The global crane market is fragmented by many players. In addition, the informal sector of emerging economies is diluting the market share of global players in the region. To address this issue and remain competitive, organized players are focusing on product differentiation through technological advances and lower prices for their products. Vendors in the market are also focusing on delivering products with longer product life cycles and increasing product switching costs. The competitive landscape in this market is likely to strengthen as technological innovation and product development grows.
According to Technavio, the global crane market is expected to grow by $12.35 billion from 2021 to 2026. Moreover, the market growth rate will accelerate by 8.5% on average during the forecast period.
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The residential faucet market share growth will be significant over the forecast period. Urban infrastructure development is on the rise due to an increase in world population and favorable regulatory support for construction projects from governments and relevant agencies. Even major urban centers are growing and getting bigger. The world’s urban population is expected to double by 2050. This phenomenon stimulates the growth of housing construction.
During the forecast period, 33% of market growth will come from North America. Rising spending on construction and infrastructure projects will drive growth in the North American crane market over the forecast period. Buy full report
Post time: Nov-07-2022