Global Telescopic Crane Market Size By Type of Crane, By Application, By End-user Industry, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Telescopic Crane Market size was valued at USD 12.4 Billion in 2023 and is projected to reach USD 24.6 Billion by 2030, growing at a CAGR of 5.7% during the forecasted period 2024 to 2030.
Global Telescopic Crane Market Drivers
The market drivers for the Telescopic Crane Market can be influenced by various factors. These may include
Building and Infrastructure DevelopmentThe expansion of the building and infrastructure industries is directly correlated with the need for telescopic cranes. The requirement for effective lifting machinery, such telescopic cranes, rises as new projects are initiated and current ones get larger.
UrbanizationThe continuous trend of urbanization, particularly in emerging nations, frequently results in a rise in construction activity and a corresponding increase in demand for telescopic cranes and other construction equipment.
Investments in the Energy SectorTelescopic cranes are frequently utilized in the energy sector for operations including installing wind turbines, repairing power lines, and moving machinery for the oil and gas sector. The market for telescopic cranes may be driven by investments in conventional energy infrastructure and renewable energy projects.
Telecommunication InfrastructureSpecialized lifting equipment is needed for the upkeep and extension of telecommunication networks. Installing and maintaining cell towers and other telecommunications infrastructure is a task for telescopic cranes.
Technological AdvancementsAs businesses look to upgrade their equipment, innovations in telescopic crane technology, such as increased lifting capacities, improved safety features, and increased maneuverability, can fuel market expansion.
Regulatory requirements and Safety RequirementsOlder cranes may need to be replaced with newer models that adhere to the most recent safety and environmental requirements due to strict safety laws and standards across a range of industries, as well as the necessity for compliance.
Trade and GlobalizationThe expansion of international trade and business worldwide may raise the need for telescopic cranes, especially in areas that are seeing rapid infrastructural development and economic expansion.
Growth of the Rental MarketThe industrial and construction industries have noticed a shift away from outright purchases of equipment and toward renting instead. Expanding telescopic crane rentals could help propel the market as a whole.
Natural Disasters and Reconstruction EffortsFollowing a natural disaster, infrastructure development and reconstruction frequently need to happen quickly. Telescopic cranes are able to be quite useful in these endeavors.
Mining IndustryFor a variety of tasks, the mining industry frequently needs heavy-duty lifting equipment. Applications for telescopic cranes in mining projects could promote market expansion.
Global Telescopic Crane Market Restraints
Several factors can act as restraints or challenges for the Telescopic Crane Market. These may include
High Initial CostThe high upfront costs associated with telescopic cranes may put off smaller companies or projects with tighter budgets.
Maintenance CostsThe price of regular upkeep and repairs can add up. If businesses expect to spend a lot of money on maintenance over the course of the equipment’s life, they could be reluctant to invest in telescopic cranes.
Limited Maneuvrability in Confined AreasAlthough telescopic cranes have a long reach, they might be difficult to maneuver in small areas. Their usability on some employment sites may be impacted by this limitation.
Environmental and Regulatory ComplianceIt can be necessary to make additional expenditures for equipment upgrades or adjustments in order to comply with strict environmental rules and safety standards. Penalties and a negative impact on the market may arise from noncompliance.
Competition from Alternative Lifting EquipmentTelescopic cranes may face competition from other kinds of lifting equipment, including Crawler cranes, tower cranes, and mobile cranes. Depending on the particular needs of the project, various alternatives may present competition for the market.
Global Economic UncertaintyAs businesses cut back on capital expenditures, economic downturns or uncertainty may have an influence on infrastructure and construction projects, which may result in a decrease in the demand for telescopic cranes.
Limited Load Capacity for Some ModelsSome telescopic crane models may have load capacity restrictions that prevent them from being used for heavy-duty lifting jobs. This may limit its applicability in particular sectors of the economy.
Technological ObsolescenceOlder crane models may become obsolete due to the quick development of newer variants. Businesses who think newer, more sophisticated models will be available soon may decide not to invest in telescopic cranes.
Global Telescopic Crane Market Segmentation Analysis
The Global Telescopic Crane Market is Segmented on the basis of Type of Crane, Application, End-user Industry, and Geography.
Telescopic Crane Market, By Type of Crane
Mobile Telescopic CraneThese are versatile cranes mounted on wheeled or tracked vehicles, providing mobility and flexibility on construction sites or other locations. Sub-segments may include different weight capacities and boom lengths.
Stationary Telescopic CraneThese cranes are fixed in one location and often used in manufacturing facilities, warehouses, or other settings where a stationary lifting solution is required.
Telescopic Crane Market, By Application
ConstructionTelescopic cranes play a vital role in various construction tasks, including building construction, bridge construction, and road infrastructure projects.
Oil and GasUsed for tasks such as equipment installation, maintenance, and lifting operations in oil and gas exploration and production.
MiningApplied in the mining industry for lifting heavy materials and equipment in mining operations.
Utilities and PowerUtilized for erecting power transmission towers, maintaining power lines, and handling equipment in the energy sector.
TelecommunicationTelescopic cranes are employed in the installation and maintenance of cell towers and telecommunication infrastructure.
Telescopic Crane Market, By End-user Industry
Infrastructure and ConstructionTelescopic cranes are extensively used in the construction of buildings, bridges, and other infrastructure projects.
Energy and UtilitiesIncludes applications in power generation, transmission, and distribution, as well as renewable energy projects.
Mining and ExcavationTelescopic cranes find use in lifting and moving heavy materials in mining and excavation operations.
TelecommunicationUsed for tasks related to the installation and maintenance of telecommunication infrastructure.
Telescopic Crane Market, By Geography
North AmericaMarket conditions and demand in the United States, Canada, and Mexico.
EuropeAnalysis of the Telescopic Crane Market in European countries.
Asia-PacificFocusing on countries like China, India, Japan, South Korea, and others.
Middle East and AfricaExamining market dynamics in the Middle East and African regions.
Latin AmericaCovering market trends and developments in countries across Latin America.
Key Players
The major players in the Telescopic Crane Market are
Liebherr
Tadano
Manitowoc
Cargotec
Palfinger
Zoomlion
XCMG
Sany
Grove
Grove Krupp Cranes
XCMG
Sany
Grove
Grove Krupp Cranes
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2030
BASE YEAR
2023
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Liebherr, Tadano, Manitowoc, Cargotec, Palfinge, Zoomlion , XCMG, Sany, Grove, Grove Krupp Cranes, XCMG, Sany, Grove, Grove Krupp Cranes.
SEGMENTS COVERED
By Type of Crane, By Application, By End-user Industry, and By Geography.
CUSTOMIZATION SCOPE
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