PUNE, May 12, 2020 (GLOBE NEWSWIRE) -- The global fixed crane market is set to gain impetus from the rising investments by the governments, as well as private sectors in the development of new residential, commercial, and public infrastructure. This information is given by Fortune Business Insights™ in a recent report, titled, “Fixed Crane Market Size, Share & Industry Analysis, By Type (Overhead Crane, Tower Crane, and Others), By Application (Construction, Oil & Gas, Ship Building, Power & Utilities and Others) and Regional Forecast, 2019-2026.” The report further states that the fixed crane market size was USD 10.26 billion in 2018 and is projected to reach USD 15.77 billion by 2026, exhibiting a CAGR of 5.6% during the forecast period.
Highlights of the Report
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An Overview of the Impact of COVID-19 on this Market:
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Drivers & Restraints-
Increasing Usage of Rental Equipment Services to Boost Growth
Numerous private and government infrastructure development associations worldwide, such as the European Rental Association (ERA) and Construction Equipment Rental Association (CERA) are emphasizing on the promotion of rental equipment services. This is occurring as such services are more cost-effective, safer, and comfortable to operate. Also, renting equipment required for construction activities is beneficial as it lowers the cost of maintaining, warehousing, and buying the fixed cranes. A study conducted by the ERA found that the countries belonging to European Free Trade Association (EFTA) and EU-28 showcased positive growth in 2018 at a rate of 2.8%. It also contributed to almost 1.7% growth in the GDP of Europe. However, the high initial purchase cost may hamper the fixed cranes market growth in the near future.
Segment-
Power & Utilities Segment to Grow Steadily Backed by Investments by Reputed Players
Based on application, the market is fragmented into power & utilities, shipbuilding, oil and gas, construction, and others. The power & utilities segment held 24.2% fixed crane market share in 2018 owing to the rising investments from the private and government institutions. Several local and prominent players are also investing huge sums in this sector for widening their business operations.
Regional Analysis-
Rapid Urbanization in the U.S. & Canada to Favor Growth in North America
Geographically, the market is segregated into Latin America, the Middle East and Africa, Asia Pacific, Europe, and North America. Amongst these, Asia Pacific generated USD 4.71 billion fixed cranes market revenue in 2018. This growth is attributable to the rising investments in reconstruction and construction activities in this region. In North America, the market is expected to grow significantly fueled by the initiative by the government in the U.S. to construct new metro-stations, railway stations, and airports. Besides, rapid urbanization in Canada and the U.S. would contribute to the growth.
Competitive Landscape-
Key Companies Aim to Gain Competitive Edge by Bagging New Contracts
Most of the companies operating in the fixed cranes market are mainly engaging in the strategy of new contracts and agreements to gain a competitive edge. They are trying to win new orders of their own unique products to be delivered for prominent projects. Below are a couple of the key industry developments:
Fortune Business Insights™ lists out the names of all the renowned companies operating in the fixed crane market. They are as follows:
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Detailed Table of Content
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Have a Look at Related Research Insights:
Cranes Market Size, Share and Industry Analysis By Product Type (Mobile, Fixed, Marine), By End-User Industry (Construction, Mining, Industrial, Oil & Gas, Others) and Regional Forecast 2019-2026
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Construction Equipment Market Size, Share and Industry Analysis By Equipment Type (Earthmoving Equipment, Material Handling Equipment & Cranes, Concrete Equipment, and others), By Application (Residential, Commercial, Industrial), and Regional Forecast, 2019-2026
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