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Global market for industrial counterweights expected to grow to $8.5 billion by 2026


July 29, 2021
By Crane & Hoist Canada Staff

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The global market for industrial counterweights is expected to grow to $8.5 billion (all figures U.S.) by 2026, according to a new report.

That’s up from an estimated $6.7 billion in 2021, according to Industrial Counterweights Market by Type published by MarketsandMarkets.

That represents a compound annual growth rate of 4.5 per cent from 2021 to 2026.

“The purpose of a counterweight is to make lifting the load faster and more efficient, which saves energy and is less taxing on the lifting machine,” it said in a press release. “Counterweights are used to counterbalance the weight and maintain stability and are required to complete various operations in industries such as industrial manufacturing, marine, renewables, construction, mining, and agriculture.”

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Fixed counterweights dominate by type

The fixed counterweights segment is expected to dominate the industrial market, by type, during the forecast period.

The fixed counterweights segment accounted for the largest share of the Industrial Counterweights Market, by type, in 2020. The fixed counterweights segment of industrial fixed counterweights is further classified into two types — fixed frames and floating frames. As the name suggests, the position of the counterweight is stable in the fixed frame, whereas it is rotating in the floating frame.

The iron and steel segment is expected to dominate the industrial market, by material, during the forecast period.

The iron and steel counterweights segment accounted for the largest share of the industrial counterweights market, by type, in 2020. Iron and steel materials are widely used to make counterweights, owing to various desirable properties aligned with them such as high strength, ductility, and tensile strength.

Iron and steel are used widely in the construction of roads, railways, buildings, etc. Equipment such as bridge weights, cylindrical weights placed on poles near railway tracks, cranes, and forklifts; modern structures, such as stadiums, skyscrapers, bridges, and airports, are supported by a steel skeleton. Iron and steel counterweights are required for the construction of all the aforementioned equipment and structures.

Cranes dominate by application

The cranes segment is expected to dominate the industrial counterweights market, by application, during the forecast period.

The cranes counterweights segment accounted for the largest share of the industrial counterweights market, by application, in 2020.

“A crane is a lifting or lowering machine equipped with a hoist rope, wire ropes or chains, and sheaves,” it said. “It is mainly used for lifting heavy objects and transporting them to other places. Industrial counterweights for cranes are widely used in the construction industry. Cranes are of various types, such as tower cranes, mobile cranes, overhead cranes, and loader cranes. Depending on the location of counterweights in cranes, they can be categorized as swinging type or fixed type.”