Crane Aftermarket revenue to cross $15 Bn by 2032

Crane Aftermarket size is anticipated to surpass USD 15 billion by 2032, according to recent research report by Global Market Insights Inc.
 

Rapidly surging demand for energy worldwide is accelerating the need for robust power grids, which will complement the industry outlook. In recent years, several countries have pledged significant monetary and non-monetary resources for the expansion and modernization of power grids and for strengthening the distribution infrastructure. Additionally, substantial investments are helping build solid energy transmission and distribution (T&D) networks along with the upgradation of existing networks.
 

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Integration of AI, IoT, and telematics to enhance the demand for crane aftermarket services

Crane aftermarket valuation from the services segment is projected to exceed USD 3 billion by 2032. Rapid penetration of next-generation technologies such as artificial intelligence (AI), and the internet of things (IoT) is enhancing the capabilities of service offerings by crane manufacturers. Innovative services are designed to provide crane operators with real-time data together with precise insights into the operation and performance of equipment. The advent of telematics is further improving the performance of cranes by assisting operators with fault diagnosis and reminding them of routine maintenance of machinery.
 

Rising number of warehouses to boost adoption of mobile cranes

The aftermarket for mobile crane is set to exhibit 5% CAGR between 2023 and 2032. Mobile cranes offer a myriad of advantages such as greater strength and a high level of mobility, which enables the lifting of heavy objects in compact working spaces. Increasing the use of mobile cranes to unload ships at ports, transfer cargo from containers to warehouses, and erect steel structures will propel the demand for aftermarket replacement parts and services for mobile cranes. These cranes are also expected to witness a surge in demand from shipbuilding, forestry, and mining applications.
 

Browse key industry insights spread across 250 pages with 967 market data tables & 31 figures & charts from the report, “Crane Aftermarket Size By Type (Replacement Parts [Gears, Shafts, Controls, Motors, Brakes], Services), By Application (Mobile Crane [All-Terrain Crane {Replacement Parts, Services}, Crawler Crane {Replacement Parts, Services}, Rough Terrain Crane {Replacement Parts, Services}, Truck Loader Crane {Replacement Parts, Services}, Fixed Crane [Monorail Crane {Replacement Parts, Services}, Tower Crane {Replacement Parts, Services}, Stiffleg Crane {Replacement Parts, Services}, Gantry Crane {Replacement Parts, Services}]) COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/crane-aftermarket
 

Stringent regulations to augment North America sector

North America crane aftermarket registered around USD 2 billion in 2022. A dynamic growth in residential and commercial construction activities will accelerate the need for cranes in the region. In recent years, significant private and public funding has encouraged large-scale infrastructure projects in the U.S., and Canada. The presence of stringent safety laws is prompting operators to ensure regular maintenance, thus fueling the need for aftermarket replacement and spare parts such as gearboxes, and shafts. For instance, the Occupational Safety & Health Administration (OSHA) necessitates routine inspections of OSGA-approved cranes.
 

New partnerships to foster industry expansion

Some of the leading companies in the global business scenario are Altec Industries, Columbus Mckinnon Corporation, Hiab, Bonfiglioli, Kato Works Co. Ltd., Kobelco Construction Machinery, Manitex International, Manitowoc, Konecranes, Palfinger AG, Sany Group, Tadano Ltd., Terex Corporation, XCM, and Zoomlion. These participants are focusing on collaboration with suppliers and distributors to achieve high visibility in the market.