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The global cranes market size is expected to reach USD 45.80 billion by 2027. The growing popularity of crane rental services is expected to have a tremendous impact, 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 and is expected to exhibit a CAGR of 4.1% between 2020 to 2027.
Launch of first Luffing Jib Tower Crane by Terex Cranes to Aid Development
Terex Cranes, an American leader in lifting and material-handling for construction, shipping, transportation, refining, and mining industries announced that it has introduced the first Luffing Jib tower crane with HYDRAULIC LUFFING TECHNOLOGY. It is specifically designed for inner-city construction sites, this new model can reach the lowest in service and out of service radius, of only 3m and 8m respectively. The cranes include CTLH 192-12, with a jib length from 25 to 55 m (82 to 180 ft), that can deliver a maximum 12 t (13.2 US ton) and up to a 2.35 t (2.59 US ton) load at the maximum 55 m (180 ft) jib length.
The Hydraulic Luffing Technology in these heavy machineries gives a significant advantage in terms of reduced occupied space both in service (up to the only 3m) and out of service (up to the only 8m). Moreover, the new technology also allows the operator to maneuver the machine with greater precision and readiness, thus leading to high performance and productivity. The CTLH 192-12 is designed to optimize assembly and dismantling operations since most of the parts are quickly assembled on the ground and the full crane erection can be completed with few lifts. The launch of the advanced cranes can certainly elevate the outlook of the market, thereby increasing the market share.
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Lack of Safety Protocols to Impede Market Growth
The heavy investment involved in the maintenance and service of these giant machines can restrict the growth of the market during the forecast period. The lack of safety standards implemented by the governments can further aggravate the growth of the market. Moreover, the increased incidence associated while working on floating structures can dwindle the growth of the market in the forthcoming years. However, the imposition of new regulations by the International Organization for Standardization (ISO), Occupational Safety and Health Administration (OSHA) will promote the healthy growth of the market during the forecast period.
Presence of Terex Corporation and Komatsu to Consolidate Business Prospects
The key players such as SANY GROUP, Manitowoc Company, Inc. Terex Corporation, Komatsu Ltd, Liebherr Group are focused on improving product quality and reduce excessive power consumption. The increasing technological advancements will influence companies to invest heavily in the production of advanced cranes. For instance, Terex Corporation is concentrated on research & development to improve the quality of tailored crane products. The company is focused on producing these heavy-lifting machines for inter-constructional work. The introduction of Terex Slewing Technology’ will help the company to remain at the front foot in the market.
The Report Lists the Key Companies in the Market:
Further Report Findings:
The Global Market is Segmented into:
Value (USD Billion)
By End-user Industry