The Latin America, Middle East and Africa Crane Market would witness market growth of 6.7% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Crane Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,026.5 million by 2031. The Argentina market is registering a CAGR of 7.3% during (2024 - 2031). Additionally, The UAE market would showcase a CAGR of 6.4% during (2024 - 2031).
Telematics systems are becoming more prevalent in cranes, enabling remote crane performance monitoring, real-time diagnostics, and predictive maintenance scheduling. This helps minimize downtime and optimize crane maintenance schedules. Safety remains a top priority in the market, leading to the development of advanced safety features such as collision avoidance systems, load moment indicators, and anti-sway technology. These innovations enhance worker safety and reduce the risk of accidents.
Cranes with modular designs and versatile configurations are gaining popularity. They allow easier transportation, assembly, and adaptation to various job site requirements. Modular cranes offer flexibility and cost-effectiveness in crane operations. Environmental sustainability drives the adoption of eco-friendly crane technologies, such as regenerative braking systems, energy-efficient components, and alternative fuel options. Cranes with lower emissions and reduced energy consumption are in high demand.
Brazil has invested significantly in renewable energy, particularly wind and solar power generation. The country's abundant natural resources and favorable climatic conditions make it conducive for renewable energy development. Brazil has abundant sunlight and favorable solar resources, making it suitable for solar energy installations. According to data issued in 2023 by the ITA, the renewable energy sector accounts for 83% of the Brazilian electricity matrix, compared to the average of 25%. Privat investment has facilitated the renewable energy sector's consistent growth. It is anticipated that by 2029, investments in the Brazilian electricity sector, which includes utility-scale generation, distributed generation, transmission, and distribution projects, will exceed $100 billion. Thus, due to these aspects, the market will expand across the LAMEA region in upcoming years.
Free Valuable Insights: The Worldwide Crane Market is Projected to reach USD 43.5 Billion by 2031, at a CAGR of 4.7%
Based on Product, the market is segmented into Fixed Crane (Tower Crane, Gantry Crane, Monorail Crane, Stiff Leg Crane), and Mobile Crane (Truck Loader Crane, Crawler Crane, All Terrain Crane, Rough Terrain Crane). Based on Fixed Crane Load Capacity, the market is segmented into 25 to 80 Ton, Below 25 Ton, and Above 80 Tons. Based on Mobile Crane Load Capacity, the market is segmented into 5 Ton, 10-20 Ton, 21-30 Ton, and Others. Based on Application, the market is segmented into Construction, Mining, Industrial, Oil & Gas, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Product
By Application
By Country
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