Crane After Market Share, Development by Companies Outlook, Growth Prospects and Key Opportunities by 2033 | Says FMI Analyst

 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