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Several factors define the dynamics and growth path of the Carry Deck Crane market. For instance, one vital element is how well the construction industry itself is performing. The demand for carry deck cranes rises in step with construction activities. They are versatile enough to be used for diverse purposes including residential buildings or commercial structures as well as infrastructure development projects among others. With rapid urbanization and industrialization, the construction sector has been growing strongly; this has propelled the carry deck crane market a great deal. In 2018, the size of Carry Deck Crane Market was USD 590 million and it will grow at 4.2% CAGR during forecast period.
On top of that, energy sector is one of those industries which shape this market in a very tremendous way. Often used in oil and gas exploration projects as well as power generation plants are carried by deck cranes. These industries require lifting and moving heavy equipment hence creating the need for carry deck cranes. Also affecting this market are variations in energy prices, political issues among other geopolitical factors and continued developments on renewable sources of energy prompting many companies in these sectors to invest on crane equipment.
The subsequent factor shaping market landscape involves technological advancements as well as innovations taking place day after day mostly characterized by smart technologies which usually include telematics and internet of things (IoT) that ensures better efficiency, and safety. For instance, smart-technology integration such as telematics improves carry deck cranes’ operations. In order to maintain competitiveness, companies are constantly adding new features to make their products easier to use improve on performance or reduce downtimes in the process. Hence, improved solutions produced by the ability of employing currently available advanced manufacturing technologies coupled with optimized materials have also shaped modern-day technology that evolves in the area of carry deck crane.
Furthermore, market competition and presence of key players are important aspects that affect the Carry Deck Crane markets. Well-established manufacturers with worldwide coverage dominate this particular sector. Strategic alliances, mergers as well as acquisitions among the stakeholders normally lead to market consolidation. They want to enrich their product lines, improve supply chains and expand leading positions in order gain superiority compared competitors.
On top of everything else, economic factors like GDP growth rates inflation rate overall economic stability play very crucial roles pertaining to carry deck crane industry especially when a country is under recession where construction projects and infrastructure spending decreases affecting demand for these machines conversely periods during which economies grow resulting into more investments constructed infrastructures tend to create positive atmosphere towards any market involved.
Carry Deck Crane Market Highlights:
Carry Deck Crane Market SynopsisÂ
Carry Deck Crane Market size was USD 590 million in 2018 and is expected to witness 4.2% CAGR during the forecast period.The global carry deck crane market is expected to witness considerable growth in the next few years due to the rapid development of the construction and mining industries. Government bodies across the globe are focused on promoting and developing their infrastructure. They are introducing various reforms and regulations to boost their infrastructure and real-estate industries. Such reforms are expected to drive the growth of the construction industry and, consequently, drive the carry deck crane industry and carry deck crane rental industry. Moreover, the rise in construction activities and industrialization, mainly in emerging economies such as Asia-Pacific and the Middle East & Africa, has led to the growth of the carry deck industrial cranes market. However, the volatile raw material prices might hamper the market growth during the forecast period. Â
Key Players
The Key Players operating in the global carry deck crane industry include Broderson Manufacturing Corp. (US), LIFT SYSTEMS, INC. (US), Bailey Specialty Crane and Aerials, LLCÂ (US), Manitowoc (US), and Manitex International, Inc. (US).
Regional Analysis
Based on region, the global carry deck crane market has been segmented into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. Asia-Pacific held the largest share in the global carry deck crane market, followed by North America and Europe in 2018; it is expected to continue its dominance till 2030. Furthermore, Asia-Pacific is projected to witness the fastest growth rate during the forecast period. Asia-Pacific is the fastest-growing construction market, with China, India, Japan, Indonesia, and Australia being the major markets of the region. The growth of the infrastructure and construction industries and the improvement in financial conditions in this region have led to the growth of the construction industry and, consequently, the crane market. Moreover, the rapid industrialization and urbanization in emerging economies, such as China, India, and Japan, is also boosting the growth of the crane market in the region. Furthermore, activities such as refurbishing and renovation of old buildings have increased investments in the infrastructure and construction industries, fueling the regional carry deck industrial cranes market.
Segmentation
The global carry deck crane market has been segmented based on capacity and application. Based on capacity, the global market has been segmented into less than 5 tons, 5 tons to 10 tons, 10 tons to 15 tons, 15 tons to 20 tons, 20 tons to 50 tons, and above 50 tons. The 20 tons to 50 tons segment held the largest market share of the global carry deck crane industries in 2018 and is expected to witness the highest CAGR during the forecast period. Cranes included under this capacity segment are extensively used for applications in construction and manufacturing industries. Large construction sites have dedicated storage areas for heavy concrete and iron bars, and carry deck cranes are used to lift, transport, and deliver these items to the designated sites. Â Â Â
Based on application, the global market has been segmented into construction & infrastructure, manufacturing industries, mining, and others. The construction & infrastructure segment accounted for the largest market share. In the construction industry, these cranes are key assets that ease functions with large and bulky construction materials. Carry deck cranes are used for lifting, loading, and unloading materials in the construction site at a certain distance and a certain height depending on the requirements. Hence, the construction industry has witnessed significant growth across the globe, owing to an increase in investments in the real estate sector. Furthermore, factors such as the increase in the construction of commercial buildings, such as commercial complexes and offices raise the demand for carry deck cranes in the construction segment.Â
The global carry deck crane market is fragmented with a moderate number of players, across the globe. The players are expected to adopt various strategies to expand their global presence and increase their market shares. Some of the key strategies adopted by the players include a focus on high-quality product, cost-effectiveness, expansions, strategic partnerships, collaborations and contracts with the manufacturing companies.
Intended Audience
- Raw material suppliers
- End users
- OEMs
- Regulatory bodies
- Market research and consulting firms
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