Gantry Crane Market: Introduction
Transparency Market Research delivers key insights on the global gantry crane market. In terms of revenue, the global gantry crane market is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global gantry crane market.
The global gantry crane market is affected by several factors, including development of shipyards and ports, construction industry, and various end-use industries. Improvements in product offerings & services by manufacturers coupled with penetration in developing nations are expected to drive the gantry crane market during the forecast period.
Gantry Crane Market: Dynamics
The construction industry includes activities of civil engineering construction, specialist construction, and development and construction of residential and non-residential buildings. The construction industry has a direct impact on the global economy and other related sectors. The global construction industry is projected to rapidly grow during the forecast period. The overall outlook of the construction industry is positive. Population growth, need for infrastructural upgrade, and investment in renewables and telecommunication are set to drive the construction market, thus creating business for gantry cranes during the forecast period.
Trade between nations is an important parameter for the development of a country’s economy. Around 70% – 80% of the trade is seaborne, and trade volumes have shown modest growth over the past few years. Globalization and production of complex industrial processes/products have increased the importance of ports in the supply chain. Thus, the development of ports during the forecast period is anticipated to drive the gantry crane market.
The cost of a gantry crane is determined by its type and lifting capacity. Greater the lifting capacity, higher is the price. Gantry cranes, which are used at shipyards and ports, are expensive, as they are used to lift heavy objects and cannot be replaced by other cranes. However, the use of gantry cranes in other industries can be replaced with other types of cranes, thus impacting its demand.
The demand for gantry cranes is likely to increase due to the growth of end-use industries. The market is dominated by a few major players; however, the emerging manufacturing sector will create ample opportunities for new players in the form of semi gantry and portable gantry cranes.
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Gantry Crane Market: Prominent Regions
In terms of region, Asia Pacific is anticipated to be the most lucrative for the growth of the gantry crane market, followed by Europe, owing to increasing construction activities in the region. Asia Pacific led the gantry crane market in 2019, and is expected to show sustainable growth during the forecast period. Countries such as China, India, and Japan will contribute significantly to the expansion of this regional market. The primary driver for the growth of the gantry crane market in Asia Pacific is rising trading and construction activities due to the advent of smart cities and rapid urbanization. Middle East & Africa is also anticipated to experience promising growth in the gantry crane market during the forecast period.
China accounts for a majority share of the Asia Pacific gantry crane market, followed by India. The demand for gantry cranes is projected to increase due to the ongoing One Belt One Road initiative. Many developing nations in Asia Pacific, which generate the demand for various products, are increasing trading and production capabilities. The construction sector is expected to witness fast growth, owing to a huge pipeline of infrastructure projects.