Crane Rail Market Set to Soar with Impressive CAGR Growth by 2024, Asia-Pacific Leads Regional Expansion
Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Crane Rail Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
According to the latest crane rail market report, the industry is witnessing remarkable growth, with projections suggesting an expansion from $50.9 billion in 2023 to $55.68 billion in 2024, marking a compound annual growth rate (CAGR) of 9.4%. Showcasing the dynamic nature of the industry, advancements in various sectors such as manufacturing operations and construction contribute to this significant growth phase.
The report further suggests a robust growth trajectory for the crane rail market, expecting it to climb to a value of $76.75 billion by 2028 with a CAGR of 8.4%. Influencing this forecasted growth are key drivers such as advancements in energy sources and increasing beauty consciousness. Not to miss are the technological evolutions sweeping through the market, with innovative combinations of therapies and a movement towards personalized solutions catching the spotlight.
Renowned for their impact on efficiency in the transportation of heavy loads within manufacturing facilities, crane rails are essential components of the manufacturing sector. Reflecting the industry's momentum, EUROSTAT's reports of an 8% increase in the production of manufactured goods in the European Union showcase the upward trend that is propelling the crane rail market forward.
Additionally, the construction industry's rise plays a significant role in the crane rail sector. With the use of crane rails in construction to provide stability and efficiency, the market is buoyed by reports like the United States Census Bureau's finding of an 8% increase in construction value across residential and commercial projects.
Technological innovation continues to play a critical role in shaping the market’s landscape, with companies integrating advanced systems like the SPACEevo control system for enhanced precision and operational safety. This underscores the industry's devotion to continuous improvement and setting new benchmarks in performance.
A selection of companies mentioned in this report includes
EVRAZ plc
ArcelorMittal S.A.
Atlantic Track & Turnout Co. Inc.
Steel Authority of India Limited
L.B. Foster Company
Nippon Steel & Sumitomo Metal Corporation
British Steel Corporation plc
Harmer Steel Ltd.
Jindal Steel & Power Ltd.
Gantrex India Crane Rails Private Limited
Metinvest Holding Company LLC
Bemo Rail BV
Gantrail Group
North American Rail Products Inc.
Özkan Steel A.Ş.
China Baowu Steel Group Co. Ltd.
HBIS Group Co. Ltd.
POSCO
JFE Holdings Inc.
Tata Steel Limited
Nucor Corporation
Hyundai Steel Company
Voestalpine AG
SSAB AB
Gerdau S.A.
VAE Metall GmbH
Steel Dynamics Inc.
Maanshan Iron and Steel Company Limited
Celsa Group
Hebei Iron and Steel Group Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/mj1r4
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