June 15, 2020
According to a recent study 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 expected to register a strong growth rate through 2026.
Rapid infrastructural development and expansion of commercial & industrial sectors across the globe are fueling the growth of global crane aftermarket. For the uninitiated, aftermarket parts refer to replacement parts manufactured by a third-party organization, which is not the original manufacturer.
Aftermarket parts are also known as competitive replacement parts, non-OEM parts, or generic parts which are used as substitute when original parts of an equipment undergo wear & tear or are damaged from an accident.
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Notably, a crane is a powered device used for raising or lowering weights suspended using a hook or a load handling device. They are available as fixed cranes and mobile cranes. Fixed cranes remain stationary at a site until and unless they are completely dismantled and reassembled. Whereas, mobile cranes are designed to move around a jobsite with ease. Moreover, manufacturers of mobile crane have integrated features that enable shorter set-up times such as undecking and self-decking uppers.
Based on type, replacement parts segment is inclusive of hoist, boom, motors, controls, shafts, gears, and others. The report cites the shafts segment to record a remarkable growth in the coming years due to an array of heavy-lifting operations. Whereas, boom segment is slated to experience a high demand through 2026, fueled by widespread product deployment in the logistics sector.
Elaborating on the application spectrum, rough terrain segment of mobile crane application is anticipated to grow rapidly during the forecast period, due to increasing forestry activities. Meanwhile, truck loader segment is expected to gain decent traction in the coming years, owing to surging industrial applications.
Furthermore, monorail segment of fixed cranes application is poised to grow considerably over 2020-2026, owing to their extensive deployment for material handling.
As per the regional analysis, Latin America crane aftermarket is anticipated to expand at significant pace over the projection period, supported by booming commercial and industrial sectors in Mexico and Brazil.
Meanwhile, Middle East & Africa crane aftermarket is reckoned to accrue substantial returns in the forthcoming years, attributable to increasing number of infrastructure development projects in the region.
Key players operating in global crane aftermarket are Bonfiglioli, Altec Industries, Columbus Mckinnon Corp., Kato Works Co. Ltd., HIAB, Kobelco Construction Machinery, Manitex International, Konecranes, Manitowoc, Sany Group, Palfinger AG, Tadano Ltd., XCMG, Terex Corp., and Zoomlion.