The COVID-19 outbreak has hampered crane market growth, harming businesses such as energy, manufacturing, construction, and automotive. The construction sector suffered a significant decline in the number of projects as most governments around the world imposed stringent restrictions, disrupting the global supply chain. However, following the pandemic, the industry is expected to pick up speed as economic activity and manufacturing activities resume around the world. The crane business is predicted to profit from the introduction of automated technology to reduce human involvement in production facilities and offices over the forecasted timeframe.
Crane Market Scope and Research Methodology
The research examines the Crane market's trends, projections, and monetary values in depth. The research examines the segments and sub-segments in various regional Crane marketplaces in depth. The paper takes a bottom-up method to understanding market size estimates. The services, revenue, financial state, portfolio, growth plans, and regional presence of key market participants and new entrants are all included in the Crane Market research. The study forecasts the Crane market's size and growth rate, as well as current and future trends.
The Crane market study goes into detail on demand projections, market trends, and micro and macro factors. It also examines the factors that are driving and restraining the growth of the Crane industry. The report includes both qualitative and quantitative methodologies. The Crane market is being researched utilizing SWOT, PESTLE, and Porter's Five Force techniques. The study highlighted significant emerging advancements that are projected to have an impact on Crane market demand during the forecast period.
Crane Market Report Overview:
The major goal of the SMR's Crane Market study is to assist clients in making business decisions, such as determining which areas require improvement, which are already operating well, and assisting new entrants in landing and penetrating the competition. The research also discusses the obstacles that exist in the Crane Market.
Crane Market Size was valued nearly US$ 36.78 Bn. in 2020. Global Crane Market size is estimated to grow at a CAGR of 4.56% & is expected to reach at US$ 50.25 Bn. by 2027
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Crane Market Regional Analysis:
Geographically, Crane market report is segmented into several key regions are as follows,
- Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)
- Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
- North America (the United States, Mexico, and Canada.)
- South America (Brazil etc.)
- The Middle East and Africa (GCC Countries and Egypt.)
Crane Market Segmentation:
Key firms manufacture a wide range of commodities for a wide range of industries and verticals, including construction, power, and utilities. These companies are heavily investing in R&D in order to manufacture technologically superior products. Liebherr-International AG, for example, announced the release of the LTM 1150-5.3 telescopic boom crane in October 2020. The LTM 1150-5.3 has a 150-tonne lifting capability and a telescopic boom that stretches 66 meters. Meanwhile, Manitowoc has announced the release of its National Crane NBT60XL boom truck in October 2020. The hydraulically detachable counterweight on the new boom truck may be adjusted from zero to 16,000 pounds.
Participants in the crane business are also pursuing strategic expansion in order to enter uncharted territory. Liebherr-International AG, for example, opened a branch office in Buchloe, South Germany, in July 2019. The opening of the new office was part of the company's plan to grow geographically. Additionally, the Buchloe location has been expanded by 1,300 m2 to accommodate more used and rental machines from the company's vast range of construction machinery.
Crane Market Key Players:
Kobelco Cranes Co. Ltd
Zoomlion Heavy Industry Science and Technology Co. Ltd
Favelle Favco Group
Hitachi Sumitomo Heavy Industries Construction Cranes Co. Ltd
Shanghai Heavy Industries Co. Ltd (ZPMC)
Key questions answered in the Crane Market are:
- What was the Crane market size in 2021?
- What is the growth rate of the Crane Market?
- Which are the factors expected to drive the Crane market growth?
- What are the different segments of the Crane Market?
- What are the factors restraining the growth of the Crane Market?
- What segments are covered in the Crane Market?
- Who are the key players in the Crane market?
- What are the upcoming industry applications and trends for the Crane Market?
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About Stellar Market Research
Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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