Home / Automotive & Transportation / Global Boom Cranes Market: Growth, Future Prospects, & Competitive Analysis, 2018 - 2026

Global Boom Cranes Market: Growth, Future Prospects, & Competitive Analysis, 2018 - 2026

Overview:

The global boom cranes market was valued at US$ 309.9 Mn in 2017 and reached is further expected to reach US$ 456.5 Mn by 2026, growing at a CAGR of 4.5% over the forecast from 2018 to 2026. Boom cranes are utility vehicles used to lift or lower heavy objects at residential, commercial, and industrial project facilities. Boom cranes have relatively greater lifting capacity and are extensively used in heavy duty applications for loading and unloading goods. Boom cranes serve wide range of customers including those in construction and telecom industry who have need for long-reach telescopic cranes. In addition, boom cranes offer flexibility in carrying heavy payloads from one site location to other, thereby eliminating the need for additional transport equipment. Thus, ease of operation, mobility offered, and safety provided by boom cranes have made them a preferred option for infrastructure development and repair activities.

Initiatives taken and consequent investments made by the governments in developing infrastructure projects across diverse industry verticals such as power generation, chemicals, and public transport, etc. is driving demand for boom cranes worldwide. Advancements in technology and consequent increase in work applications have pushed boom truck operators to demand custom-made equipment capable of serving precise needs across multiple jobsites. On the other hand, with threat of growing competition from rental service providers looming, OEMs across the globe are focusing on retaining their customers through customized equipment offerings.

In 2017, Asia Pacific led the overall boom cranes market worldwide and is presumed to witness strong growth during the forecast period. The economic roadmap rolled out by the governments of several emerging economies is primarily focused on infrastructure transformation, which, in turn is presumed to back demand for boom cranes in the region during the forecast from 2018 to 2026. Revival of the real estate sector coupled with government mandates and regulations encouraging use of vehicles for loading and lifting applications across varied end-use verticals is driving demand for boom cranes in developed economies like North America and Europe.

Global Boom Cranes Market is segmented on the following bases:

  • By End-use Vertical
    • Food & Beverage
    • Construction & Earthmoving
    • Transportation & Logistics
    • Utilities
    • Oil & Gas
    • Telecom
    • Others (Forestry, etc.)
  • By Geography
    • North America
      • U.S.
      • Rest of North America
    • Europe
      • U.K.
      • Germany
      • France
      • Rest of Europe
    • Asia Pacific
      • Japan
      • China
      • India
      • Rest of Asia Pacific
    • Rest of the World
      • Latin America
      • Middle East and Africa

Key Players Identified in the Global Boom Cranes Market include but are not limited to:

Altec Inc., The Manitowoc Company, Manitex International, Inc., Elliott Equipment Company, Interlake Crane Inc., Ruthmann GmbH & Co KG., Aspen Equipment Company, Able Rigging Contractors Inc., Runnion Equipment Company,
American Construction Company.

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