Wheeled Crane Market Poised to Grow Owing to Increasing Construction Activities
Wheeled cranes are mobile lifting machines mounted on crawlers or rubber-tired chassis, with a short boom and used in construction and lifting of heavy equipment. Wheeled cranes are capable of straddling obstacles like excavations and enabling pick and carry functions with hoists, making them suitable for tasks in construction industry. They offer advantages over stationary cranes through their mobility and ease of transportation between work sites. The rising construction activities in residential, commercial and infrastructure sectors have fueled the demand for wheeled cranes worldwide.
The global wheeled crane market is estimated to be valued at US$ 10.22 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing construction activities is one of the major drivers of the wheeled crane market. Rapid urbanization and industrialization have increased infrastructure development worldwide. According to World Bank statistics, over 50% of the world's population now lives in urban areas which is projected to increase further, creating high demand for residential and commercial real estate. The growing population has necessitated construction of roads, bridges and other public infrastructure. Also, mega construction projects under China's Belt and Road initiative spanning over 70 countries will boost usage of wheeled cranes.
The rising construction activities are generating significant demand for material and equipment handling at construction sites. Wheeled cranes provide efficient lifting and transportation solutions during various construction phases like excavation, piling, concreting etc. Their versatile configurations enable lifting objects of varied sizes and shapes efficiently. Overall, the increasing construction projects globally are fueling the growth of wheeled crane market during the forecast period.
SWOT Analysis
Strength: Wheeled crane has strong load lifting capacities ranging from 10 tonnes to 100 tonnes and can lift heavy loads efficiently in construction and industrial sites in constrained areas. Their mobility allows easy transportation between project locations. Wheeled cranes have all-terrain capabilities to operate on any terrain including muddy and uneven lands.
Weakness: Wheeled cranes have high maintenance costs due to frequent wear and tear of their parts while operating under rough working conditions. Transportation of large sized wheeled cranes requires special trailers and permits increasing project costs.
Opportunity: Rising government investments in infrastructure development projects across regions provide significant opportunities for wheeled crane rental services. Rapid urbanization and industrialization in Asia Pacific and Middle East will boost demand for versatile lifting equipment in construction sector.
Threats: Slowdown in global economy can postpone capital expenditure plans of end-use industries temporarily affecting demand. Growing popularity of robotic cranes poses threat to conventional crane market.
Key Takeaways
The global Wheeled Crane market is expected to witness high growth. Being highly versatile and mobile, wheeled cranes are increasingly used for heavy lifting applications in infrastructure, construction, mining and industrial projects. The market size is projected to reach US$ 15.28 Mn by 2031 from US$ 10.22 Mn in 2023, growing at a CAGR of 5.4% during the forecast period.
Regional analysis related content comprises Asia Pacific dominates the global wheeled crane market, both in terms of production and consumption. China, India, Japan and South Korea are among the largest contributors to the Asia Pacific market led by rapid infrastructural growth. Europe and North America are other major markets driven by ongoing construction of power plants, ports and manufacturing facilities.
Key players related content comprises Key players operating in the Wheeled Crane market are Lockheed Martin, Northrop Grumman, General Dynamics, Boeing, Raytheon and L3 Technologies. They cater to diverse needs of end-use industries through innovations and technology advancements in wheeled crane designs.
Explore more related article on this topic: https://www.ukwebwire.com/wheeled-crane-market-is-powered-by-rapidly-growing-construction-industry/
https://blogger-veritas.blogspot.com/2024/01/aerial-imaging-market-growth.html
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