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The global fixed crane market size is projected to reach USD 15.77 billion by 2026. It is set to gain traction from the ever-increasing utilization of telematics in the construction equipment sector. Telematics possess numerous benefits, such as improved productivity, asset allocation, reduced fuel consumption, and easy repair & maintenance schedules. Many fixed crane manufacturers worldwide are equipping their systems with telematics as they are aiding the users in gaining real-time operational data for ensuring maximum efficiency. Fortune Business Insights™ provided this information in a recent report, titled, “Fixed Crane Market Size, Share & Industry Analysis, By Type (Overhead Crane, Tower Crane, and Others), By Application (Construction, Oil & Gas, Ship Building, Power & Utilities and Others) and Regional Forecast, 2019-2026.” The report further mentions that the market stood at USD 10.26 billion in 2018. However, it is likely to exhibit a CAGR of 5.6% during the forecast period between 2019 to 2026.
Manitowoc to Introduce Potain Hup M 28-22 at Dach + Holz International
In January 2020, the Manitowoc Company, a provider of comprehensive, advanced, and innovative lifting solutions, based in the U.S., declared that it would utilize its opportunity at the Dach + Holz International 2020 to unveil its Potain Hup M 28-22 crane. It is a self-erecting model that is specially designed to cater to the needs of the German market. It consists of 80 km/h transport axle that makes it suitable for road transport. In Bauma, in April 2019, the concept of this model was first previewed. It also has exclusive remote control software called Potain Smart Set-up that makes it easy to dismantle and erect.
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Rising Demand for Commercial & Residential Infrastructure to Boost Growth
Nowadays, the governments and private sectors are investing hefty amount of money in the construction of public infrastructure, as well as residential and commercial buildings. In 2018, the Institute of Civil Engineers based in London, stated that the construction market worldwide is anticipated to reach approximately USD 8 trillion by the end of 2030. It will be mainly driven by India, China, and the U.S. Besides, in the Latin American and Asian countries, rapid urbanization is set to propel the demand for residential infrastructure. Coupled with this, the increasing foreign direct and regional investments would aid the fixed cranes market growth in the near future. However, the availability of cost-effective equipment may hinder the market growth.
Key Companies Focus on Winning Contracts from Others to Strengthen Position
The market houses numerous big, medium, and small companies that are currently engaging in bagging new contracts from other industry giants to deliver their state-of-the-art fixed cranes for helping in the construction of various projects. Manitowoc, for instance, is opting for strategic developments to enhance consumer satisfaction and the value addition of stakeholders.
Fortune Business Insights™ presents a list of all the companies operating in this market. They are as follows:
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This market can be segmented in the following way:
Value (USD billion)