According to this
latest study, the growth in The global Crane Market is anticipated to reach a
market value of USD 43.35 Billion by 2027, recording a CAGR of 5.45%, during
the forecast period. The market was worth USD 31.30 Billion in 2019.
The rise
in infrastructure investment and growth in investments by the mining sector in
construction equipment, across the world, are likely to drive the demand for
cranes. The market for cranes has experienced low demand till last year, owing
to factors, such as low prices of crude oil and commodities and consequent fall
in demand from the construction sectors of countries in the Middle East,
Africa, South America, and Russia, which depend on oil revenues. However, with
the recent uptick in oil prices, the demand from oil-producing countries is
expected to grow. Growing protectionism and the ensuing trade barriers, both
tariff and non-tariff, are expected to significantly dent the demand for
cranes, as the prices of raw materials are expected to increase. For instance,
the United States has imposed tariffs on steel and aluminum imports, which may
lead to an increase in the cost of manufacturing machinery in the United
States. In addition to the abovementioned factors, the construction industry
has been exhibiting its inclination toward hiring rental cranes and buying used
cranes. While the former may remove the burden of maintaining the fleet, the
latter is expected to cut the cost of purchase, significantly. However,
stringent emission norms enacted by various jurisdictions are anticipated to
create demand for new cranes that comply with the new regulations.
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Leading Key Players Covered in Crane market:
·
Konecranes
PLC.
·
Cargotec
OYJ
·
Manitowoc
·
Terex
Corporation
·
Tadano
Limited
·
Kobelco
Cranes Co. Limited
·
Palfinger
AG
·
Liebherr-International
AG
·
Zoomlion
Heavy Industry Science
·
and
Technology Co. Limited
·
Favelle
Favco Group
·
Hitachi
Sumitomo Heavy Industries Construction Cranes Co. Ltd.
·
Others
These
companies are devising key strategies such as acquisitions, merges, collaborations,
partnerships, new product launches, regional expansions, and targeting untapped
markets to gain competitive advantage over other players working in the market.
Introspective Market Research offers a comprehensive overview of
the market through the analysis of key parameters such as revenue, price,
competition, and promotions, as well as the study, synthesis, and summarization
of data from different sources. It analyzes the leading industry drivers and
shows numerous market components. The information offered is thorough,
dependable, and the result of a comprehensive primary and secondary study.
Introspective Market Research reports offer a comprehensive global market as
well as an in-depth strategic sourcing methodology and analysis based on qualitative
and quantitative research to anticipate market growth.
Segmentation of Crane market:
By
Type:
Mobile
Cranes,Fixed Cranes,Marine And Offshore Cranes And Others
By Applications:
Construction
& Infrastructure,Mining And Excavation,Marine And Offshore,Industrial
Applications,Other Application Types
Geographic Segment Covered in the
Report
North
America (U.S., Canada, Mexico)
Europe
(Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific
(China, India, Japan, Southeast Asia, Rest of APAC)
Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
South America (Brazil, Argentina, Rest of South America)
Reasons to Purchase this Market
Report:
Market
forecast analysis through recent trends and SWOT analysis
Crane Market Dynamics Scenarios with Market
Growth Opportunities over the Next Year
Market
segmentation analysis, including qualitative and quantitative studies that
include economic and non-economic impacts
Crane Market Regional and country-level
analysis that integrates demand and supply forces that impact the growth of the
market.
Competitive environment related to the Crane market share for key players, along with new projects and strategies that players have adopted over the past five years
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