The Global Crane market is to grow at a CAGR of 7.16 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing civil engineering and construction activities in the APAC region. The Global Crane market has also been witnessing the development of next-generation cranes. However, the increasing total cost of ownership could pose a challenge to the growth of this market.
The growth of the Global Crane lies behind the increase in technological innovation across the globe. Several manufacturers are developing technologically advanced cranes which have better control systems and are more efficient. For instance, some manufacturers are developing cranes that are equipped with an electrical variable frequency drive (VFD) system. This system has the capability to control the rotational speed of an alternating current motor. Moreover, a VFD crane only requires a low start current and does not require a peak start current, which makes this crane more precise and accurate than any other cranes such as electrohydraulic cranes, making them an attractive option for end-users. Thus, the development of next-generation cranes will lead to the growth of Global Crane market during forecast period.
The increase in the civil engineering and construction activities in the APAC region is one of the major factors driving the growth of the Global Crane market. The governments in several countries such as India, China, and Japan have been investing in the development of enhanced infrastructural projects. Several new commercial, residential, and industrial buildings have been constructed in these countries in order to satisfy the demands of the growing population. Several types of mobile cranes such as truck cranes and crawler cranes are used during civil engineering and construction activities to use carrying or lifting objects from one place to another place.
The key vendors dominating this market space are Liebherr Group, Cargotec Oy, Terex Corp., and XCMG Group.
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