Market Trends of North America Mobile Crane Industry
This section covers the major market trends shaping the North America Mobile Crane Market according to our research experts:
Growth of the Oil and Gas Industry in North America is Expected to Drive the Market
The demand for new cranes used in oil and gas exploration machinery is projected to grow considerably over the forecast period. The oil and gas sector is shifting from established traditional reserves to more expensive and complicated oil and gas resources, such as shale and deep-water projects. Extraction from these non-conventional oil reserves requires a substantial application of sophisticated machinery and equipment, including cranes.
Usage of safe and efficient hauling cranes and tower cranes, primarily designed and constructed for the oil and gas industries, may drive the growth of these particular cranes. There is an expected investment opportunity of more than USD 500 billion for gas and oil distribution upgrades, natural gas storage facilities, gas processing, and rail investment. The industry is also expected to recover from the declining price trend, as it has been witnessing over the last two years, mainly due to the upturn in the demand-side dynamics of the market.
The United States to Witness Significant Growth
Currently, the United States is witnessing more demand mainly due to the government initiatives, such as plans to invest in new highways, rail lines, telecommunication infrastructure, and modernization of ports.
In November 2021, historic investments in the US infrastructure were approved, including hundreds of billions of dollars in the new spending budget. This financial aid may advance the construction and infrastructure development in the country. Thus, increasing construction activities are expected to boost the US construction equipment market. The growth is mainly driven by private investment. Owing to the low-interest rates on mortgage loans, increased funding for housing companies, and increased subsidies, the housing construction industry has seen a rebound.
The uncertainty over NAFTA (North American Free Trade Agreement) negotiations and the rising protectionist tendencies from its northern neighbor are expected to restrain the growth of the construction sector and the mobile crane market.
