Gantry Crane Market is Expected to Progress at a CAGR of 6% To Reach US$ US$ 3 billion by 2031

Fact.MR’s latest report on Gantry Crane Market provides a detailed analysis of growth drivers, market restraints, and emerging trends. It also offers insights Covering 30+ Countries Including Analysis of US, Canada, Brazil, Mexico, UK, Germany, France, GCC countries, Japan, Korea and many more.

Rockville , July 31, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, The Global Gantry Crane market is expected to witness a CAGR of 6% during the forecast period and the market is expected to witness a valuation of US$ 3 Billion by 2031.

The rising commercialization and urbanisation of important locations is blamed for the rise in construction activities worldwide in recent years. This is encouraging for the market for gantry cranes. Infrastructure projects including ports, harbours, and commercial complexes are expanding in important places.

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The coronavirus pandemic caused a dramatic decline in demand, and infrastructure projects were put on hold for the majority of 2020. Construction businesses were forced to halt operations due to mandatory social distance standards, which had a limited impact on gantry crane adoption. Thankfully, growth estimates improved as lockdowns decreased in the second half, largely bringing them back to pre-pandemic levels.

Report Attributes

Details

Forecast Period

2021 - 2031

Historical Data

2016-2020

No. of Pages

170 pages

No. of Tables

80 Tables

No. of Figures

227 Figures

Analysis by country

Given its huge volume of residential and non-residential construction projects, the United States is expected to produce prospective expansion prospects. The construction business was valued at US$ 1.3 trillion as of 2019 according to the U.S. Census Bureau, with annual spending amounting to US$ 1.04 trillion between 2009 and 2019.

Spending on building in the private sector came to $977 billion, while spending in the public sector came to $329 billion. As a result, prominent corporations are investing in cutting-edge construction machinery and increasing the use of gantry cranes to streamline operations.

Key Driving Forces Accelerating the Market Growth

Various geographies such as North America have been witnessing significant growth in industrial and construction activities. Moreover, Gantry cranes play a crucial role in these sectors as they enable efficient material handling, thereby driving demand. Also, various infrastructure development projects, such as the construction of ports, railways, and highways, require gantry cranes for handling heavy loads and containers.

Moreover, the US is likely to generate potential opportunities due to its high volume of residential and non-residential construction projects. Also, major companies are investing in advanced construction equipment and that is further widening the adoption of gantry cranes to facilitate efficient operations.

The growth in international trade and seaborne shipments has led to rising demand for efficient container handling equipment, including gantry cranes, in ports across various geographies such as North America.

In addition to this, manufacturers have been investing in research and development to enhance the efficiency and safety features of gantry cranes. Advanced technologies, such as automation, smart controls, and safety sensors, have contributed to the market's growth.

The boom in e-commerce and the need for effective warehousing solutions have boosted the demand for gantry cranes in distribution centers and fulfillment warehouses.

Vital indicators shaping future of the industry

The overall economic growth and stability in North America play a crucial role in determining industrial activities, infrastructure development, and investments in various sectors, including the gantry crane market.

The performance and expansion of industries such as manufacturing, automotive, aerospace, and construction have a direct impact on the demand for gantry cranes for material handling purposes.

Government and private sector investments in infrastructure projects, including ports, railways, airports, and roads, influence the demand for gantry cranes for efficient material handling in these facilities.Continued advancements in gantry crane technology, such as automation, remote operation, real-time monitoring, and safety features, are likely to shape the market's future, as industries seek more efficient and safer material handling solutions.

Increasing focus on sustainability and environmental regulations may drive the adoption of eco-friendly gantry cranes or technologies that reduce energy consumption and emissions.

Challenges Hindering the Market Growth

Gantry cranes are significant capital investments, which can be a deterrent for some businesses, particularly smaller enterprises, to adopt this technology for material handling.

Fluctuations in the economy, including recessions and market uncertainties, can lead to reduced industrial activities and infrastructure investments, affecting the demand for gantry cranes.

Other material handling technologies, such as forklifts, reach stackers, and automated guided vehicles (AGVs), compete with gantry cranes and may provide alternative solutions for certain applications.

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Key Companies Profiled In This Report

JASO Industrial Cranes

Aicrane Machinery Group

Doosan Heavy Industries Vietnam Co.

Shanghai Zhenhua Heavy Industries Co. Ltd.

Mi-Jack Products

TNT Crane & Rigging

Liebherr Group

SANY GROUP

Konecranes Plc.

Mammoet Holding B.V

How Competition Influences the Market

Key market players are focusing on various strategies such as new product launches, mergers, and acquisitions to enhance their footprints. Moreover, various developments in the market are:

In May 2021, Jaso Industrial Cranes collaborated with Arcelor Mittal France to offer an innovative scrap loading crane for their plant at Dunkerque. Moreover, other mergers have been witnessed such as In July 2018, TNT Crane and Rigging merged with Allison Crane & Rigging to serve a larger customer base and also expand to new geographies.

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Crawler Cranes Market: The global crawler cranes market is projected to expand at a CAGR of 4.7% and reach a valuation of US$ 7.19 billion by 2033, up from US$ 4.54 billion in 2023.

Mobile Construction Cranes Market: The global mobile construction cranes market is estimated at USD 10.5 billion in 2022 and is forecast to surpass USD 15.5 Million by 2032, growing at a CAGR of 4% during 2022-2032.

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