The North America Mobile Crane market is anticipated to register a CAGR of over 6% during the forecast period (2020 - 2025).
- After the global recession in 2009, the construction sector in North America showed a robust growth on account of the economic recovery and infrastructural developments. This led to the growth of construction and in turn, that of the dependent markets.
- Government initiatives, such as Build America Investment Initiative, National Infrastructure Plan (NIP), Canada's Economic Action Plan, and others, are aimed at developing the infrastructure in the region through private investments.
- Increasing construction activities are expected to surge the demand for mobile cranes in North America over the next five years.The projects taken up by the oil and gas industries are expected to create a huge demand for mobile cranes and other construction equipment in North America.
Key Market Trends
Growth of the Oil and Gas Industry in North America is expected to drive the Market
The demand for new cranes used in oil and gas exploration machinery is poised to grow considerably over the forecast period. The oil and gas sector is shifting from established traditional reserves to more expensive and complicated oil and gas resources, such as shale and deep-water projects. Extraction from these non-conventional oil reserves requires a substantial application of sophisticated machinery and equipment, including cranes.
Usage of safe and efficient hauling cranes and tower cranes, primarily designed and constructed for the oil and gas industries, would drive the growth of these particular cranes. There is an expected investment opportunity of more than USD 500 billion for gas and oil distribution upgrades, natural gas storage facilities, gas processing, and for rail investment. The industry is also expected to recover from the declining price trend, as it has been witnessing over the last two years, mainly due to the upturn in the demand-side dynamics of the market.
United States to Witness Significant Growth
Currently, the United States is witnessing more demand mainly due to the government initiatives such as plans to invest in new highways, rail lines, and telecommunication infrastructure, as well as in the modernization of ports. It is expected to see an investment of USD 300 billion in infrastructure through the year 2018. Thus, the increasing construction activities are expected to steer the construction equipment market in the country. The growth is mainly driven by private investment. Owing to the low-interest rates on mortgage loans, increased funding for housing companies, and increased subsidies, the housing construction industry has seen a rebound.
The growth is mainly driven by private investment. Owing to the low-interest rates on mortgage loans, increased funding for housing companies, and increased subsidies, the housing construction industry has seen a rebound.
The uncertainty over NAFTA (North American Free Trade Agreement) negotiations and the rise in protectionist tendencies from its northern neighbor is expected to restrain the growth of the construction sector, and consequently the mobile crane market.
The North America Mobile Cranes market is dominated by few players such as Konecranes, Cargotec Corporation, Liebherr Group, Tadano Demag GmbH, and Manitowoc Cranes. The key players successfully capitalized on the huge demand for reliable mobile cranes from big players in the construction and industrial sectors. Regarding tier-2 and tier-3 supply chains, supplying to small-medium-sized applications, the market is fairly fragmented with the presence of regional players.
The big players have increased their R&D spending exponentially to integrate innovation with excellence in performance. Demand for high performance, highly efficient and safe handling equipment from the end market is expected to make the market more competitive and effectively dynamic during the forecast period.
- In March 2020, Liebherr Group had delivered its LTM 1110-5.1 mobile crane to Cranes, Inc. which is first in the United States. The LTM 1110-5.1 combines excellent lifting capacity with a 171’ (52 meter) telescopic boom and high worldwide mobility. The crane, first introduced at Bauma 2019, has a wide range of driving configurations.
- In March 2020, Tadano Demag GmbH had delivered its Demag AC 45 City to Auto-Klug, a crane service provider. This crane is a combination with the innovative IC-1 Plus control system.
- In March 2020, Liebherr Group had delivered LTM 1120-4.1 mobile crane to Maryland-based Digging & Rigging. The LTM 1120-4.1 is ideal for assembling radio masts or tower cranes. It also features Liebherr’s innovative VarioBase and VarioBallast technologies.
- In October 2019, Jagulak had acquired new Demag AC 100-4L all terrain crane. This crane includes a load camera and remote control and a combination of outstanding ergonomics with unrivalled cabin comfort.
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