PUBLISHER: DataM Intelligence | PRODUCT CODE: 1247422
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1247422
The global crane market reached US$ XX million in 2022 and is projected to witness lucrative growth by reaching up to US$ XX million by 2030. The market is growing at a CAGR of 3.4% during the forecast period (2023-2030).
A crane is a device that can be used to lift and put down objects as well as move them. The crane has undergone technological advancements to become more lightweight and energy-efficient, supporting market expansion. As a result, crane utilization has increased at construction sites, shipping yards and commercial companies. Additionally, cranes are used at petrochemical facilities and the energy sector's oil and gas exploration has increased demand for cranes.
The growing amount of investment in developing nations. 30 projects in 16 countries received a combined US$ 6.2 billion from IDA countries in 2021. In contrast, US$ 8.4 billion was invested in 2021 on 29 projects across 18 nations. The number of projects in IDA countries rose in 2021 despite the pandemic. Additionally, the 2021 investment promises from IDA nations were 21% higher than the US$5.2 billion average for the previous five years. International organizations served as the principal sponsor for 26 of the 30 IDA initiatives.
The construction sector is constantly growing and becoming more sophisticated. The completion of significant infrastructure development projects is getting harder. Crane demand is anticipated to increase due to accelerated infrastructure investments in China, India, U.S., UK, Indonesia and Philippines due to rising urbanization.
One of the challenges restricting the market is the lack of competent personnel in the manufacturing sector. It is due to the intricate layouts of overhead cranes, which necessitate intensive operator training to achieve desired results. Furthermore, the market expansion is hampered by price changes in raw materials. Due to the extended lockdown in many developed nations, notably U.S., Italy and UK, the COVID-19 epidemic has also stopped crane manufacture and sales.
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).
The global crane market is segmented based on type, capacity, end-user and region.
The market is dominated by the sector of mobile cranes. Several features drive the market, including great mobility, high travel speeds and a short building time. Major players in the market for mobile cranes are Liebherr, Cargotec, Tadano, Manitowoc and Palfinger. These companies are heavily involved in mining, construction, aerospace, shipping and material handling.
The growing demand for cranes in developing countries, especially in Asia-Pacific, creates opportunities for market expansion. The anticipated expansion of the manufacturing and infrastructure development sectors fuels mobile crane use in China. Favorable government programs, like the Belt and Road Initiative (BRI), are predicted to stimulate aggressive investment in brand-new development ventures. Furthermore, the expansion of offshore E&P activity in China, Malaysia, Australia and Thailand is also blamed for the surge.
The major global players in the market include Liebherr, Mammoet, Sarens, Maxim Crane Works, Sanghvi Movers, Deep South, Weldex, ALL Erection & Crane Rental Corp., Lampson International LLC and Palfinger AG.
The global crane market report would provide approximately 61 tables, 59 figures and 200 Pages.
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