February 16, 2022 10:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.

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DUBAI, United Arab Emirates, Feb. 16, 2022 (GLOBE NEWSWIRE) -- Sales in the global Crane Market are slated to top US$ 43.9 Bn in 2022. Expanding at a steady h 3.8% CAGR, the market size is projected to total US$ 57.1 Bn by 2029.

In the current market scenario, rising number of construction projects in South East Asian and Latin American countries, and tie-ups with prominent sales channel partners and manufacturing entities for long-term supply, will drive the global Crane Market. Further, integration of smart solutions and automation in cranes are expected to enhance sales during the forecast period.

Strong customer relationships with dealers/distributors and other stakeholders in the distribution channel, reinforced through local market presence, has been at the forefront among the various policies and plans adopted by prominent players in the global crane market.

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Value of the global crane market was approximately US$ 43.9 Bn in 2022, which is projected to increase 1.5X by 2029.

Insights Gathered from Crane Market Study

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Know More about Crane Market Report

A new market research report published by Future Market Insights (FMI) on the global crane market includes global industry analysis of 2014-2022 and opportunity assessment for 2021-2029. The report provides insightful analysis of the global crane market through five different categories - type, capacity, application, design and region. The crane market report details current installed base, product adoption across different applications, prevailing trends and technologies being adopted in the manufacturing of crane, life cycle analysis, and pricing analysis by different product types.

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The crane market is largely fragmented, owing to a large number of established and large players. The report also provides details of some of the key players in the global crane market, such as Liebherr Group, XCMG Construction Machinery Co. Ltd, The Manitowoc Company, Texrex Corporation, Cargotec Oyj, Tadano Ltd., Zoomlion Heavy Industry Science & Technology Co., Ltd. Kobelco Ltd, and Kato, among others. Increasing investments in public and private sector construction projects are primarily responsible for driving the growth of the market.

Competitiveness in this landscape is growing stronger, and the adoption of new crane technology is superseding the cranes of yesteryears. With numerous updations, customizations, and innovations, end users can increase uptime, save on maintenance and energy costs, scale products with the business, and extend the life of their investments, all of which will play a significant role in the global crane market.

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