Global Crane Market Overview:
A research team conducted a significant amount of primary and secondary research for the analysis of the Global Crane market. In order to supplement the available data, segment the market, calculate the market’s overall size, and project market size and growth rate, secondary research was conducted.
In the year 2019, the construction segment leads crane market with the highest revenue share of 52.5%, and this is expected to continue over the projected year. The segment’s growth is likely to be aided by ongoing residential and commercial infrastructure projects around the world. Once placed, tower cranes cannot be moved until the project is finished. As a result, builders who work on a variety of projects often favour mobile cranes since they are portable. The deployment of this technology can also help to reduce machine idle time and, as a result, increase production.
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Global Crane Market Scope:
The PESTLE analysis is used in the study to evaluate the benefits and drawbacks of major market players. In order to forecast the market and provide investment advice, the researcher closely examines the Global Crane market’s size, share, trend, total profit, total revenue, and profit margin. Subject matter experts make suggestions for market changes.
In addition to data on capacity and production, price and cost information, company profiles, product images, specifications, and contact information, the report includes details on the key market participants. The trends, size, and value of the Global Crane market are examined at the global, regional, and corporate levels in this report. This study examines the Global Crane market using historical data and forecasts.
Global Crane Market Segmentation:
All-terrain cranes are expected to gain substantial traction around the world as the construction sector and industrial activities rise. Construction and other end-user sectors rely heavily on all-terrain cranes. All-terrain cranes are chosen over traditional lifting and construction equipment, which is expected to drive the crane market for them throughout the forecast period. Furthermore, all-terrain cranes reduce the need for specialized transportation vehicles. These cranes also have the added benefit of being adaptable, which is attracting fleet owners and crane leasing companies. To acquire a competitive advantage over their competitors, the market’s leading companies are also releasing new product portfolios. Take, for example, the 750-metric-ton XCA750 eight-axle all-terrain crane was released by XCMG in July 2020. This crane has a 92-meter main boom with seven sections, as well as a heavy-duty hydraulically erected wind turbine extension, which is specifically built for wind turbine repair and maintenance.
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Global Crane Market Key players:
- Cargotec OYJ
- Manitowoc
- Terex Corporation
- Tadano Limited
- Kobelco Cranes Co. Ltd
- Palfinger AG
- Liebherr-International AG
- Zoomlion Heavy Industry Science and Technology Co. Ltd
- Favelle Favco Group
COVID-19 Impact on Global Crane market:
The COVID-19 outbreak has had a significant impact on the Global Crane market. Due to the global economic downturn and a labour shortage, the development of Global Crane production facilities has been halted. The pandemic of COVID-19 has resulted in a significant and long-term decrease in production utilisation. Furthermore, travel restrictions and facility closures have hampered employee visits, limiting the growth of the Global Crane market in 2020. However, given the high demand for Global Crane, the market effects of COVID-19 are expected to be transitory. The industry is expected to fully recover by early 2021.
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