Global Crane Market is Projected to Reach a value of US$ 54.3 Billion by 2024: IMARC Group

According to the latest report by IMARC Group, titled “Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global crane market reached a value of US$ 42.2 Billion in 2018. Crane refers to a type of construction machinery utilized for lifting and transporting heavy loads. It is used in industries such as the transport industry for loading and unloading freight and the manufacturing industry for assembling heavy equipment. Earlier, cranes were manually powered by the laborers and used pulleys and ropes to lift objects. Nowadays, the advanced cranes utilize hydraulic and internal combustion engine systems which provide greater lifting capabilities. There is a wide variety of construction cranes available in the market including aerial cranes, truck-mounted cranes and mobile cranes which are used to build all types of structures ranging from high-rise office buildings to modular home constructions.

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Market Trends:

The governments of various nations are spending a considerable amount of money on the development of their country’s infrastructure, such as roads, airports, railways, commercial spaces and housing establishments. The ongoing construction of smart cities in the emerging regions, particularly in India and China, have also escalated the demand for cranes. Apart from this, there have been developments in crane technologies that will create a positive impact on the growth of the global crane market. For instance, the manufacturers in India have introduced special purpose cranes enabling rapid removal of overburden from tunneling or shaft excavation when used for hydel power projects. Moreover, the manufacturers have launched innovative mobile cranes which are compact and can be easily assembled. Looking forward, the market is projected to reach a value of US$ 54.3 Billion by 2024, exhibiting a CAGR of around 4% during 2019-2024.

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