Crane rail market worth USD 92.47 billion by 2030,
New York, December 17, 2021 (GLOBE NEWSWIRE) – Crane Rail Market Overview: According to a comprehensive research report from Market Research Future (MRFR), “Crane Rail Market Research report: information by product type (rail less than 70 kg / m, rail 70 to 90 kg / m, rail 90 to 120 kg / m and rail greater than 120 kg / m), application (industrial sector, maritime sector , logistics sector, Mining sector and others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America) – Forecasts until 2030 ”, The market size is expected to register a CAGR of around 7.89% between 2022 and 2030 and reach an approximate value of USD 92.47 billion in 2030.
Major industry players presented in the Global Crane Rail Industry report include
- Ansteel (China)
- BaoTou Steel (China)
- EVRAZ (United Kingdom)
- ArcelorMittal (Luxembourg)
- SAILING (Delhi)
- LB Foster (Pittsburgh)
- Wuhan Iron and Steel (Changqian)
- NSSMC (Japan)
- British Steel (United Kingdom)
- JSPL (Delhi)
- Hebei Yongyang (Handan, Hebei)
- Gantrex (Belgium)
- Bemo Rail (Warmenhuizen)
- Atlantic Trail (Chicago)
- Harmer Steel (Canada)
- Metinvest (Ukraine)
- Among others.
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The global crane rails market is both fragmented and also competitive for the presence of many international and domestic industry players. These key players have integrated various innovative strategies to stay ahead of the curve and meet the growing needs of esteemed clients, including partnerships, contracts, collaborations, new product launches, geographic expansions, joint ventures, etc. In addition, they also invest in many research and development activities.
Increased construction of smart cities to enhance the growth of crane rails market
The global crane rail market will reach $ 92.47 billion at a CAGR of 7.89% by 2030, according to the latest Market Research Future report.
Increased construction of smart cities to drive market growth
The increase in ongoing construction of smart cities in various geographies coupled with several mega-constructions exclusively in developing economies will drive the market growth during the forecast period.
Increase in mining and commercial activities to provide solid opportunities
The increase in mining and commercial activities will provide strong opportunities for the market during the forecast period as they are favorable for the construction of infrastructure such as trains, highways, airports and residential and commercial buildings. This increases the demand for cranes, which ultimately increases the price of cranes. The increased need for all terrain cranes will fuel the growth of the market. These cranes are used in construction industries as well as various other end use industries. They are chosen over conventional lifting and construction equipment, thus adding to the growth of the market.
In addition, the need for all terrain cranes has increased significantly due to the increasing popularity of high-rise building construction as well as the development of mining and energy resources. In addition, earth moving machinery is mainly used in construction projects such as earth moving, leveling, loading and unloading and lifting. These also add to the growth of the market.
Browse the in-depth market research report (190 pages) on the Crane Rail industry
Constraints and challenges
Demand for Mobile Cranes to Restrict Market Growth
Rising demand for mobile cranes may restrain the growth of the market during the forecast period. Mobile cranes are extremely compact and therefore require less assembly space and eliminate the use of rails which can hamper the growth of the market.
The global crane rails market has been divided on the basis of product type and application.
By product type, the global crane rails market is segmented into rails 90-120 kg / m, rails 70-90 kg / m, rails less than 70 kg / m, and rails greater than 120 kg / m.
By application, the global crane rails market is segmented into industrial sector, maritime sector, logistics sector, mining sector, and others.
The COVID-19 pandemic has spread rapidly across the world and its impact has also been negatively felt on the growth of the global crane rails market. The declaration of the deadly virus in March 2020 resulted in lockdowns across the world. Restrictions imposed by the government have forced key players to allow their workers to work from home. The use of automated technologies to reduce human interactions in production facilities will drive the market growth during the forecast period. The use of technologies which also includes advanced automated electronics as well as machinery while allowing for business continuity has also increased manufacturing operations. Crane production was also quickly impacted, leading to a gap between demand and supply. The outbreak has disrupted supply chains, which has impacted the growth of the market. These factors have affected the global economy as well as the income generation of the construction sector. Following the easing of blockages, the crane rail market is expected to experience steady growth.
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APAC to precede the crane rail market
The APAC region will lead the crane rail market during the forecast period. China and India are the major contributors due to the thriving crane industry in the countries which are fueling the demand for crane rails. Construction of huge projects under the Belt and Road Initiatives (BRI) is likely to constantly increase the need for crane rails, especially in China, which in turn will likely increase crane rail activity. country in the future. Infrastructure spending has been a high priority for the US government to promote growth and thereby develop jobs in industry. China and India have the highest market share.
North America to See Significant Growth in Crane Rail Market
North America will experience significant growth in the crane rails market during the forecast period owing to the increase in mineral exploration as well as maritime trade, as well as corporate tax cuts in the United States. In addition, the United States government has prioritized infrastructure spending to encourage growth, thereby creating jobs in the industry, which in turn is also fueling market growth.
Market segmentation covered by research:
Crane Rail Market Research Report: Information by Product Type (Under 70 kg / m rail, 70-90 kg / m rail, 90-120 kg / m rail, and over 120 kg / m rail) , application (industrial sector, maritime sector, logistics sector, mining sector and others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America) – Forecast until 2030
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Scope of the report:
|Report Attribute / Metric||Details|
|Market size||2030: $ 92.47 billion|
|TCCA||7.89% CAGR (2022-2030)|
|Year of reference||2021|
|Forecast period||2022 to 2030|
|Historical data||2019 & 2020|
|Forecast units||Value (Billions USD)|
|Cover of the report||Revenue forecasts, competitive landscape, growth factors and trends|
|Covered segments||Product type, application,|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key suppliers||Ansteel (China), BaoTou Steel (China), EVRAZ (United Kingdom), ArcelorMittal (Luxembourg), SAIL (Delhi), LB Foster (Pittsburgh), Wuhan Iron and Steel (Changqian), NSSMC (Japan), British Steel ( United Kingdom), JSPL (Delhi), Hebei Yongyang (Handan, Hebei), Gantrex (Belgium), Bemo Rail (Warmenhuizen), Atlantic Track (Chicago), Harmer Steel (Canada) and Metinvest (Ukraine).|
|Key market opportunities||New product launches and R&D Among|
|Main market drivers||
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