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.
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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.
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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
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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: 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.
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