The global boom cranes market was worth US$ 309.9 million in 2017 and is expected to reach US$ 456.5 million by 2026, growing at a CAGR of 4.5% 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 a relatively greater lifting capacity and are extensively used in heavy-duty applications for loading and unloading goods. Boom cranes serve a diverse customer base, including those in the construction and telecommunications industries who require long-reach telescopic cranes. In addition, boom cranes offer flexibility in carrying heavy payloads from one site location to another, thereby eliminating the need for additional transport equipment. Thus, the ease of operation, mobility offered, and safety provided by boom cranes have made them a preferred option for infrastructure development and repair activities.
Government initiatives and subsequent investments in developing infrastructure projects across diverse industry verticals, such as power generation, chemicals, and public transportation, among others, are driving demand for boom cranes globally. Advancements in technology and the consequent increase in work applications have pushed boom truck operators to demand custom-made equipment capable of serving precise needs across multiple job sites. On the other hand, with the 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 was 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 drive boom crane demand in the region during the forecast period from 2018 to 2026. The revival of the real estate sector, coupled with government mandates and regulations encouraging the 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.
The global boom cranes market is classified as follows:
- Food & Beverage
- Construction and earthmoving
- Transportation and Logistics
- Oil and Gas
- Others (forestry, etc.)
- North America
- rest of North America
- Rest of Europe
- Rest of Asia Pacific
Rest of the World
- Latin America
- Middle East and Africa
Key players identified in the global boom crane 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