Australia’s mobile crane market is expected to grow at a compound annual growth rate (CAGR) of 1.4 per cent, according to research released yesterday.
Conducted by global research firm Future Market Insights, the report labelled Australia’s mobile crane market as demonstrating steady growth potential during the next decade, saying it reflected the expanding mobile crane market that was being driven by an array of infrastructure projects and construction activities. On a global scale, the report found that the mobile crane market is expected to develop a CAGR of 6.3 per cent between 2023 and 2033, displaying a value of over AU$40 billion by 2033.
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“The recent market research study conducted by our research manager shows that mobile cranes continue to exhibit a substantial growth trajectory within the construction industry,” said Nikhil Kaitwade, Associate Vice President at Future Market Insights. “Their versatility, manoeuvrability, and ability to handle varied lifting tasks have positioned them as indispensable equipment in urban and remote construction sites alike.”
Key takeaways from the global report include the US and China being the significant drivers of global mobile crane market growth over the next decade, forecasting a CAGR of 7.6 per cent and 7.1 per cent respectively. Additionally, the construction sector possesses 51.6 per cent of market share for mobile cranes, indicative of the need for transportable, mobile equipment on various construction projects.
The report identified Liebherr, Manitowoc, Tadano, and Sany as some of the biggest players to shape the future mobile crane market, while also underscoring the cost of specialised training for skilled operators and high price of new mobile cranes as the biggest restraints. Further opportunities for growth within the global mobile crane market will come through eco-friendly, energy-efficient mobile cranes, as well as the need to cater to significant infrastructure projects in emerging economies.
Additionally, the report highlighted the integration of advanced telematics, digitalisation, and automation as key drivers behind the mobile crane market’s expected growth, as companies seek to improve productivity, reduce downtime, and ensure safer lifting operations.
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