Canada Crane Market Size by Volume to Reach 6,132 Units by 2027 - Arizton

CHICAGO, 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.

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