Wilmington, Delaware, Oct. 23, 2023 (GLOBE NEWSWIRE) -- As per a report by Allied Market Research, the global cranes market accounted for $33.61 billion in 2019 and is projected to reach $41.18 billion by 2027, surging ahead at a CAGR of 4.8% during the 2020-2027 period. A comprehensive analysis of the growth drivers and the latest advancements in the market has been done in the report.
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Rocketing prices of real estate is the biggest factor helping the market to grow in the forecast period. Apart from this, increasing adoption of public-private partnerships (PPPs) will help the market increase its footprint across the globe. However, lack of skilled workforce and instability in raw materials’ prices might restrain the growth of the industry. On the other hand, introduction of automation technologies in cranes might create massive growth opportunities in the market.
The global cranes market is studied across type, business type, mobility, and region. By mobility, the static segment held around three-fifths of total market share in 2019 and is predicted to continue its great run by 2027. The mobile segment, on the other hand, is predicted to have the fastest CAGR of 5.7% in the analysis period.
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By type, the transporter cranes, gantry cranes, and bridge cranes segment gathered around three-fifths of the total market revenue in 2019 and is estimated to continue its dominance by 2027. Moreover, the segment is also projected to grow at the highest CAGR of 5.1% in the forecast timeframe.
By region, the Asia-Pacific cranes market held the highest share in 2019 and is expected to be the fastest growing sub-segment with a CAGR of 5.5% in the analysis timeframe. Apart from this, analysis of three regions of North America, LAMEA, and Europe has also been covered in the report.
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Top Players:
The major companies studied in the global cranes market report include Cargotec Corporation, Manitowoc Company, Inc., Tadano Ltd., Xuzhou Construction Machinery Group Co., Ltd., Kito Corporation, Terex Co., Zoomlion Co., Ltd., SANY Heavy Industry Co. Ltd., Konecranes Plc, and Liebherr-International AG. These companies have engaged in strategic alliances including acquisitions, mergers, collaboration, and joint ventures which will strengthen the position of the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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