Crane rails are designed for the transportation of heavy loads and are used in a variety of applications. They are used by cranes, which can be overhead or gantry, depending upon the types of load arrangements. They are used in the transport industry for unloading and loading freight and in manufacturing industry for assembling heavy equipment. Earlier, cranes were manually powered by laborers and used pulley and ropes for lifting objects. Currently, the cranes are made up of cast iron and steel which has increased the durability and the transportation has made easier by providing motion on the rails.
The major macro factor driving the global crane rail market is an increase in the global economic growth rate. As stated by the International Monetary Fund, the global economic growth rate is rising steadily, supported by economic growth in Asia and Europe. Corporate tax cuts introduced by the U.S. are also expected to support the economic growth in North America. Among emerging countries, India’s economy is anticipated to expand at a higher CAGR as compared to that of China, where growth rate is likely to be moderate in the next few years. The economic scenario is conducive for the development of infrastructure such as railways, roads, airports, commercial and housing establishments and an increase in trade and mining activity. This is expected to boost demand for cranes, and, in turn, crane rails in the coming years.
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An increase in infrastructure spending is anticipated to drive the global crane rail market from 2018 to 2026. The government in the U.S. has made infrastructure spending a priority in order to stimulate growth, thereby creating jobs in the industry. Asia Pacific contributed to more than 50% of infrastructure investment between 2007 and 2015. China contributed about half of the total value. The spending in Europe has decreased between 2007 and 2015, owing to tightening of government finances.
The ongoing construction of smart cities across geographies and various mega construction particularly in developing economies are projected to drive demand for cranes and crane rails. Expansion in the oil & drilling industry has also propelled demand for newer installation of crane rails. A rise in manufacturing activities across the globe is also anticipated to drive demand for cranes and crane rails in the near future. Cranes rails are used in various industries such as shipping, logistics and mining.
However, an increase in the use of mobile cranes is anticipated to pose a threat to the crane rail market during the forecast period. Cranes are manufactured or installed at the job site for lifting purposes. Once the use of cranes is complete, they are disassembled. They lack the flexibility of onsite cranes. This is increasing the adoption of mobile cranes. Mobile cranes are compact, require lesser assembling space, and eliminate the use of rails. This is expected to restrain the crane rail market in the next few years.
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The global crane rail market can be segmented based on product, application, and region. Based on product the crane rail market can be classified into gantry cranes, overhead cranes, AS/RS systems, portal cranes, stacker/reclaimer cranes, stadium roofs, and rail-mounted tower cranes. In terms of weight carrying capacity, the crane rail market can be categorized into below 70 kg/m rail, 70 to 90 kg/m rail, 90 to 120 kg/m rail, and above 120 kg/m rail. Based on application, the crane rail market can be classified into the industrial sector, marine sector, logistics sector, mining sector, and others.
In terms of region, the global crane rail market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The crane rail market in Asia Pacific is led by India and China, where the crane industry is robust, thereby increasing the demand for crane rails. Demand for crane rails in China is anticipated to increase at a steady pace as the construction of mega projects under the belt and road initiatives (BRI) is increasing. This is estimated to propel the crane rail market in the country in the near future.
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Major industry participants in the global crane rail market are Ansteel, ArcelorMittal, Atlantic Track, BaoTou Steel, Bemo Rail, British Steel, EVRAZ, Gantrex, Harmer Steel, Hebei Yongyang, JSPL, L.B. Foster, Metinvest, NSSMC, SAIL, and Wuhan Iron and Steel.
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