Prospective Growth: Global Crane Market Projected to Reach US$ 13.29 Billion by 2033, with a Strong CAGR of 6%, FMI Study

According to FMI’s analysis, the global crane aftermarket will grow at a CAGR of 6% over the forecast period. The industry’s market size is expected to increase from US$ 7.42 billion in 2023 to US$ 13.29 billion by the end of 2033.

The crane aftermarket is expected to be driven by global energy demand, which is pushing the demand for robust power grids. Many countries have pledged substantial monetary and non-monetary resources in recent years to modernise and expand power grids, as well as revitalise 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.

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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:

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.

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New Market Updates:

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