Market Analysis

Crane AfterMarket Analysis

The replacement parts segment is set to exhibit nearly 5% growth rate up to 2032. Increasing demand for aftermarket replacement parts can be attributed to the rising deployment of cranes across a range of industrial applications. Rapid industrialization has propelled the need for heavy-duty equipment that can cater to longer operational hours in harsh environments such as extreme climatic conditions. Working in such environmental conditions can lead to frequent wear and tear of parts such as shafts, gears, and motors. Crane operators prefer aftermarket replacement parts as they are cheaper and available in a wide variety of options.
 

According to the crane aftermarket market analysis report, the fixed cranes segment is anticipated to reach USD 4 billion by 2032. Fixed cranes are extensively deployed across mining, oil & gas, and offshore container sites. These cranes feature advanced proximity sensors which ensure smooth operations. Fixed cranes such as tower cranes, gantry cranes, monorail cranes, and stiffleg cranes are each designed for unique utility purposes.
 

For instance, monorail cranes are widely deployed across manufacturing and automotive facilities to relocate materials within limited spaces. High exposure to operation-intensive environments consisting of hoists, tracks & electric systems, and trolleys will drive the demand for aftermarket parts.
 

Asia Pacific crane aftermarket is predicted to record a CAGR of more than 7% through 2032. The ongoing expansion of telecom networks across APAC and rapid penetration of communication equipment will increase the need for cranes. Countries like India and China have witnessed significant infrastructure development and substantial investments by respective governments. The constantly increasing population across these countries is compelling the need for a robust urban infrastructure.
 

According to the World Bank, urban cities in India will accommodate 600 million people by 2036, accounting for 40% of the nation’s population. This is estimated to fuel urban infrastructure initiatives in the country, showcasing lucrative opportunities for industry players.