Crane Aftermarket Size | Application and Future Forecast by 2026
Selbyville,Delaware, United States,Nov 17 2020 (WiredRelease) Global Market Insights, Inc:Crane Aftermarket size to Hit $10 Billion by 2026 with CAGR of 5% from 2020 to 2026.
Operations at industrial and construction sites have now become highly convenient and effective; thanks to the invention and technological development of cranes. These equipment are deemed to be one of the most important machineries in use at construction and industrial sites while facilitating the movement of goods to and from various locations. While building and construction sector remains as a niche industry for cranes, they also find extensive applications across civil aviation, marine, mining, and other industries.
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Considering the wide scale utilization across umpteen construction projects worldwide, cranes are vulnerable to wear and tear. This calls for better servicing or replacement plans as breakdown can occur at any time, impelling the need for crane aftermarket parts and services. In lieu of this, various crane makers have relentlessly been working towards enhancement of these services while engaging in partnerships, collaborations, acquisitions, product launches, or facility expansions. For instance, a leading supplier of engineered sealing solutions for rotating equipment- John Crane- in September last year announced the launch of its new service center in the Livorno province of Italy.
As per credible sources, the newly launched service center is claimed to be twice the size of previous center and has been equipped with resources to offer additional capabilities for mounting consumer needs like aftermarket support, downtime cost reduction, and quick turnaround service across the country as well the world.
A Global Market Insights, Inc., report suggests that the global crane aftermarket size is anticipated to reach a mammoth of USD 10 billion over 2020-2026, given the robust demand for cranes in construction sites and rising adoption across other industries.
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Construction sector: a pivotal vertical for crane aftermarket services
As the world is progressing towards urbanization, some of the regions across the globe are witnessing rapid residential and commercial expansion of late. Transforming demographics and pressing need for commercial and residential infrastructure has driven the development of high rise buildings.
Given the rate of infrastructural expansion over the years, the demand for tower cranes services and parts has been soaring to new heights. Tower cranes are considered as a basic modern construction equipment that is required across various construction projects and sites. These cranes address myriad complexities associated with replacement and repair of OEM parts and dearth of awareness pertaining to aftermarket products and services might affect the industry expansion up to certain extent. Moreover, dreaded COVID-19 is set to impact the overall crane aftermarket.
COVID-19 impact on the cranes aftermarket
The global COVID-19 outbreak, which people perceived to be something ‘normal’ has brought about massive disruptions in the global economy while also paralyzing various businesses worldwide. The pandemic has also brought about a massive dent to the construction sector, affecting crane aftermarket statistics.
Table of contents for this research report@ https://www.gminsights.com/toc/detail/crane-aftermarket
This can be attributed to stringent enforcement of lockdown across various economies of the world to curb the spread of virus. Due to this tentative restriction on movement, the sales and distribution networks of aftermarket conglomerates are facing severe consequences.
Nevertheless, the cranes aftermarket is set to witness prolific gains post stabilization of the global economy, once construction activities commence worldwide.
Asia Pacific Material Handling Equipment Market: https://www.globenewswire.com/news-release/2019/02/12/1720463/0/en/Material-Handling-Equipment-Market-in-APAC-to-cross-80-bn-by-2025-Global-Market-Insights-Inc.html
Asia Pacific Construction Equipment Market: https://www.pressrelease.com/news/construction-equipment-market-in-apac-to-hit-80bn-by-2025-global-20803668
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