According to a new report, published by KBV research, The Global Crane Market size is expected to reach $43.5 billion by 2031, rising at a market growth of 4.7% CAGR during the forecast period.
Cranes enable efficient lifting, lowering, and transporting of heavy materials and equipment, reducing manual labor and increasing productivity in construction, manufacturing, and mining industries. Cranes help reduce the environmental impact of material handling operations by reducing energy consumption, minimizing emissions, and improving operational efficiency in various industries and applications.
The Fixed Crane segment is leading the Global Crane Market by Product in 2023; thereby, achieving a market value of $28.6 billion by 2031. Fixed cranes help improve efficiency and productivity in construction and industrial operations by reducing material handling time, minimizing downtime, and increasing throughput. Their ability to lift heavy loads to great heights with precision and stability streamlines material handling processes and accelerates project timelines. Fixed cranes, including tower and stationary gantry cranes, are indispensable for high-rise construction projects such as skyscrapers, residential complexes, and commercial buildings.
The Mining segment is experiencing a CAGR of 5.4% during (2024 - 2031). Cranes are essential for material handling and transport in the mining segment. They are used for loading and unloading heavy materials such as ore, coal, and minerals from trucks, railcars, and ships. Cranes play a crucial role in shaft and underground mining operations. They are used for lifting and lowering equipment, materials, and personnel into and out of mine shafts and underground tunnels. Cranes are used in open-pit mining operations for material handling and transport. For instance, according to International Trade Administration, Saudi Arabia has also established a mining fund to support up to $15 billion in overseas assets to reduce its reliance on fossil fuels.
Full Report: https://www.kbvresearch.com/crane-market/
The North America region dominated the Global Crane Market by Region in 2023; thereby, achieving a market value of $14.3 billion by 2031. The Europe region is anticipating a CAGR of 4.3% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit a CAGR of 5.3% during (2024 - 2031).
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