Crane Aftermarket Is Projected To Reach A Valuation Of US$ 13.29 Billion By 2033: Says Future Market Insights
The global crane aftermarket is predicted to register a CAGR of 6% over the forecast period, as per FMI’s analysis. The industry’s market size is anticipated to rise from US$ 7.42 billion in 2023 to US$ 13.29 billion by 2033 end.
The crane aftermarket is projected to be driven by the
increasing demand for energy the world over, which is pushing the demand for
robust power grids. In recent years, many countries have vowed to offer
substantial monetary and non-monetary resources for the modernization and
expansion of power grids and for invigorating the distribution infrastructure.
In addition to this, the significant investments to promote the construction of
solid energy transmission and distribution (T&D) networks, while upgrading
the existing networks, are projected to push the aftermarket for cranes.
The market is further projected to witness steady growth on
account of surging adoption of cranes in the manufacturing and industrial
sectors. The escalating deployment of monorail cranes and gantry cranes in
factory set-up applications and heavy material handling is expected to push the
market expansion. Further, the increasing demand for crawler cranes to steer
rough and inaccessible surfaces and lift tremendously heavy loads is projected
to enhance market scope over the forecast period.
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Key Highlights of the Crane Aftermarket:
- North
America market is projected to be augmented by the presence of
strict safety laws in the region, which ensure routine maintenance and
fuel the demand for aftermarket replacements and spare parts like shafts
and gearboxes. For instance, the Occupational Safety & Health
Administration (OSHA) has mandated routine inspections of OSGA-permitted
cranes.
- Europe market
is being pulled forward by the increasing demand for crane aftermarket
services and products. This has been prompted by the surging construction
activities for residential buildings in countries, such as the Netherlands
and Germany.
- The market
is set to observe a growing preference for mobile crane aftermarkets.
Mobile cranes offer a plethora of advantages, including a high level of
mobility and great strength. These functionalities enable the uplifting of
heavy material in small working spaces. These cranes are also anticipated
to witness an increase in demand for forestry, shipbuilding, and mining
applications.
A Glimpse of the Current Market Competition Scenario
The key participants in the market are emphasizing
collaboration with distributors and suppliers to attain high visibility in the
market. Some of the dominant key players in the global market are Columbus
Mckinnon Corporation, Altec Industries, Hiab, Bonfiglioli, Kato Works Co. Ltd.,
Manitex International, Kobelco Construction Machinery, Manitowoc, Konecranes,
Terex Corporation, Palfinger AG, Tadano Ltd., Terex Corporation, Sany Group,
XCM, and Zoomlion.
New Market Updates:
- In
November 2019, Elliott Equipment Company revealed that it has partnered
with Beacon Funding Corporation, which is a construction equipment
financing firm. With the help of this partnership, Elliott’s customers
were able to leverage the advantages of financial services offered by
Beacon Funding Corporation.
- In
April 2018, Scanreco introduced the SCAN500 Mini Transmitter remote
control, equipment that satisfies the requirements of OEM and aftermarket
systems for heavy-duty cranes. The controller contains an ergonomically
crafted touchscreen display for better equipment performance with the
least operator fatigue.
Key Market Segmentation
By Type:
- Replacement
Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Service
By Application:
- Mobile
Crane
- All
Terrain Crane
- Replacement
Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Services
- Crawler
Crane
- Replacement
Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Services
- Rough
Terrain Crane
- Replacement
Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Services
- Truck
Loader Crane
- Replacement
Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Services
- Fixed
Crane
- Monorail
Crane
- Replacement
Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Services
- Tower
Crane
- Replacement
Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Services
- Stiffleg
Crane
- Replacement
Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Services
- Gantry
Crane
- Replacement
Parts
- Gears
- Shafts
- Motors
- Brakes
- Controls
- Others
- Services
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