Portland, OR, Sept. 28, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global autonomous crane market is expected to generate $2.36 billion in 2022, and is estimated to reach $18.61 billion by 2032, witnessing a CAGR of 22.8% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Focus on public-private partnerships (PPPs) and rise in penetration of smart technology in crane drive the growth of the global autonomous crane market. However, fluctuations in prices of raw materials and scarcity of skilled workers hinder the market growth. On the other hand, surge in agreements and contracts for long-term business collaborations present new opportunities in the coming years.
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Covid-19 Scenario:
- Owing to lockdown imposed by governments in many countries, there has been halt in construction, mining, and offshore activities. This led to reduced demand for autonomous cranes.
- However, the demand is expected to be restored during the post-lockdown as daily operations at these end user verticals get back on track.
- Research and development activities for autonomous cranes have been restrained due to closure of manufacturing facilities and new investments have been locked due to economic uncertainties.
The report offers detailed segmentation of the global autonomous crane market based on business type, mobility, end user vertical, and region.
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Based on business type, the aftermarket segment would contribute the highest share in 2022, accounting for more than two-thirds of the total share, and is estimated to maintain its lead position during the forecast period. Moreover, this segment is projected to witness the highest CAGR of 23.9% from 2023 to 2032. The research also analyzes the OEM segment.
Based on end user vertical, the building and construction segment is projected to account for the largest share in 2022, holding more than two-fifths of the global autonomous crane market. In addition, this segment is expected to register the fastest CAGR of 24.2% from 2023 to 2032. The report also discusses segments including marine & offshore, mining & excavation, and others.
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Based on region, North America is expected to contribute to the highest share in 2022, accounting for more than half of the total share, and is estimated to continue its lead in terms of revenue by 2032. However, Asia-Pacific is projected to portray the largest CAGR of 24.7% during the forecast period.
Leading players of the global autonomous crane market analyzed in the research include AIDrivers Ltd., Columbus McKinnon, Cargotec Corporation, Komatsu Ltd., INTSITE Ltd., Schneider Electric, Konecranes Plc, Syracuse, SMIE, and VOCA.
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