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Stiffleg Crane Market Size

Report ID: GMI6104
Published Date: Jun 2023
Report Format: PDF

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Stiffleg Crane Market Size

Stiffleg Crane Market size was valued at USD 506.5 million in 2022 and is anticipated to grow at over 5% CAGR from 2023 to 2032 driven by the rising investments in mining projects across North America.

Stiffleg Crane Market

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The increasing product demand can be attributed to their vital role in mining operations including excavations, material handling, and equipment installations. The rising need for minerals & metals coupled with technological advancements in mining techniques has propelled investments in mining projects. Crane manufacturers & suppliers are witnessing a surge in requirement of stiffleg cranes, which is leading to significant growth opportunities in the North America.

Stiffleg Crane Market Report Attributes
Report Attribute	Details
Base Year:	2022
Stiffleg Crane Market Size in 2022:	USD 506.5 Million
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5%
2032 Value Projection:	USD 810.1 Million
Historical Data for:	2018 to 2022
No. of Pages:	350
Tables, Charts & Figures:	322
Segments covered:	Load Capacity, Application
Growth Drivers:	Growing investments in mining projects across North America Technological advancements in crane manufacturing Expanding infrastructure development across APAC
Pitfalls & Challenges:	Increasing renewable energy projects High capital investments Lack of skilled operators

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The oil & gas sector often requires stiffleg cranes for various operations including drilling, maintenance, and construction in offshore platforms. Fluctuations in oil prices and investments in exploration & production activities can significantly impact the stiffleg crane market growth. Additionally, an increasing focus on renewable energy sources, such as wind and solar power, has created opportunities for stiffleg cranes. These cranes can be used for erecting wind turbines, installing solar panels, and performing maintenance tasks in the renewable energy sector.

The rising emphasis on environmental regulations and sustainability poses supplementary challenges in the overall crane market. Adapting to evolving environmental regulations and embracing eco-friendly solutions also become a necessity for businesses to meet sustainability requirements. Companies can address regulatory concerns as well as contribute to industry growth in the long run by staying updated with environmental standards and investing in environmental-friendly alternatives.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of stiffleg crane reached USD 506.5 million in 2022 and is poised to grow at over 5% CAGR during 2023 to 2032 attributed to rising investments in mining projects, mainly across North America.

The below 25-ton crane segment held more than 25% of the industry share in 2022 and is estimated to be valued at USD 200 million in 2032 driven by their increasing adoption in small-scale projects and applications that require moderate lifting capabilities.

North America captured 40% share of the global industry in 2022 and is expected to amass USD 300 million by 2032 owing to the presence of robust construction sector and significant infrastructure development projects in the region.

Allied Power Products, Inc., Henan Weihua Heavy Machinery Co., Ltd., Jaso Tower Cranes, Lampson International, Liebherr, Somerset Engineering, Thunder Cranes, Yongmao Construction Machinery, and PLM Cranes are among the top stiffleg crane companies.