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The global market for mobile cranes reached a valuation of $14.4 billion in 2021, and is forecast to hit $24.5 billion by 2031, with a compound annual growth rate (CAGR) of 5.3% from 2022 to 2031. Mobile cranes, designed for lifting materials, boast either hydraulic telescopic arms or lattice booms to handle medium to heavy loads. Their mobility enables easy relocation between job sites, distinguishing them from fixed cranes. Quick installation, self-decking, and un-decking capabilities contribute to their efficiency, although travel time to lift locations may vary based on crane size.
The incorporation of industry automation and remote operation has significantly enhanced their usability and operability while maintaining lower operational costs. Additionally, the introduction of hybrid cranes, capable of running on conventional fuel or electricity, has bolstered demand for mobile cranes. Improvements in aftermarket services are also expected to fuel market growth.
The expansion of cities vertically necessitates efficient and agile lifting solutions, where mobile cranes excel due to their mobility and adaptability, especially in congested urban spaces. They are indispensable for large-scale infrastructure projects like bridges, highways and airports, performing tasks from material handling to structural assembly. The energy sector's growth, particularly in oil and gas exploration, further drives demand for mobile cranes in remote and challenging environments.
Construction is expected to be the fastest growing end-user segment, fueled by the launch of highly maneuverable and high load-bearing capacity mobile cranes, catering to the infrastructure sector's increased demand.
While mobile cranes require a significant upfront investment, their long-term benefits outweigh initial costs. Compliance with stringent safety and environmental regulations drives up production costs. Modern mobile cranes equipped with telematics systems allow real-time monitoring, contributing to better maintenance practices. The industry is shifting towards eco-friendly solutions with hybrid and electric-powered mobile cranes, reducing emissions and operational costs.
