Crane Market 2021 - Size, Share & Outlook Upto 2027 | Latest Advancements

Javed04 Sep, 2021Business

The rise in infrastructure investment and growth in investments by the mining sector in construction equipment, across the world, are likely to drive the demand for cranes. The market for cranes has experienced low demand till last year, owing to factors, such as low prices of crude oil and commodities and consequent fall in demand from the construction sectors of countries in the Middle East, Africa, South America, and Russia, which depend on oil revenues. In addition to the abovementioned factors, the construction industry has been exhibiting its inclination toward hiring rental cranes and buying used cranes. While the former may remove the burden of maintaining the fleet, the latter is expected to cut the cost of purchase, significantly. However, stringent emission norms enacted by various jurisdictions are anticipated to create demand for new cranes that comply with the new regulations.