Stratview Research releases a new report on the Chain Block Market that shows lucrative growth opportunities in the global industry during the next five-year period. This report ensures reliable information related to the present and future market trends. The following summary will give an overview of the challenges, dynamics, and more details mentioned in the report.
Chain Block Market Insights:
"The global chain block market is expected to register a CAGR of around 4.1%."
The growth of the major end-use industries particularly construction, mining, and marine is fuelling the product demand at a significant rate. Increased spending on R&D activities to develop new products by the market players is anticipated to propel the market growth considerably during the review period.
The Chain Block Market size depends upon several factors that have direct or indirect influence on the demand and supply chain. The report published by Stratview Research throws light on the vital extracts of many such factors derived using different types of analysis like supply chain analysis, etc. These methods help in analysing the core strength of the companies, identifying their growth strategies, recognising their gaps as well as opportunities to lay out an effective roadmap which leads to higher profitability.
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The report also highlights the topmost linchpins active in the market. According to the list, here are few key players mentioned in the report -
- Columbus McKinnon Corporation (The U.S.),
- ABUS Crane Systems GmbH (Germany),
- KITO Corporation (Japan),
- Hitachi Industrial Equipment Systems Co., Ltd (Japan),
- Konecranes Oyj (Finland),
- TIANJIN TOYO LIFTING MACHINE MANUFACTORY CO,.LTD (Japan),
- Shanghai Yiying Crane Machinery Co., Ltd (China),
- Trane Technologies plc (Ireland),
- NITCHI Co.,Ltd (Japan),
- Chongqing Kinglong Machinery Co.,Ltd. (China),
- CHENG DAY MACHINERY WORKS (China),
- PLANETA-Hebetechnik GmbH (Germany), and
- GIS AG (Switzerland).
The report segments based upon geographics, demographics, benefits and volume etc., identifies the most attractive segments and sub-segments and have different driving factors. The segmentation mentioned in the report has been arranged in such a way that it can help users to be more efficient in terms of time, investment, and other resources. It also allows the businesses to learn more about their target audience so that they can tailor their strategies, and campaigns in increasing their market share and revenue.
The market has been segmented into factories and warehouse, construction sites, marine & ports, mining & excavating operation and others.
The global chain block market is driven by the construction sites market, which contributes about 30% of the total. Expanding construction industry with rise in both residential and commercial construction activities is driving the segment growth.
The market in Asia-Pacific is expected to register highest growth
- Geographically, the market in North America accounted for the largest market share in 2020 owing to presence of established end-use industries particularly in the U.S.
- Growing construction industry with increased spending on renovation and remodelling of buildings is likely to propel the market growth in the region.
- The market in Asia-Pacific is expected to register highest growth during the forecast period.
- This market growth can be attributed to expanding industrialization and growing urbanization in the developing countries particularly India and Southeast Asian countries.
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COVID-19 Impact on Global Chain Block Market
The spread of coronavirus led to the enforcement of lockdown to curb the spread of the virus. This resulted in travel restrictions and supply chain disruptions. The disruption in the supply chain affected the availability of the product in the market. Additionally, the closure of construction sites and factories amid the covid-19 outbreak affected the product demand. However, with the lift of lockdown, the growth of end-use industries has gained pace and thus, is likely to drive the market growth at a healthy CAGR during the review period.
Report Customization Options
Stratview Research offers one of the following free customization options to the users along with this detailed report:
- Detailed brief of additional market players.
- SWOT analysis of key players.
- Competitive Benchmarking
Benchmarking of the market key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
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