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(EstateNewsWire.com, October 29, 2019 ) Market Overview
Cranes are industrial machinery equipped with cables and pulleys which are used to lift heavy materials, finding application in construction sites, manufacturing plants, and other industries.
Technological innovations have been made to make the crane energy efficient and light-weight, thus providing a boost to market growth.
This has driven the use of cranes at building sites, shipping yards, and industrial factories. Cranes are also employed at petrochemical sites, and explorations of oil and gas in the energy sector have driven the demand for cranes.
Accidents in manufacturing plants and construction sites involving crane structural failures occur every year owing to negligence on the part of human operators, overloading of cranes or machinery failure. Regulations about safety standards put forth by federal authorities and accidental hazards might impact market growth.
Based on the type, the crane market is segmented into mobile cranes and fixed Cranes.
Mobile Cranes can be further categorized into truck mounted cranes, all-terrain cranes, crawler cranes, and others including rough terrain cranes, loader cranes and telescopic cranes.
Fixed cranes can be categorized into monorail cranes, tower cranes, gantry cranes and others including ring cranes & stiff leg cranes.
Fixed Cranes are more extensively used in oil & gas sector and construction sector. However, mobile cranes are also being employed in mining operations owing to greater mobility and flexibility of use in hilly terrains.
Based on End-user, market is segmented into Construction, Oil & Gas, Manufacturing, Metals & Mining, and Others.
Key Segments covered in the report :
Oil & Gas
Metals & Mining
Rest of the World
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Geographically, North America leads to market share owing to an increase in demand for cranes to be deployed in construction sites and manufacturing units. Technological upgradation of cranes by key players to maintain competitiveness in the market has also driven market growth in North America.
Asia-Pacific will, however, witness a higher growth rate of the crane market boosted by economic development and growth of the construction market.
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