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 world’s rising energy demand, which is driving up the requirement for reliable power grids, is predicted to drive the crane aftermarket. Many nations have made commitments in recent years to provide significant financial and non-financial resources for the modernization and growth of electricity grids as well as for the revitalization of the distribution infrastructure.
Additionally, it is anticipated that the substantial investments to support the development of reliable energy transmission and distribution (T&D) networks while modernizing the current networks will drive the crane aftermarket. Due to the rapid adoption of cranes in the manufacturing and industrial sectors, the market is also anticipated to expand steadily.
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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.
Key Highlights of the Crane Aftermarket:
- North American 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.
- The 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
- Altec Industries
- Columbus Mckinnon Corporation
- Hiab
- Bonfiglioli
- Kato Works Co. Ltd.
- Kobelco Construction Machinery
- Manitex International
- Manitowoc
- Konecranes
- Palfinger AG
- Sany Group
- Tadano Ltd.
- Terex Corporation
- XCM
- Zoomlion
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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
- Replacement Parts
- Services
- Replacement Parts
- Services
- Replacement Parts
- Services
- Replacement Parts
- Services
- Fixed Crane
- Replacement Parts
- Services
- Replacement Parts
- Services
- Replacement Parts
- Services
- Replacement Parts
- Services
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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