Portland, OR, Feb. 25, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global cranes market was estimated at $33.61 billion in 2019 and is expected to hit $41.18 billion by 2027, registering a CAGR of 4.8% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends.
Rise in focus toward public–private partnerships (PPPs), development in the service & aftermarket industry, higher time optimization, and increased real estate prices fuel the growth of the global cranes market. On the other hand, limited availability of skilled workers and unstable prices of raw materials restrain the growth to some extent. Nevertheless, automation in cranes is anticipated to pave the way for lucrative opportunities in the coming years.
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Covid-19 scenario-
- Disruptions in the international trade, extended lockdowns, and halted manufacturing activities, during the initial phase of the lockdown, impacted the global cranes market negatively.
- However, government bodies across the world have now turned out with relaxations on the existing code of practices, which is anticipated to help the market revive its position soon.
The global cranes market is analyzed across type, business type, mobility, and region. Based on mobility, the static segment accounted for nearly three-fifths of total market revenue in 2019, and is expected to dominate by 2027. Simultaneously, the mobile segment would portray the fastest CAGR of 5.7% throughout the forecast period.
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Based on type, the transporter cranes, gantry cranes, and bridge cranes segment contributed to nearly three-fifths of the total market share in 2019, and is expected to rule the roost by 2027. The same segment would also portray the fastest CAGR of 5.1% by 2027.
By region, Asia-Pacific garnered the major share in 2019, holding nearly half of the global market. The market across the same region would also exhibit the fastest CAGR of 5.5% from 2020 to 2027. The other three regions studied through the report include North America, LAMEA, and Europe.
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Leading Players:
The key market players analyzed in the global cranes market report include Cargotec Corporation, Kito Corporation, Zoomlion Heavy Industry Science and Technology Co., Ltd., Liebherr-International AG, Manitowoc Company, Inc., Terex Corporation, SANY Heavy Industry Co. Ltd., Tadano Ltd., Konecranes Plc, and Xuzhou Construction Machinery Group Co., Ltd. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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