Crane Aftermarket size is anticipated to surpass USD 15 billion by 2032, according to recent research report by GMI Inc. Rapidly surging demand for energy worldwide is accelerating the need for robust power grids, which will complement the industry outlook. In recent years, several countries have pledged significant monetary and non-monetary resources for the expansion and modernization of power grids and for strengthening the distribution infrastructure. Additionally, substantial investments are helping build solid energy transmission and distribution (T&D) networks along with the upgradation of existing networks.

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Integration of AI, IoT, and telematics to enhance the demand for crane aftermarket services

By 2032, the services sector’s valuation of the crane aftermarket is anticipated to surpass USD 3 billion. The capabilities of crane manufacturers’ service offerings are improving as next-generation technologies like artificial intelligence (AI) and the internet of things (IoT) are being adopted quickly. Innovative services are created to give crane operators precise insights into the operation and performance of equipment as well as real-time data. By assisting operators with fault diagnosis and reminding them to perform routine maintenance on machinery, the development of telematics is further enhancing the performance of cranes.

Rising number of warehouses to boost adoption of mobile cranes

The aftermarket for mobile crane is set to exhibit 5% CAGR between 2023 and 2032. Mobile cranes offer a myriad of advantages such as greater strength and a high level of mobility, which enables the lifting of heavy objects in compact working spaces. Increasing the use of mobile cranes to unload ships at ports, transfer cargo from containers to warehouses, and erect steel structures will propel the demand for aftermarket replacement parts and services for mobile cranes. These cranes are also expected to witness a surge in demand from shipbuilding, forestry, and mining applications.

Stringent regulations to augment North America sector

In 2022, the crane aftermarket in North America was estimated to be worth USD 2 billion. The demand for cranes in the area will increase due to a dynamic growth in residential and commercial construction activities. Large-scale infrastructure projects in the United States and Canada have been encouraged in recent years thanks to significant private and public funding. Because of the strict safety regulations, operators are forced to perform routine maintenance, which increases the demand for spare and aftermarket replacement parts like gearboxes and shafts. For instance, the OSGA-approved cranes must undergo regular inspections per the requirements of the Occupational Safety & Health Administration (OSHA).

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New partnerships to foster industry expansion

Some of the leading companies in the global business scenario are Altec Industries, Columbus Mckinnon Corporation, Hiab, Bonfiglioli, Kato Works Co. Ltd., Kobelco Construction Machinery, Manitex International, Manitowoc, Konecranes, Palfinger AG, Sany Group, Tadano Ltd., Terex Corporation, XCM, and Zoomlion. These participants are focusing on collaboration with suppliers and distributors to achieve high visibility in the crane aftermarket.

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