Cranes are machines used for lifting, lowering, and moving of heavy objects or freight from one place to another, mostly for transportation or construction work purposes. Increasing government investment for the development of smart city is one of the major driving factors for rising demand for cranes. For instance, according to the Indian government Union Budget 2018-19, the government has selected 99 cities under the smart city mission and will provide a fund of US$ 3.1billion for the development of these cities. Moreover, increasing production in mining have raised demand for the crane globally. For instance, according to world mining congress, the world mining production was 16.9 billion metric ton in 2016 up from 15.8 billion metric ton in 2010.
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Increasing number of construction activities has led to rising demand for cranes globally, in turn driving growth of the crane market. According to the Chartered Institute of Building, the construction industry is estimated to account for 14.7% of the global GDP by 2030. Moreover, by 2030, the global construction market is projected to reach US$ 17.5 trillion from US$ 8 trillion in 2015. Demand for construction is increasing due to significant rise in urbanization. According to the United Nations Organization, 54.5% of the world population lives in urban cities in 2016 and is projected to reach around 60% by 2030. This is expected to lead to increasing construction activities to provide better facilities, housing and others. Therefore, this is expected to aid in growth of the market. Cranes are valuable equipment in the construction industry. Cranes are helpful for the construction of high-rise buildings and to reach inaccessible areas. Tower crane is the most common type of crane used in the construction of tall buildings and is fixed to the ground during the construction. Various advantages such as high loading and lifting capacity, and high height capacity have accelerated demand for tower crane in the construction industry.
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Key players operating in the global crane market include Liebherr Group, Manitowoc, Tadano, Terex, Xuzhou Construction Machinery Group (XCMG), Zoomlion, Sany, KobelcoCrane, HitachiSumitomo, Furukaw, Konecrane, Manitowoc Cranes, TIL Limited.
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