New Revenue Pockets:
The industrial counterweights market is expected to grow from an estimated USD 6.7 million in 2021 to USD 8.5 million by 2026, at a CAGR of 4.5% during the forecast period. Cast iron, followed by carbon steel, is widely used in the manufacturing of industrial counterweights. Increasing demand from logistics in industrial environment are expected to offer lucrative opportunities for the industrial counterweights market during the forecast period.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. Asia Pacific region has been segmented, by country, into China, India, Japan, South Korea, Australia, and Rest of Asia Pacific. Rest of Asia Pacific includes Singapore and Malaysia. The region is the most populated region in the world and is expected to become the largest industrial counterweights deploying region globally. It comprises many developing countries and requires automated substations in all industries to increase efficiency of the industry by increasing productivity. APAC is a growing market for industrial counterweights in various applications, such as construction, logistics, metal and mining, due to its fast-growing economies. The market in China is expected to grow mainly because the number of manufacturing units in China is increasing, which is expected to create a massive demand for industrial counterweights. Another reason for the growth of the industrial counterweights market in APAC is the increase in the number of manufacturing plants in various sectors, such as automotive, food processing, and pharmaceutical industries. Automation is increasing in APAC because of the rising necessity for high-quality products and high-rise buildings, along with the increased production rates. It also helps reduce labor costs and human interference. The demand for counterweights is very high in Asia Pacific owing to the increasing demand of efficiency and stability of equipments.
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The industrial counterweights market, by material, into iron & steel, concrete and others. The material segment, by iron & steel, is projected to hold the highest market share during the forecast period. Various alloys of iron and steel-like are used in manufacturing Industrial Counterweights. The iron material counterweights are made of cast iron, gray cast iron, gray iron, ductile iron, and ductile cast iron; whereas the steel material counterweights are made up of Fabricated steel, cast steel, carbon steel stainless steel. Increasing rate of construction, mostly in Asia Pacific, Europe and the Americas will boost the demand for counterweights.
The report segments the industrial counterweights market, by type, into swinging counterweights and fixed counterweights. The fixed counterweights are further classified into fixed frames and floating frames. The market for fixed counterweights is expected to hold the highest market share during the forecast period. As the name suggests, the position of the counterweight is stable in the fixed frame, whereas it is rotating in the floating frame. Fixed counterweights are increasingly adopted across the construction sector due to the high reliability and ease of use offered by them.
The industrial counterweights market, by application, is segmented into elevators, cranes, forklifts, excavators, lifts, and grinding wheels. The cranes segment, by application, is projected to hold the highest market share during the forecast period. , the investments regarding construction in most emerging markets have continued to grow at a moderate rate despite this crisis. Industrial counterweights for cranes are widely used in the construction industry. Earth-moving equipment are mainly used for construction works such as digging the earth, lifting, loading and unloading weights, and leveling. The applications of cranes in earth-moving equipment include heavy loading, high cycle rating, and accurate movement. This has led to increase in demand of industrial counterweights used in cranes.
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The industrial counterweights market, by end-user, is segmented into industrial manufacturing, marines, mining, agriculture, logistics, renewables, and construction. The construction industry, by end-user, is projected to hold the highest market share during the forecast period. The growth of this segment is driven by overall increase in population has propelled the need for housing, which is fuelling the growth of the construction industry. 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.
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