Pune, Oct. 12, 2020 (GLOBE NEWSWIRE) -- The global cranes market size is expected to reach USD 45.80 billion by 2027, exhibiting a CAGR of 4.1% between 2020 and 2027. The escalating construction industry and technological advancements will contribute positively to the growth of the market, states Fortune Business Insights in a report, titled “Cranes Market Size, Share & COVID-19 Impact Analysis, By Product Type (Mobile, Fixed, Marine), By End-User Industry (Construction, Mining, Industrial, Oil & Gas, Others) and Regional Forecast, 2020-2027.” The market size stood at USD 33.84 billion in 2019.
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The report on the cranes market includes:
- In-depth analysis of the market
- Insightful data about competitors
- Leading regions in the industry
- Crucial facts about dominant regions
- Well-analyzed study of COVID-19
- Latest developments
Hefty Investment in Construction and Infrastructure Sector to Augment Growth
The enormous investment in the construction of residential & commercial buildings by governments will spur opportunities for the market during the forecast period. The rapid urbanization is expected to uplift the market potential. The increasing emphasis on green eco-friendly infrastructure development will propel the market. Moreover, the growing demand for cranes in & gas, mining, automotive industries will aid the expansion of the market in the foreseeable future. Besides, the development of smart factories can further promote the growth of the market in the near future.
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Sudden Pause on Construction Activities to Impact Business Amid Coronavirus
The lockdown has resulted in a massive loss for the manufacturing and construction industries. The decline in crane production has negatively impacted the market during coronavirus. The delayed operations of oil & gas, construction, mining, and automotive industries will consequently aggravate this market. Moreover, the massive fall in the revenue of numerous industries will directly impact the businesses. Thus, impeding the growth of the market. Besides, the unavailability of laborers in the construction industry will dampen the growth of the market.
Flourishing Construction Industry to Stimulate Revenue in Asia Pacific
The market in Asia Pacific is predicted to lead the global market during the forecast period owing to the increasing infrastructure projects in the developing nations. For instance, in 2018, The National Development and Reform Commission (NDRC) of China has sanctioned 27 infrastructure projects of approximately USD 219.43 billion. The market in North America is expected to hold a significant rate owing to the improving mining industry in the U.S. For instance, The Manitowoc Company, Inc. introduced all-terrain cranes Grove GMK4090. It has 51 m, six-section mega form boom that utilizes Grove’s Twin-Lock pinning system. The market in Europe is expected to account for a substantial share owing to the rapid development in the region.
September, 2019: Liebherr Group, a Swiss multinational equipment manufacturer based in Bulle announced the launch of ‘LTM 1230 5.1 mobile cranes with a 75-meter telescopic boom that is utilized to erect 70 meters electricity pylons.
Lists Of Key Companies in Cranes Market Are :
- SANY GROUP (China)
- Konecranes (Finland)
- Manitowoc Company, Inc. (U.S.)
- Tadano Ltd (Japan)
- Komatsu Ltd (Japan)
- Terex Corporation (U.S.)
- Liebherr Group (Germany)
- Hitachi Construction Machinery Europe NV (The Netherlands)
- Demag Cranes & Components GmbH (Germany)
- Zoomlion Heavy Industry Science and Technology Co., Ltd (China)
- XCMG Group (china)
- Caterpillar (U.S.)
- GORBEL INC. (U.S.)
- Street Crane Company Limited (U.K.)
- PALFINGER AG (Austria)
- ZPMC (China)
- Certex (U.K.)
- Cargotec (Finland)
- BUCKNER HEAVYLIFT CRANES, LLC (U.S.)
- Pelloby Ltd. (U.K.)
Quick Buy – Cranes Market Research Report:
Detailed Table of Content:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19 on Automatic Labelling Machine Market
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Market Share Analysis and Matrix, 2019
- Key Cranes Market Insights and Analysis, By Segments
- Global Cranes Market Analysis, Insights and Forecast (Quantitative Data), By Segments, 2016-2027
- By Product Type (Value)
- By End-User Industry (Value)
- Oil & Gas
- By Geography (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- By Product Type (Value)
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