Continuous technological advancements in the crane sector have led to the creation of more adaptable, intelligent and modular cranes.
There is great demand for more energy-efficient, lighter-weight and compact cranes. With these changes, the cranes market is poised to mature during the forecast phase of 2017 to 2024.
Reasons for the growth of the cranes market include higher demand from the construction and infrastructure industry, the growth of economies in developing nations, rejuvenation of the construction industry in developed nations with an improving fiscal scenario, rapid urbanization, construction of smart cities and mega cities, and technological innovations.
It is expected the market for marine cranes will report the highest growth in the forecast period due to increasing sea trade. The market for fixed cranes is going to grow at a slower rate. Improving fiscal situations in developing countries like India, China, Brazil, and the African and the Latin American region will lead to rapid urbanization and the need for more construction activities.
Mobile cranes will have the largest market share in the coming year with the expected increase in construction activity. This market growth will push the construction industry forward.