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According to MarketStudyReport, the global crane market was valued at $ 36.8 billion in 2019 and reached $ 55.3 billion by 2027, with a CAGR of 5.22% in 2020-2027. Rapid urbanization and the growth of the construction sector around the world are driving industry growth, the report cited.

According to the United Nations in 2018, 55% of the world’s population lives in urban areas, which is projected to rise to nearly 68% by 2050, indicating an expected increase in construction activity and demand for cranes in the near future. In addition, the modernization and refurbishment of public buildings, schools, public parks and airports will encourage product delivery at these locations.

In addition, government initiatives in emerging economies such as India and China to prevent increasing interference in the development of clean and smart cities are increasing the demand for cranes. In addition, environmentally friendly projects such as windmills and dams are expected to offer new revenue growth opportunities in the coming years.

For the uninitiated, a crane is a machine equipped with hoisting ropes, wires, and chains that is used to displace heavy materials. They come in a variety of sizes and are mainly used in the construction, shipbuilding and mining industries. Cranes are divided into two types – mobile and fixed. The hoist rope is a component used for loading or lowering materials and comes in a variety of designs including wire rope, roller chain, and welding chain. Cranes and hoists work together to improve efficiency and production, reduce labor costs and ensure better working conditions.

July 21, 2020

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