Crane Market Witnesses a Demand Surge, Rough Terrain Crane Sales to Consolidate in Oil & Gas Industry

The crane market growth is witnessing an upward trend. The downward sales of cranes post-recession period have regained on the back of ameliorating construction industry and a number of infrastructure development projects in the pipeline. Big ticket construction projects across the globe have increased the revenues of construction machinery and equipment market, in turn, fuelling the growth of the crane market worldwide.

The improving economic scenario has further bolstered the developments in the heavy duty equipment landscape. Manufacturers in the crane market have increased investments in the R&D and product development. In the past decade, crane industry introduced some of the excellent technological advances in a bid to meet evolving demand from the end-user industries, in particular compact size with enhanced lifting capacity.

With the steadily growing infrastructure and construction projects, demand for construction equipment is set to rise of which cranes are the highly valued equipment owing to their essential role in the construction activities. A range of cranes utilized on-site includes mobile cranes, truck cranes, fixed cranes, marine and port cranes, all terrain cranes and rough terrain cranes among others.

According to Fact.MR valuation, rough terrain cranes sales are expected to surpass 4910 units in 2019 growing at a 3.8% y-o-y. Overall growth of the rough terrain crane market can be attributed to multimodal factors including growing government emphasis on capacity expansion in the utilities and infrastructure sectors and introduction of efficient rough terrain crane models in the market.

RT Crane Sales in Oil & Gas Industry to Hit 1700 Units in 2019

As rough terrain cranes are designed for lifting operations in difficult terrains, demand for these cranes is estimated to consolidate in the oil & gas industry. Sales of rough terrain cranes in the oil & gas industry occupied over one third share of RT crane in 2018. Efforts of RT crane stakeholders to improve distribution network of rental services and OEM manufacturers to expand market share can be attributed to the considerable sales of RT cranes in the oil & gas industry.

Construction sector will follow the oil & gas industry in terms of rough terrain cranes demand. The construction sector is estimated to register over 1,115 units of sales in 2019 and a growth rate of 2.9%. Growing government emphasis on renewable energy generation, in particular, wind power plants is expected to support the sales of RT cranes in the future.

Japan Continues the Pole Position in Rough Terrain Crane Market in 2018

With the headquarters of industry titans including Tadano and Kobelco, Japan is estimated to hold nearly one third of the RT crane market share in 2019. Well aware of emerging opportunities in the end-use industries, prominent stakeholders in the country are engaged in expansion of production capacities and global footprints.

Sales of rough terrain cranes in APEJ are expected to closely follow Japan in 2019. An estimated 1324 units are likely to be sold in the region while witnessing over 5% y-o-y growth in 2019. Increasing focus on infrastructure development in the developing countries of APEJ and growing interest of crane manufacturers in these countries can be attributed to the rapid expansion of rough terrain crane market in the region.

In the rough terrain crane market, rental services are flourishing as end-users prefer renting the crane over owning due to the cost-intensive nature in rough terrain cranes. Well aware of these developments in the rough terrain crane marketplace, manufacturers are leveraging collaboration strategy to tie-up with rental companies. In a bid to increase market revenue share manufacturers are engaged in improving rough terrain crane distribution network in potential markets.

The aforementioned insights and numbers are according to a Fact.MR study which also tracks the performance of the rough terrain crane market for the period 2018-2027.

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