Crane Market 2021 | Latest Trends, Demand, Growth, Opportunities & Outlook Till 2029 | Top Key Players: Liebherr Group, Terex Corporation, XCMG Construction Machinery Co. Ltd

Crane Market 2021 | Latest Trends, Demand, Growth, Opportunities & Outlook Till 2029 | Top Key Players: Liebherr Group, Terex Corporation, XCMG Construction Machinery Co. Ltd

Apr 21, 2021 (MARKITWIRED via COMTEX) —

The crane market is projected to display healthy growth with aCAGR of more than 5% in the assessment period from 2019 to 2029. A new FMIreport has stated that the covid-19 pandemic is estimated to adversely impactthe industry, largely owing to a major slump in construction and infrastructureactivity during the outbreak. Tower crane types are in high demand and areexpected to account for roughly US$ 20 billion in the forecast period.

"The growing requirement forenhancements in building structures in multiple industry verticals such as oil& gas, telecommunication, and manufacturing are projected to supporting themarket, with higher demand for all terrain crane type products," states the FMI analyst.

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Crane Market- Critical Takeaways

• Mobile crane types account for most sales, with impetus in recent years coming from improvements in safety and technical improvements.
• Energy sector applications account for significant revenue share owing to high material lifting requirements for rough terrain settings.
• North America is a key crane types market, with smart city investments demand from the infrastructure and utilities sector.

Crane Market- Drivers

• Rapid growth of urban areas, and the resultant demand for telematics cranes provide impetus to market growth.
• Steady increases in terms of worldwide construction spending remains the primary market driver.
• Transport and logistics investments in developing countries in Asia and MEA support demand.

Crane Market- Restraints

• Shortage of adequately skilled crane operators is a major hinderance to adoption of varying crane types.
• High costs of purchase restrain crane sales and adoption rates, especially among small and medium scale construction enterprises.

Coronavirus Impact on Crane Market

Government spending cuts on construction around theworld have impacted sales and demand for cranes during the covid-19 pandemic.Consequently, manufacturers in the crane types market have made substantialreductions in production rates through 2020. Despite sustained orders, shortageof cash flow remains a major concern for market players. Demand is expected torecover towards 2021 with relaxation of lockdown regulations in the near term.

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Table Of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Analysis and Recommendations

2. Market Overview

2.1. Market Taxonomy

2.2. Market Definition

3. Key Market Trends

3.1. Key Trends Impacting the Market

3.2. Product Innovation Trends

3.3. Patent Analysis

3.4. New Product Launches

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About the Study

The study offers readers a comprehensive assessmentof the crane market. Global, regional and national-level analysis of the latesttrends influencing the crane market is covered in this FMI report. The studyprovides insights according to product type (mobile cranes, fixed cranes, andmarine cranes), and supply (construction, mining, oil& gas, shipping &port building, automotive, and others) across six key regions (North America,Latin America, Europe, China, Asia Pacific excluding China, and Middle East& Africa).

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