Jib Crane Market Forecast and CAGR
According to latest research by Fact.MR, the global jib crane market is set to witness an impressive growth outlook with an impressive CAGR of more than 6.3% during the forecast period. The utilization of jib cranes in construction and manufacturing industries is attributed to provide lucrative avenue to manufacturers during the same period.
The muted demand from the construction and manufacturing industries has witnessed a decline in growth rate in early 2020 due to the spread of COVID-19 pandemic. The historical trend is anticipated to provide an optimistic growth rate due to expanding infrastructure development across the globe.
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What are the Drivers for Jib Crane Market?
The expansion of construction activities in metropolitan areas in India, China, U.S and Germany is projected to surge the utilization for Jib Crane. It will lead to provide promising stance to the manufacturers across the globe during the period of forecast.
The expanding urbanization, industrialization and surging government expenditure for infrastructure development projects are subjected to generate numerous opportunities for manufacturers around the globe during the assessment period.
Evolving demand from end-use industries such as automotive, construction and maintenance are attributed to provide a positive outlook to the deployment of jib cranes. Moreover, the application in overhead lifting in workshops are predicted to intensify the production rate. This is due to the fact that, it maintains the production chain in manufacturing process without any delay.
The intensifying number of construction companies for residential and commercial projects is set to generate abundant opportunities for cash flow generation in the next couple of years.
In addition to this, the intensifying application in storage & packaging industries are considered to be a prominent factor, which generates noteworthy demand for jib cranes. The packaging industry growth is poised to push the market growth and likely to provide an upward trend to the demand outlook.
COVID-19 Impact
Manufacturing & construction industries around the globe have been impacted by COVID-19 protocols around the globe. This has also had a ripple effect on the utilization of Jib Cranes. Jib Cranes are extensively used in manufacturing construction, metalworking and packaging and storage industries. Due to imposed lockdown in early 2020, the demand was constrained in Q3 & Q4.
Although the growing infrastructure development activities and utilization of advanced tools within the production facility is poised to provide a positive outlook to the global market in next couple of years.
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Asia Pacific Jib Crane Market Outlook
Asia Pacific region is considered to be one of the largest markets for Jib Crane globally. The countries such as India, China, Singapore and Australia have witnessed the remarkable growth in urbanization, industrialization and infrastructural development over the past few years. It is anticipated to push the market growth rate during the period of forecast.
The utilization of jib cranes in various end-use industries such as construction and manufacturing is likely to trade on the historical trend during the assessment period. The demand is projected to constrain by 2023, as a number of end-use industries are making a gradual recovery.
Demand for Jib Crane in India and China will be led by the construction, manufacturing and automotive industries. Expansion of construction activities, automobile sectors is likely to account for the highest demand by 2025.
North America Demand Outlook
North America holds convenient market share of the global jib cranes market. The activities related to storage & packaging and maintenance has provided abundant opportunities to the manufacturers over the past few years. The demand for Jib Cranes is anticipated to provide promising stance to the manufacturers to capital expansion in this region during the forecast period due to higher utilization in the end use industries.
North America sale was impacted by the construction sector recovery in Q2 & Q3 of 2020. The growth of construction sector is attributed to providing an optimism growth rate in the global market in near future.
Who are the Key Manufacturers of Jib Crane?
Some of the leading manufacturers and of
- Jib Crane include Safex Electromech
- SCHMALZ
- Gorbel lnc
- Konecranes lnc.
- Material Handeling System
- Reading Crane and Engineering Company
- American Crane & Equipment Corp.
- Advanced Industrial Solutions
- American Crane & Hoist Corp.
- Crane Equipment & Service
- Downs Crane & Hoist Co. Inc.
- Facilities Engineering
- Shandong Kaiyuan Heavy Machinery Co.Ltd
and other prominent players.
Key manufacturers are intensely spending on R&D to launch advance technology in jib cranes for improving its versatile application. Manufacturers and suppliers have the plethora of opportunities to look upon other end use industries for capital expansion and revenue generation activities.
Key Segments
-
By Product Type
- Articulating
- Freestanding
- Base Plate Mounted
- Foundation/ Insert Mounted
- Sleeve Insert Mounted
- Foundationless
- Mast Type
- Full Cantilever
- Drop Cantilever
- Well Mounted
-
By Capacity
- < 1 Ton
- 1-5 Tons
- 5-10 Tons
- 10-15 Tons
- 15-20 Tons
- >20 Tons
-
By Span Sizes
- > 15 Inch
- 15-30 Inch
- 30-40 Inch
- 40-50 Inch
- >50 Inch
-
By Angle of Rotation
- 180-200 Degree
- 200-300 Degree
- 360 Degree
- Others
-
By End-use Industries
- Marine
- Oil & Gas
- Construction
- Manufacturing
- Automotive
- Others
-
By Region
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Europe
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Oceania
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
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