What is Global Load Moment Indicator Market?
The Global Load Moment Indicator Market is a specialized sector that focuses on the production and distribution of load moment indicators. These are crucial safety devices used in cranes and other lifting equipment to ensure that the load being lifted does not exceed the maximum safe capacity of the equipment. The market is a global one, with products being manufactured and sold across the world. The value of this market was estimated to be around US$ 94 million in 2022. It is projected to grow at a steady pace, reaching an estimated value of US$ 118.4 million by 2029. This represents a Compound Annual Growth Rate (CAGR) of 3.3% during the forecast period of 2023-2029.
Tower Crane, Vehicle Crane, Others in the Global Load Moment Indicator Market:
The Global Load Moment Indicator Market is segmented into different types based on the type of crane they are used in. These include tower cranes, vehicle cranes, and others. Tower cranes are a common sight in construction sites, especially in high-rise building projects. They are used to lift heavy materials to great heights. Vehicle cranes, on the other hand, are mobile and can be used in a variety of settings. Other types of cranes include crawler cranes, telescopic cranes, and floating cranes. Each of these cranes requires a load moment indicator to ensure safe operation.
Construction, Industrial, Others in the Global Load Moment Indicator Market:
The Global Load Moment Indicator Market finds its applications in various sectors including construction, industrial, and others. In the construction sector, load moment indicators are used in cranes to ensure the safe lifting of heavy materials. In the industrial sector, they are used in factories and warehouses to lift and move heavy goods. Other sectors where load moment indicators are used include shipping, mining, and oil and gas. Each of these sectors has its own unique requirements and specifications for load moment indicators.
Global Load Moment Indicator Market Outlook:
The market outlook for the Global Load Moment Indicator Market is positive. In 2022, the market was valued at US$ 94 million. It is expected to grow at a CAGR of 3.3% from 2023 to 2029, reaching a value of US$ 118.4 million. The Asia-Pacific region holds the largest market share, accounting for about 63% of the total market. Europe follows with a market share of about 17%. The top three companies in the market hold about 48% of the total market share.
| Report Metric | Details |
| Report Name | Load Moment Indicator Market |
| Accounted market size in 2022 | US$ 94 in million |
| Forecasted market size in 2029 | US$ 118.4 million |
| CAGR | 3.3% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Wika, Rayco-Wylie, Yichang Jinglian, TWG Dover, Parker Electronic Controls, Cranesmart Systems, Weite Technologies, Suns Technology, Wylie Indicators, Shanghai Xiya, Keli Sensing, Wide Technology, Yichang Wanpu, Chengdu Hi-Tech Crane Safety, Markload Systems |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
