Crane Motors Market Overview
According to recent research study, the market is set to witness steady growth during 2021-2031. Sales of crane motors is expected to expand at CAGR of 5 to 6% during 2021 to 2031.
Demand for crane motors will witness stable recovery in short-term, with positive growth outlook in the long-run. Surge in demand from flourishing construction industry will create significant opportunities in near future.
What Are The Crane Motors Market Dynamics
The continuously increasing construction projects and industrial activities the demand for crane systems has witnessed significant growth and this growth is expected to persist over the coming decade. Subsequently, stimulating the consumption of crane motors during the forecast period.
Other than construction sector, crane motors also have substantial applications in the mining and oil & gas industries for underground and underwater operations.
The continuous development in the mining industry and oil & gas exploration activities are expected to positively influence growth of the market.
The crane systems are generally used in continuous cycles of operation in environments which exposes them to high heat.
Furthermore, the core losses in motors also lead to higher operating temperature reducing the life cycle of the motors. This is the major challenging factor for the growth of the market.
The manufacturers are focused for innovations for high efficiency products such as, diamond shaped coils which offers more efficient turns than standard round-end turns (mush wound).
Furthermore, research and development activities for implementing smart automation for live monitoring and control of the crane motors are also creating positive prospects for the growth of market.
Sales to Recover Sharply post the Containment of Pandemic
With the looming effect of COVID-19 pandemic across the globe and with imposed restrictions on civic movement, the industrial sector and commercial business operations rate have been affected and caused complete halt in the manufacturing activities and restrictions in the supply chains.
Furthermore, the shutdown of construction activities across the globe resulted in significant decline in the short term demand. However, as the economic activities resumes the crane motors market is expected to recover sharply post the containment of pandemic.
North America Crane Motors Market Overview
North America is expected to hold leading share in the crane motors market on the back of substantial increase in mining exploration activities in the region. It is also expected to witness significant growth rate during the forecast period.
Asia Pacific Market Growth Outlook
Asia Pacific is expected to witness a robust growth rate over the coming years. The growth is attributable to the prevalence of large number of manufacturers in the region.
Moreover the leading global market players are also poised for shifting their manufacturing facilities in the countries such as China, India and ASEAN etc. in order to gain benefits of cheap labors and availability of raw materials in the region. This is further expected to ascend the growth of the market in the region.
Europe Market Positioning
Europe is also expected to hold significant share in the global crane motors market throughout the forecast period owing to the substantial increase in the industrial activities in marine, oil & gas domains from prominent countries such as Germany, U.K., Italy and Russia, etc.
Who are the Key Manufacturers and Suppliers of Crane Motors
Some of the leading manufacturers and suppliers of crane motors include
- Toshiba Corporation
- ABB Ltd
- Siemens AG
- WEG SA
- Regal Beloit
- Hyosung Ltd
- Nidec Corporation
- TECO- Westinghouse
- Kollmorgen Inc
- Lafert Group
- Brook Crompton
- Wolong Inc
- Jiamusi Electric Machine among others.
Many leading manufacturers and suppliers have longstanding contracts with end-users to supply crane motors. Further, manufacturers are focused on establishing their manufacturing facilities in the countries from Asia Pacific such as India, China, Thailand, and Taiwan to cater increasing demand in the region.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
By Motor Type:
- DC Motors
- AC motors
By Safety Type:
- EXd Type
- Increased-Safety Type
By Crane Type:
- Single Girder Overhead
- Double Girder Overhead
By End Use Industry:
- Oil & Gas
- Chemicals & Petrochemicals
- Industrial Processes
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.