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
The industrial counterweights market is projected to reach USD 8.5 billion by 2026 from an estimated USD 6.7 billion in 2021, at a CAGR of 4.5% during the forecast period. Increasing rate of construction is driving the industrial counterweights market. The demand of industrial counterweights from construction industry are the main drivers for the industrial counterweights market. Increasing need of efficiency and stability of systems in industrial environment is expected to offer lucrative opportunities for the industrial counterweights market during the forecast period. However, rise in pice of raw materials acts as a restraint for the manufacturing of industrial counterweights.
“The iron & steel material is expected to grow at the highest CAGR from 2021 to 2026.”
Based on the components of industrial counterweights systems, the iron & steel material is estimated to be the fastest-growing market from 2019 to 2026. The segment includes iron & steel, concrete and others like lead and tungsten. Growth of the industrial sector in Asia Pacific and North America is expected to drive the industrial counterweights market.
“Construction industry is expected to emerge as the largest segment based on sales channel”
The construction industry, by end-user, is projected to hold the highest market share during the forecast period. Construction industry use industrial counterweights systems to decrease the human interference, to increase efficiency and to increase stability of the equipments used. Using industrial counterweights systems, construction industry operators can easily load and unload the material by counterbalancing the weights with the help of counterweights used.
“Asia Pacific: The largest industrial counterweights market”
Asia Pacific is currently the largest industrial counterweights market, followed by North America and the Europe. China accounted for the maximum share of the Asia Pacific market in 2020. It is also projected to grow at the highest CAGR from 2021 to 2026. Growth of the industrial sectors in countries such as China, India, South Korea, Australia, and Japan is expected to drive the Asia Pacific industrial counterweights market. Countries such as China and Japan are focusing on construction activities and industrial manufacturing business like automotive to reduce human lanor, which is expected to increase demand for industrial counterweights in the region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%
By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
By Region: North America- 15%, Asia Pacific- 45%, Europe- 30%, the Middle East & Africa- 5%, and South America- 5%
Note: Others includes product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The leading players in the industrial counterweights market include FMGC, Farinia Group (France), Sic lazaro US Inc. (US), Crescent Foundry (India), Gallizo (Spain), Mars Metal (Canada).
The report defines, describes, and forecasts the global industrial counterweights market, by type, by component type, by material, by application, by end-user industry, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the industrial counterweights market.
Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for industrial counterweights, which would help industrial counterweights manufacturers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
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