The global cranes market research report by Technavio predicts the market to post a CAGR of close to 5% during the period 2018-2022.
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Technavio predicts the global cranes market to post a CAGR of close to 5% by 2022. (Graphic: Business Wire)
A key driver for the global cranes market is the increased capital investment in oil and gas storage. The oil and gas industry is one of the major end-users of cranes. Oil and gas storage is becoming a strategic tool to get profitable returns in the global market owing to the volatility in the prices of crude oil and depletion of crude oil reserves. This has led to increased storage activities in the oil and gas sector. Some of the prominent countries using the storage services market are Saudi Arabia, the US, and Russia.
This global cranes marketresearchreportalso provides an analysis of the most important trends expected to impact the market outlook during the period 2018-2022. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the emergence of the cranetime management system as one of the key trends in the global cranes market:
Global cranes market: Emergence of the cranetime management system
The cranetime is the first cloud-based all-in-one crane management system that was built particularly for the construction industry. It aids in empowering project managers to rapidly and effectively increase labor productivity and helps in efficient utilization of assets while reducing material handling costs. Cranetime has been developed to provide real-time experience in delivering and managing crane operations.
"Cranetime management system includes key features such as meeting the growing requirement of project teams on real-time data capture and analysis relating to crane utilization, performance, and maintenance. It has a capacity to collaborate with all project stakeholders through an intuitive online calendar system and the ability to update and communicate last-minute changes to lift schedules to entire site crews in an instant," says a senior analyst at Technavio for research on construction.
Global cranes market: Segmentation analysis
This cranes market analysis report segments the market by product type (fixed cranes, mobile cranes, and marine and port cranes), application (construction, industrial, and utilities), and geography (the Americas, APAC, and EMEA).
The fixed cranes segment held the largest cranes market share in 2017, accounting for nearly 43% of the market. This product type segment is expected to dominate the global market throughout the forecast period.
The APAC region led the market in 2017 with more than 36% of the market share, followed by EMEA and the Americas respectively. The APAC region is expected to dominate the market throughout the period 2018-2022.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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