Industrial Counterweights Market Worth $8.5 Billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 29, 2021 /PRNewswire/ -- According to the new market research report "Industrial Counterweights Market by Type (Swing Counterweight, Fixed Counterweight), Material (Steel & Iron, Concrete), Application (Elevators, Cranes, Forklift, Excavators, Lifts, Grinding Wheels), End User, and Region-Global forecast to 2026", published by MarketsandMarkets™, the global Industrial Counterweights Market size will grow to USD 8.5 billion by 2026 (forecast year) from USD 6.7 billion in 2021 (estimated year), at a CAGR of 4.5% during the forecast period. The purpose of a counterweight is to make lifting the load faster and more efficient, which saves energy and is less taxing on the lifting machine. Counterweights are used to counterbalance the weight and maintain stability and are required to complete various operations in industries such as industrial manufacturing, marine, renewables, construction, mining, and agriculture. Increasing demand from the construction industry in the industrial environment to offer lucrative opportunities for the Industrial Counterweights Market during the forecast period.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=120602211
The fixed counterweights segment is expected to dominate the industrial market, by type, during the forecast period.
The fixed counterweights segment accounted for the largest share of the Industrial Counterweights Market, by type, in 2020. The fixed counterweights segment of industrial fixed counterweights is further classified into two types—fixed frames and floating frames. As the name suggests, the position of the counterweight is stable in the fixed frame, whereas it is rotating in the floating frame.
The iron & steel segment is expected to dominate the industrial market, by material, during the forecast period.
The iron & steel counterweights segment accounted for the largest share of the Industrial Counterweights Market, by type, in 2020. Iron and steel materials are widely used to make counterweights, owing to various desirable properties aligned with them such as high strength, ductility, and tensile strength. Iron and steel are used widely in the construction of roads, railways, buildings, etc. Equipment such as bridge weights, cylindrical weights placed on poles near railway tracks, cranes, and forklifts; modern structures, such as stadiums, skyscrapers, bridges, and airports, are supported by a steel skeleton. Iron and steel counterweights are required for the construction of all the aforementioned equipment and structures.
Browse in-depth TOC on "Industrial Counterweights Market"
191 – Tables
45 – Figures
222 – Pages
View Detailed Table of Content Here: https://www.marketsandmarkets.com/Market-Reports/industrial-counterweights-market-120602211.html
The cranes segment is expected to dominate the Industrial Counterweights Market, by application, during the forecast period.
The cranes counterweights segment accounted for the largest share of the Industrial Counterweights Market, by application, in 2020. A crane is a lifting or lowering machine equipped with a hoist rope, wire ropes or chains, and sheaves. It is mainly used for lifting heavy objects and transporting them to other places. Industrial counterweights for cranes are widely used in the construction industry. Cranes are of various types, such as tower cranes, mobile cranes, overhead cranes, and loader cranes. Depending on the location of counterweights in cranes, they can be categorized as swinging type or fixed type.
The construction in industry is expected to dominate the Industrial Counterweights Market, by end -user, during the forecast period.
The construction industry accounted for the largest share of the Industrial Counterweights Market, by end-user industry, in 2020. Construction equipment are being enhanced to manage complex tasks and sustain in critical environments. With rising construction activities across the world and increasing budgets pertaining to construction, the demand for different types of cranes, especially tower cranes for the construction of tall buildings, will increase in emerging countries such as China, India, Brazil, and Middle Eastern countries.
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=120602211
Asia Pacific is expected to lead the Industrial Counterweights Market
In this report, the Industrial Counterweights Market has been analyzed with respect to 5 regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa. Asia Pacific is expected to lead the Industrial Counterweights Market, by region, during the forecast period. Asia Pacific consists of developing countries such as China and Japan. The growing industrial sectors in these countries is expected to be the main driver. Also, the growth of the construction and automotive sectors in China, India, Australia and South Korea has played a significant role in the growth of the Industrial Counterweights Market in Asia Pacific. Nearly all the countries in the region are augmenting their construction capacity. China and Japan are investing heavily on their country's infrastructural development. This has led to a rise in demand of industrial counterweights systems from construction sector, which is expected to drive the growth of the Asia Pacific Industrial Counterweights Market.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Industrial Counterweights Market.
The key players include FMGC, Farinia Group (France), Sic LAZARO (US), Crescent Foundry (India), Gallizo (Spain), Mars Metal (Canada). The leading players are adopting various strategies to increase their share in the Industrial Counterweights Market.
Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting
Browse Related Reports:
Forklift Market by Application (Manufacturing, Wholesale & Retail Distribution, Freight, & Logistics), Fuel (Diesel, Electric, and Gasoline & LPG/CNG), Tonnage (<5, 5-10, 11-36, and >36), Class (1, 2, 3, and 4/5), and Region - Global Forecast to 2021
https://www.marketsandmarkets.com/Market-Reports/forklift-market-2439790.html
Elevators and Escalators Market by Type (Elevators, Escalators & Moving walkways), Service (New installation, Maintenance & Repair & Modernization), Elevator Technology (Traction, Machine room-Less & Hydraulic), & End-use Sector - Global Forecast to 2021
https://www.marketsandmarkets.com/Market-Reports/elevator-escalator-market-221792102.html
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/industrial-counterweights-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/industrial-counterweights.asp
SOURCE MarketsandMarkets
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article