Boom Cranes Market: Overview and Dynamics
Boom cranes are extensively used in operations of lifting and moving heavy loads, delivery of material on sites over a wide spectrum of domains such as shipping & port building, oil & gas industry, mining industry, construction industry and automotive industry. Based on the requirement, boom cranes with longer boom lengths provide flexibility, higher capacity, better mobility, and multipurpose application environment.
The rapid urbanization and series of initiatives being pursued in the direction of developing new infrastructure and improving the existing are anticipated to push the demand for the boom cranes over the forecast period. The boom cranes market is highly competitive as concerned with the presence of several constructions and industrial equipment manufacturers around the world.
The boom cranes market is experiencing demand for machines with augmented lifting capacities and maximum reaching heights. The demand for smaller capacity boom cranes is observed to be rising in warehouses and small scale industrial sectors as they have low operating costs and improved fuel efficiency.
Advancements in technology with a clear flow of Innovations and significant automation (Industry 4.0) backs the market growth. Industry 4.0 has paced up the production process across all industries resulting in increased demand for coal through mining, oil & gas, better infrastructure, efficient logistics amongst others. This in turn has become the driving factor for boom cranes market.
High Initial investments and maintenance of the boom cranes are restraining the end-users from purchasing the equipment and another emphasized factor which acts as a hurdle for the growth of boom cranes market is the unavailability of servicing facilities across Asia-Pacific, Latin America and other regions around the globe.
COVID-19 Impact Insights
COVID-19 pandemic has forced countries to impose lockdowns and strict social distancing measures across the globe, flattening the global economic curve. This has disrupted almost every market and boom cranes market has also been affected largely. COVID-19 pandemic has presented massive disruptions in the demand-supply equilibrium across multiple industries, leading towards economic losses at a global level. The plant shutdowns in Europe, Asia and North America in the second quarter of 2020 has reduced the production scale of prominent industries, leading to a drop in consumption of boom cranes.
At the initial stages of the lockdown, it is not just the boom cranes market which was affected, markets of all the construction and industrial equipment witnessed a dip. The construction industry being one of the potential end-user and the earliest commercial segment to get approval for getting back to work with minimum workers in few regions, raised the hope for the boom cranes market to get back on to the track. However, uplifting of complete lockdown has begun in almost all regions showing a ray of hope for the boom cranes market to bounce back strongly and reach it desired potential by the first quarter of 2021.
Segmentation Analysis of Boom Cranes Market
The global boom cranes market is bifurcated majorly into six segments: product type, configuration, power type, boom length, end-use and region.
On the basis of product type, boom cranes market has been segmented as follows:
- Lattice Boom
- Telescopic Boom
On the basis of configuration, boom cranes market has been segmented as follows:
- On platform
On the basis of power type, boom cranes market has been segmented as follows:
- Diesel engine powered
- Electric powered
On the basis of Boom length, boom cranes market has been segmented as follows:
- Less than 30 m
- 30 m – 50 m
- More than 50 m
On the basis of end-use, boom cranes market has been segmented as follows:
- Shipping & Port Building
- Oil & Gas Industry
- Mining Industry
- Construction Industry
On the basis of region, boom cranes market has been segmented as follows:
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
Boom Cranes Market: Regional Outlook
Considering the regional classification, the report “Boom Cranes” delivers categorical study on six prominent regions which include North America, Europe, Latin America, South Asia and Oceania, East Asia and Middle East & Africa. Western Countries account and contribute almost 70% of the boom cranes market and still pushes hard to gain more market share due to high-end infrastructure operations. Amongst all, Europe dominates the boom cranes Market with about 40% market share. Top-class infrastructure development, sustainable mining and advanced automotive operations have been driving factor for European dominance in boom cranes Market.
While the US holds one-fourth of total boom cranes Market share, streamlined supply chain through shipping & ports has been stepping stone for such capture. The rapid urbanization and continuous upcoming projects of construction have also been accounting for the growth of boom cranes market in the construction industry in the US. The overall growth of boom cranes market in all segments is expected to go moderately higher than the previous decade.
Japan and Germany are key technology drivers and extensively responsible for technological advancement in boom cranes Market. These countries have been equipped with top-class infrastructure which is capable of offering advanced technologies to push the market of boom cranes in the forecasted period. Asian countries like China and India where continuous heavy industrial and large scale construction has been observed benefits the growth of boom cranes market. In such developing regions the regional manufacturers are the ones who are capturing major portion in the boom cranes market.
South Korea and Oceania countries also capture a notable share of the boom cranes market accounting the rise of industrial applications of boom cranes. On the similar ground, demand from the Middle Eastern countries has experienced exponential growth in the use of boom cranes in oil and gas, constructions and other niche application accounting for notable growth in the market of boom cranes market. The countries like Ghana, South Africa, Sudan and others also contribute a solid share in the boom cranes market.
Boom Cranes Market: Key Players
Considered as industrial heavy machinery, the market structure of boom cranes is consolidated as only a few dominant players cater to the demand for boom cranes. Across the globe, Sarens, Mammoet, TNT Cranes, Ale, Hitachi, LAMPSON, Manitex Inc., Palfinger AG, Terex Corporation, Load King, Ruthmann GmbH and Liebherr are prominent market leaders of boom cranes. While local manufacturers claim a minimal share of the global market, key players hold over 70% of total boom cranes market collectively.
There have been some inorganic growth patterns witnessed in Boom Cranes market as Ale is acquired by Mammoet providing them with a competitive advantage of unparalleled global reach over others and making them largest global provider of heavy lifting industry. There have been some organic strategies followed by key players as Liebherr has opened a branch office in Buchloe, Germany and many other players have announced the launch of their new boom cranes.
Even some of the players have been following a mix of organic and inorganic strategies to fuel themselves for a longer run in the market. Key players have listed out some of the high potential customers and collaborated with other parties in the supply chain to promote their products and to show their dominance presence in the market.
The research report presents a comprehensive assessment of the boom cranes market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The boom cranes market report provides analysis and information, according to market segments such as geographies, product type, material type and end-use.
The Boom Cranes Market Report Covers Exhaustive Analysis On:
- Market Segments
- Market Dynamics
- Market Size & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
The Boom Cranes Market Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (UK, Germany, Spain, France, BENELUX, Italy, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia & Oceania (India, ASEAN, Australia and New Zealand, Rest of South Asia & Oceania)
- The Middle East and Africa (GCC Countries, South Africa, Northern Africa, Turkey, Rest of MEA)
The Boom Cranes report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The boom cranes report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The boom cranes report also maps the qualitative impact of various market factors on market segments and geographies.
The Boom Cranes Market Report Highlights:
- A detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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