Impact of COVID-19 on the Global Crane Market
The COVID-19 pandemic has rapidly spread across the globe and has affected the cranes market severely. In March 2020, the announcement of coronavirus as a pandemic has resulted in lockdowns being enforced in most of the countries worldwide. The restrictions enforced by numerous governments have compelled the industry players to allow their employees to work remotely. The implementation of automated technologies to reduce human interaction in production facilities and offices is anticipated to support the growth of the global cranes market over the projected timeframe. The utilization of technologies, including advanced electronics and automated machinery during the COVID-19 pandemic, has not only resulted in the continuity of businesses but has also improved the manufacturing operations.
Several emerging and developed countries have imposed countrywide partial or complete lockdowns to maintain social distancing. Numerous retail outlets and e-commerce services were shut down to curtail the spread of the virus. The manufacturing of construction-related products and the provision of related services was restricted to permissible limits during the lockdown. The production of cranes was also severely affected, resulting in a demand and supply gap worldwide. The COVID-19 pandemic has disrupted the supply chains, limiting the growth of the global cranes market. These factors have considerably impacted the global economy and the revenue generation of the construction industry.
The sales of products, including cranes, play a vital role in increasing revenue in the construction and infrastructure industry, owing to their high utilization in the building of manufacturing plants, commercial & residential spaces, etc. The declining global requirement of cranes due to the ongoing pandemic is expected to affect the cranes market over the projected timeframe. However, industry participants are likely to make improvements in their production capacities with the stabilizing market scenario over the forecast timeframe. According to the MRF analysis, the global construction industry is anticipated to witness steady growth in the coming year, which is likely to affect the global demand for cranes and related products. Additionally, the global cranes market is expected to recover in Q4 of 2020.