Page 30 - CO_December_2022

LEAD STORY LEAD STORY CRANES - TOWER & MOBILE

MOBILE CRANES TOWER CRANES
The global mobile crane market was valued at $14,357.7 million A GM Insight report stated that Tower Crane Market size surpassed
in 2021, and is projected to reach $24,507.5 million by 2031, $4 billion in 2021 and is projected to exhibit around 5% CAGR
registering a CAGR of 5.3% from 2022 to 2031, according to from 2022 to 2030. Rapid urbanization and ongoing expansion
Research & Markets. Mobile cranes are designed for lifting heavy of industrial and commercial sectors worldwide will boost the
objects on construction, manufacturing, and other sites. Mobile industry demand. To address affordability concerns associated
cranes have self erection abilities, which make them suitable for with tower cranes, many companies are introducing rental services
use in compact urban spaces and construction sites. The mobility for construction projects. These models are gaining momentum
feature of mobile cranes boosts their demand over static cranes. as they help avoid initial investment costs as well as offer fewer
Mobile cranes provide the advantage of easy transit from one maintenance requirements, no depreciation cost, and reduced
job site to another, unlike fixed cranes. In addition, they require repair costs. Additional benefits of these rental service include time-
very less time for installation and set-up and have self-decking and saving capabilities in applications such as transportation, on-site
un-decking features. In addition, mobile cranes can be remotely setup, and transportation.
operated, which reduces the risk of accidents and fatalities caused The hammerhead tower crane market size is expected to witness
due to collapsing of weight. Moreover, mobile cranes typically have around 7% growth rate between 2022 and 2030. These cranes are
hydraulic telescopic booms or lattice booms and can be further gaining traction owing to their ability to facilitate reliable handling
attached with hook or other load handling devices. of bulk materials and ensure accurate horizontal load movement.
The integration of industry automation and remote operation has Increasing technological advancements in crane technology
significantly increased their usability and operability, while keeping and the construction of smart city projects will fuel the demand for
the cost of operation low. Furthermore, the introduction of hybrid such tower cranes. The market revenue of bottom slewing cranes
cranes that are capable of operating on convention fuel as well is anticipated to attain 4% gains through 2030. These cranes are
as electricity has positively influenced the demand for mobile widely used at private construction sites and are in high demand
cranes. Moreover, the improvement in aftermarket services is also among contractors. A surge in low-rise and short-term construction
anticipated to drive the mobile crane market growth. projects that are backed by private and public organizations will
By boom type, the telescopic boom segment accounted for complement the equipment utilization.
the highest mobile crane market share in 2021, owing to its ease According to Mordor Intelligence report, with rapid urbanization, the
of usability. According to the terrain type, all-terrain cranes have need for tower cranes is expected to increase in the future. The 5T
maximum contribution in the mobile crane market, mainly due and 10T lifting capacity cranes are expected to be the most used
to their versatility and high efficiency. In addition, all-terrain cranes type in construction activity, due to the broad spectrum of uses
provide high lifting capacity and superior mobility over rough as these cranes can offer. Also, most of the materials that need lifting
well as normal highways. Furthermore, wheel mounted cranes from the crane falls under this category and has also led to these
have high demand globally, owing to their compact size and easy segments leading the market.
manoeuvrability feature. The availability of different designs for this lifting capacity category

30 CONSTRUCTION OPPORTUNITIES|DECEMBER 2022