August 27, 2020
According to the recent research report titled ‘Crane Aftermarket Size By Type, By Application Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global crane aftermarket is projected to record substantial growth during 2020-2026.
Growing commercial & residential constructions worldwide, increasing adoption of lifting equipment in application industries, and surging demand for rental crane machines in APAC and North America are majorly driving the growth of global crane aftermarket. In addition, growing concentration of established crane & parts manufacturers in Asia & Europe, surging demand for aftermarket crane products services in Latin America & MEA, as well as transformation in construction industry worldwide will further boost the market size.
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For those uninitiated, aftermarket parts are replacement parts generally made by third party organizations. They are also known as competitive replacement parts, generic, or non-OEM parts. These parts are used when original parts of an equipment do not function owing to wear & tear or any damaging incident.
Crane is a powered device usually outfitted with mechanical means for raising or lowering suspended weights through a load handling device or hook. There are various kinds of cranes with unique features. For instance, fixed cranes cannot move unless it is pulled apart and reassembled, while movable cranes having self-decking and undecking uppers are capable of moving around a site with ease.
Speaking of type, global carne aftermarket is divided into services and replacement parts. The replacement parts segment includes gears, shafts, controls, motors, boom, hoist, and others. As per the report, shaft segment is likely to witness considerable growth in the ensuing years on account of its extensive usage in heavy-lifting operations.
While, boom segment is projected to observe escalated demand, credited to rising deployment in logistics industry. The others segment, comprising of bearings and brakes, is anticipated to grow substantially over the forecast period as cranes as prone to wear and tear.
Based on application segment, the industry is categorized into fixed cranes and mobile cranes. The rough terrain mobile crane segment is expected to showcase robust growth through 2026, attributable to growing forestry activities. While the truck loader segment is likely to expand over the analysis period, pertaining to increasing industrial applications.
The report cites that monorail fixed crane segment is projected to witness momentous growth over the analysis timeframes, owing to its widespread usage in material handling applications.
Citing the regional landscape, Latin America crane aftermarket is projected to register decent growth over the analysis period, owing to expansion of industrial and commercial sectors in Mexico and Brazil. Parallelly, Middle East & Africa market is reckoned to expand modestly during 2020-2026, on account of increasing infrastructure development.
Leading organizations in global crane aftermarket are Zoomlion Heavy Industry NA, Inc., XCMG Group, Terex Corporation, Tadano Ltd., Sany Group, Palfinger AG, The Manitowoc Company, Manitex International Inc., Konecranes Oyj, Kobelco Construction Machinery, Kato Works Co. Ltd., Hydrauliska Industri AB , Columbus Mckinnon Corporation, Bonfiglioli, and Altec Industries.