A crane is typically used for construction purposes, and it consists of a rope that is hoisted, sheaves, chains which are used for picking up and dropping materials. The original use case of the crane is to lift loads that are heavy and move them to other locations.
Causes of the boom of the crane industry
Due to the increase in the construction industry and the cement market, the demand for cranes is bound to accelerate soon. More and more countries are investing in infrastructure, and there is a shift of focus from the Government to providing a better lifestyle to its citizens. All this, in a nutshell, means more buildings and houses being built, which means more of the equipment required, that is the crane.
Specifically, the significant factors that can be seen as pointers for growth are the construction of family homes, highways, bridges, metros and expressways which are essential to house the rapidly growing population.
Both the transportation and the construction industries contribute significantly to the demand for cranes. They are typically required for all upcoming projects and ongoing ones as well. These cranes are usually used during the entire construction period of any structure.
With the wide variety of equipment, especially cranes available, the industries are spoilt for choice. Now, they have options for all levels and degrees of constructions from small homes to kilometre high towers. The mobile cranes and conventional cranes both have been undergoing a rapid upgrade, and now, they fulfil more requirements than ever before.
Cranes help to reduce the need for other equipment and human load significantly. Plus, it expedites the work which typically takes a longer duration to complete.
Currently, there is an increase for cranes that can be rented as opposed to the newer cranes. But because many governments have put stringent rules for emission in place, the demand for new cranes has not fallen at all.
Cranes are used in renovation activities as well. Cities have increasingly become open to renovations on structures that are old, keeping the safety concerns in mind. Thus, cranes are required for not only building new structures but at some point in time, to work on an existing structure as well.
Europe generates the second highest revenue due to its increased adoption across multiple industries mainly the gas, oil and construction industries. However, it has been affected lately primarily due to the subsidies introduced for the wind power market which effectively took place in Germany.
Since construction has been increasingly augmented in countries such as India and other Asian markets, entire Asia – Pacific Region is set to be the next hotspot for cranes and its market.
Considering India, construction is in an attractive boom and is expected to grow at double the pace of China until the year 2030. Due to the rapidly increasing population of the country, infrastructure is essential for the economy. The Government has been putting efforts in forms of initiatives and investments to ensure seamless creation of the infrastructure in the country.
In a nutshell, we can say that the boom of cranes is existent currently and is set to grow in the future too. Sourced from Mordor Intelligence, As of 2018, the crane market globally has the value of close to $31 billion and is expected to grow at the rate of 4.26% in the space of 6 years from 2019 to 2024.