The global crane will expand considerably in the coming years due to recent technological advancements in manufacturing of cranes. According to a report published by Fortune Business Insights, titled “Crane Market: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 32.90 Bn in 2018. Fortune Business Insights has predicted that the market will reach US$ 50.75 Bn by 2026, thereby exhibiting a CAGR of 5.6%.
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The expansive construction business cributed to the demand for cranes across the world. Recent technological advancements in manufacturing of cranes have led to a rising adoption across the world. Additionally, the improvements in crane designs and operational efficacies will fuel the demand for cranes across the world. The demand for cranes has increased drastically in recent years due to applications across diverse industries such as machinery, construction, marine, and transportation. Furthermore, advancements in variants of crane such as improved designs, high lift power, low fuel consumption, and electric-operated cranes will favor the growth of the global cranes market in the forthcoming years.
Accelerated Product Launches Will Boost the Market
The high demand for cranes in several industries has encouraged companies to come up with newer products. In addition to product launches, the advent of technologically advanced cranes has laid the foundations for growth of the global cranes market companies. The growing applications of cranes have also yielded several product launches in recent years. The trends of application-oriented cranes have enabled strong market figures on a global scale. In 2019, Manitowoc announced the launch of three new versions of crane, each one of which was an upgrade from its previous versions. The increasing number of companies will contribute to the overall crane industry growth in recent years. Fortune Business Insights states that Manitowoc’s latest products will constitute an increase in the global crane market value in the forthcoming years.
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Advent of Electric-operated Cranes Will Enable Growth
There has been a growing awareness regarding environment-friendly vehicles and reducing the overall fuel consumption in recent years. Due to this, companies are focusing on manufacturing vehicles with minimum emission and less fuel consumption. The advent of electric-operated vehicles will help the companies generate plenty of crane market revenue, based solely on manufacturing and sales of electric-operated vehicles. The adoption of electric-operated vehicles will offer huge platforms for the growth for companies operating in the crane manufacturing industry.
Fortune Business Insights highlights a few of the leading crane market companies of recent years. Fortune Business Insights provides a detailed analysis of the exceptional strategies that these companies have adopted in recent years. Besides, analyzing the business strategies, Fortune Business Insights signifies the impact of product launches by major companies on the global market.
- Manitowoc Company, Inc
- Tadano Ltd
- Komatsu Ltd
- Terex Corporation
- Liebherr Group
- Hitachi Construction Machinery Europe NV
- Demag Cranes & Components GmbH
- Zoomlion Heavy Industry Science and Technology Co., Ltd
- XCMG Group
- Caterpillar Inc
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