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Global crane market is surging, but growth is hampered by dearth of skilled labour

The “Global Crane Market (by Type, Application & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)” report is out, and it is forecasted to record a value of (US)$43.5 billion in 2026, progressing at a CAGR of 5.23 per cent over the period 2022-26.

The factors such as increasing investment in construction and infrastructure, rising demand in metallurgical industries, escalating preference of rental services, upsurge in e-commerce sector, rapid expansion of aerospace industry and expanding urbanization would drive the growth of the market.

However, the market growth would be challenged by high investment cost and dearth of skilled labour. A few notable trends may include surging mining activities, rapid growth of automotive industry, upswing in maritime activities and rising applications in power generation.

The global crane market is categorized on the basis of type and application. According to the type, the market can be split into mobile cranes, marine and port cranes and fixed cranes.

Whereas, the global crane market can be bifurcated into construction, industrial application, mining and excavation, oil & gas and other applications, in terms of application.

The competitive landscape of the market, along with the company profiles of leading players like Zoomlion Heavy Industry Science and Technology Co., Ltd., Cargotec Corporation, Konecranes PLC, Terex Corporation, Palfinger AG and The Manitowoc Company, Inc. presented in detail.