Cranes & Industrial Ropes Market Report
Cranes & Industrial Ropes Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027 See less
Cranes & Industrial Ropes Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
Cranes & Industrial Ropes Market is Segmented by Application Type (Port & Maritime Cranes [Mobile Harbour Cranes, Ship-to-Shore Cranes, Bulk Unloader Cranes, Container Handlers, Ship Lift, Ship Derrick Cranes, Floating Cranes, and Offshore Cranes], Construction Cranes [Tower Cranes, Telephonic Mobile Cranes, End-Termination, Truck-Mounted Cranes, Crawler Cranes, and Foundation Works], and Industrial Cranes [Overhead Traveling Cranes, Steel Works Ladle Cranes, Steel Works Blast Furnace Skips, and Steel Works Cold Rolling]), by Raw Material Type (Steel Ropes and Synthetic Ropes), by End-User Type (OE and Aftermarket), and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Italy, and Rest of Europe], Asia-Pacific [China, Japan, India, and Rest of Asia-Pacific], and Rest of the World [Saudi Arabia, Brazil, and Others]).
Cranes & Industrial Ropes Market is Segmented by Application Type (Port & Maritime Cranes [Mobile Harbour Cranes, Ship-to-Shore Cranes, Bulk Unloader Cranes, Container Handlers, Ship Lift, Ship Derrick Cranes, Floating Cranes, and Offshore Cranes], Construction Cranes [Tower Cranes, Telephonic Mobile Cranes, End-Termination, Truck-Mounted Cranes, Crawler Cranes, and Foundation Works], and Industrial Cranes [Overhead Traveling Cranes, Steel Works Ladle Cranes, Steel Works Blast Furnace Skips, and Steel Works Cold Rolling]), by Raw Material Type ...
The lifting capacity of cranes and hoists is significantly influenced by ropes. Cranes are widely used in the port & maritime and construction industries. They are used for the process of loading and unloading, and shifting heavy containers. Similarly, in the industrial sector, hoists play an important role in day-to-day operations. For efficient load movement in industrial hoist applications, one or more ropes are used.
The outbreak of the COVID-19 pandemic in 2020, frazzled the global economy, causing significant losses in almost every industry. The cranes & industrial ropes market was no exception. The wrath of the pandemic caused supply chain disruption, lockdowns, labor and material shortages all over the world. As a result, the cranes & industrial ropes market suffered a decline of around 13% in 2020. However, the market started to show signs of recovery in 2021, with strong growth of around 10%. Overall, the cranes & industrial ropes market is estimated to grow at a healthy CAGR of 6.6% during the forecast period to reach a value of US$ 3.3 Billion in 2027.
Based on the application type, the market is bifurcated into port and maritime cranes, construction cranes, and industrial cranes. Construction crane is likely to remain the dominant segment of the market throughout the forecast period. Rising urbanization, increasing construction of high-rise buildings, a surge in investment towards infrastructure development, and economic growth in developing countries are the major factors behind the domination of the construction crane segment. Industrial cranes are likely to be the fastest-growing segment over the next five years, driven by growing automation in the industrial sector. The sub-applications of ropes for port and maritime cranes include mobile harbor cranes, ship-to-shore cranes, bulk unloader cranes, container handlers, ship lift, ship derrick cranes, floating cranes, and offshore cranes. Similarly, the construction crane segment is further bifurcated into tower cranes, telephonic mobile cranes, end-termination, truck-mounted cranes, crawler cranes, and foundation works, whereas, the industrial crane segment is sub-divided into overhead traveling cranes, steel works ladle cranes, steel works blast furnace skips, and steel works cold rolling.
Based on the material type, the market is segmented into steel rope and synthetic rope. Steel ropes dominate the market as cranes deal with heavy loads. Synthetic ropes have gained some traction in the market in recent years and are expected to grow at a faster rate during the forecast period due to their lightweight property.
Based on the end-user type, the market is segmented as OE and aftermarket. OE led the market with about two-thirds of its share in 2021. The segment is likely to maintain its dominance during the forecast period as well. As ropes in cranes have a short life cycle, the aftermarket segment is expected to register higher growth during the forecast period.
In terms of regions, Asia-Pacific is expected to remain the largest market for cranes & industrial ropes during the forecast period. The economic development in the region, coupled with rising urbanization, increasing infrastructure spending, expanding industrial sector, and a significant share of the region’s market in the shipping industry, are the major factors driving the growth of the market in Asia-Pacific. Europe and North America also have a fair share of the market and are expected to grow steadily during the forecast period. The major factors fuelling the growth of the North American and European markets are increasing infrastructure investments, the revival of the construction and shipping industries, and healthy growth in the industrial sector.
The following are some of the key players in the cranes & industrial ropes market:
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s cranes & industrial ropes market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The cranes & industrial ropes market is segmented into the following categories:
Cranes & Industrial Ropes Market, by Application Type
Cranes & Industrial Ropes Market, by Raw Material Type
Cranes & Industrial Ropes Market, by End-User Type
Cranes & Industrial Ropes Market, by Region
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The cranes & industrial ropes market is estimated to grow at a healthy CAGR of 6.6% over the next five years to reach a value of US$ 3.3 Billion in 2027. Revival of the construction and shipping industries, rapid urbanization, increasing focus on infrastructure development across the globe, rising automation in the industrial sector, and a growing trend toward high-rise buildings are the major factors driving the growth of the cranes & industrial ropes market.
Bridon-Bekaert (The Ropes Group), WireCo World Group, DIEPA Drahtseilwerk Dietz GmbH & Co. KG, KISWIRE Ltd., Verope AG, Teufelberger-Redaelli, and ArcelorMittal are some of the key players in the market.
Asia-Pacific is estimated to be dominant in the cranes & industrial ropes market in the coming years, owing to strong economic growth, expanding construction industry, huge spending on infrastructure development, a significant share of the shipping industry, and an increasing trend towards high-rise buildings.
Asia-Pacific is estimated to grow at the fastest rate in the coming five years, owing to the region's expanding construction and industrial sectors, as well as significant economic growth.
Construction crane is likely to maintain its dominance in the market in the next five years, driven by rapid urbanization around the world, a revival of the construction industry post-Covid crisis, and an increase in investment in infrastructure development.