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August 20, 2019 | Machinery & Equipment
The Global Crane Market is likely to derive growth from recent product advancements in crane equipment. According to a report published by Fortune Business Insights, titled “Crane Market: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 32.90 Bn in 2018. Fortune Business Insights has predicted that the market will reach US$ 50.75 Bn by 2026, thereby exhibiting a CAGR of 5.6%.
Evolving crane designs have offered several opportunities for growth of the companies operating in the global market. Improvements in operations such as crane reachability and stability have enabled the growth of the global crane market in the coming years. The report highlights a few of the primary factors that have contributed to the growth of the global cranes market in recent years. The growing investment in manufacturing of cranes across the world will favor the growth of the global cranes market in the coming years. The escalating demand for cranes across several industries has provided ample opportunities for market growth.
Mobile Crane will Witness High Demand
The demand for high power cranes has resulted has led to rapid technological advancements in cranes in recent years. This has led to the manufacturing of cranes with several variants, which in turn will provide flexible applications of cranes. The advent of mobile cranes has led to a rising adoption for the equipment across the world. The features offered by mobile cranes have enabled applications across diverse industries. The applications of mobile crane such as elimination of an external transport vehicle as well as ease in transportation will enable create a rising adoption for the equipment. Furthermore, the exceptional features offered by mobile cranes such as improved efficiency, high power, and increased stability will contribute to the rising demand for the product across the world. The incorporation of technologies such as automated hydraulic stabilizers will create applications over diverse industries. Additionally, the growing use of outrigger stabilizing jacks will contribute to an increase in demand, which in turn will constitute an increase in the global cranes market value in the forthcoming years.
Increasing Infrastructure Projects Will Favor Growth of the Market in Asia Pacific
The increasing number of infrastructure projects, coupled with an overall rise in industrialization will have a positive impact on the cranes market in the Asia Pacific. The National Development and Reform Commission (NDRC) of China recently sanctioned a total of 27 infrastructure projects. The overall project cost resulted was around US$219.43 billion. Fortune Business Insights has predicted that the investment in infrastructure projects will create a huge demand for cranes, thereby accounting for the growth of the regional market. Additionally, a surge in the number of infrastructure projects and contribution from the government in India will have a positive impact on the growth of the crane market in the Asia Pacific. Similarly, increasing investment towards infrastructure development in the UK will favor the growth of the market in Europe.
Fortune Business Insights briefly summarizes various companies that have established prominence in the global market in recent years. Besides, Fortune Business Insights provides a detailed analysis of the exceptional business strategies that these companies have adopted in their quest to establish a stronghold. A few of the leading companies that are currently operating in the global cranes market are Konecranes, Manitowoc Company, Inc, Tadano Ltd, Komatsu Ltd, Terex Corporation, Liebherr Group, Hitachi Construction Machinery Europe NV, Demag Cranes & Components GmbH, Zoomlion Heavy Industry Science and Technology Co., Ltd, XCMG Group, and Caterpillar Inc.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/crane-market-101168
The global crane market is segmented based on:
By Product Type
By End-User Industry
· Oil & Gas
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
· Latin America (Brazil, Mexico and Rest of Latin America)