges that need to be addressed. One of the primary challenges is the high initial investment required for purchasing and maintaining mobile crane equipment. Additionally, skilled operators and technicians are crucial for ensuring safe and efficient crane operations, leading to a shortage of qualified personnel in some regions.
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Challenges and Future Outlook:
The mobile crane market also offers several opportunities for growth. As sustainability becomes increasingly important, there is a growing demand for eco-friendly and energy-efficient cranes. Moreover, the incorporation of artificial intelligence, automation, and robotics in mobile crane operations presents exciting prospects for improved efficiency and productivity.
The mobile crane market is poised for substantial growth, driven by increasing construction and infrastructure projects, technological advancements, and a focus on safety standards. Industry players must embrace innovation, address challenges, and capitalize on the abundant opportunities presented by this booming market. As the global construction industry continues to expand, mobile cranes will remain essential for lifting heavy loads and facilitating efficient project execution.
Regional Analysis:
Region-wise, the global Mobile Crane Market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Asia-Pacific was the highest contributor to the global Mobile Crane Market share, and LAMEA is anticipated to secure a leading position during the forecast period.
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David Correa
Allied Analytics LLP
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