(MENAFN- PR Newswire)
, Dec. 2, 2021 /PRNewswire/ -- The Canada crane market is expected to grow at a CAGR of 3.70% during the period 2021−2027.
Key Highlights Offered in the Report:
- The crane market in Canada is expected to reach revenues of USD 1.4 billion by 2027.
- In 2020, Canadian economy contracted by 7.1% due to disruption in supply chain resulted during COVID-19 related lockdowns. The import-export scenario faced the similar circumstances during COVID-19. The Canadian government's long-term plan for the residential and commercial construction industry, along with investments in infrastructure projects are the major factors supporting economic recovery in the country.
- In 2019, the Government of Canada committed approximately USD 180 billion over 12 years for infrastructure that benefits Canadians, from public transit to trading ports, broadband networks to energy systems, and community services to natural areas, by investing in Canada Plan.
- According to UNCLYD, FDI in Canada dropped by 34% in 2020 compared to 2019 due to the crisis caused by COVID-19, which implied a 69% drop in incoming investment flows in developed economies such as US, Germany, and the UK.
- The Canadian government has produced a sustainable recovery plan from the negative impact of the pandemic and planned to invest in green infrastructure (USD 26.9 billion), public transit (USD 28.7 billion), trade & transport (USD 10.1 billion), social infrastructure (USD 25.3 billion) and revenue-generating infrastructure projects.
- In 2021, the federal and provincial governments of Canada are providing joint funding investment of over USD 29 million for 19 green infrastructure and water distribution projects across the Ontario region.
- Although, the demand for cranes is expected to rebound to pre-pandemic levels by 2022 due to the new precision control technology that will employ remote control and gyroscopes to securely rotate, and place crane loads even in windy circumstances.
- The market is highly competitive characterized by the presence of several OEMs including SANY Canada, Manitex International, Manitowoc North America, Zoomlion, Kobelco, Konecranes, Liebherr Group, Terex Corporation, Tadano, XCMG Group and others.
- The Canada Crane Market is expected to grow significantly at a CAGR of 3.70% during the period 2021-2027 with high demand in <20 tons lifting capacity segment.
- Market Size & Forecast by Volume | 2021−2027
- Market Size & Forecast by Value | 2021−2027
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by crane type, application, and lifting capacity
- Competitive Landscape – 10 key vendors and 5 other vendors
Get your sample today!
Canada Crane Market – Segmentation
- The construction sector in Canada is continuously developing. The market is being boosted by the advanced technologies that focusses on plans such as smart cities and transportation infrastructure in Canada.
- Canada's mining crane market expects to reach 473 units by 2027. The segment accounted for 7.6% share of the overall crane market in 2020.
- Floating cranes are used mainly in bridge building and port construction. However, they are also used for occasional loading and unloading of heavy loads on and off ships. The cargo transport/port crane market in Canada is expected to reach USD 141 million by 2027.
- The market for mobile cranes is mostly driven by high-end urban and infrastructural development projects. The mobile crane market in Canada expects to reach 3,122 units by 2027.
Canada Crane Market by Crane Type
- Mobile Cranes
- Crawler cranes
- Rough Terrain Cranes
- All Terrain Cranes
- Truck-Mounted Cranes
- Fixed Cranes
- Overhead Cranes
- Tower Cranes
Canada Crane Market by Application
- Cargo Transportation/Port
Canada Crane Market by Lifting Capacity
- <20 Tons
- 20-100 Tons
- 101-200 Tons
- >200 Tons
Canada Crane Market – Dynamics
The increasing demand for cranes is attributed to investments by developed countries, favourable government policies and FDIs, upcoming industrial developments in the construction industries and government initiatives such as Bruce Power Refurbishment, Ontario Line, and so on. The government is planning to invest in the green infrastructure, transport, residential, and retail sectors. It is expected that government will invest a capital of USD 135 billion in 2021-2031 for infrastructure upgradation. The government is investing in the development of 200 smart cities by 2030 to improve the living culture of residents and empower communities to innovate across the country. In Canada, the rental business is growing rapidly and gaining momentum in the market. With most OEMs offering rental services in this space, most of the rental equipment market in Canada is dominated by unorganized players.
Key Drivers and Trends fueling Market Growth:
- Government Investments for Power Generation via Renewable Energy Projects
- Increase in Stainless Steel Production
- Upgrade of Crane Attachments
- Introduction of Innovative Technology
Get your sample today!
Why Should You Buy This Report?
This report is among the few in the market that offers outlook and opportunity analysis forecast in terms of:
- Volume (Unit sales)
- Crane Type
- Lifting Capacity
- Value (USD)
- Crane Type
- Lifting Capacity
- Gain competitive intelligence about the economic scenario, advantages in Canada major projects and investments, dynamics, and market share
- Examples of latest technologies
- Get presentation-ready format and easy-to-interpret data
- Enable decision-makers to make informed and profitable choices
- Gain expert quantitative and qualitative analysis on value/volume growth projections of the Canada crane market share
- Complete supply chain analysis
- Get COVID-19 impact analysis of the market
- Manitex International
- Kobelco Construction Machinery
- Terex Corporation
Other Prominent Vendors
- BRODERSON Manufacturing Corp.
- Link-Belt Cranes
- Kato Works Co Ltd
- Juki America. Inc
Explore our industrial machinery profile to know more about the industry.
Read some of the top-selling reports:
- China Crane Market - Strategic Assessment & Forecast 2021-2027
- India Crane Market - Strategic Assessment & Forecast 2021-2027
- Germany Mobile Crane Excavator Market - Strategic Assessment & Forecast 2021-2027
- United Kingdom Crane Market - Strategic Assessment & Forecast 2021-2027
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
Mail: [email protected] Call: +1-312-235-2040 +1 302 469 0707
SOURCE Arizton Advisory & Intelligence
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.