Region : Global | Format: PDF | Report ID: BRI106730 | SKU ID: 21763589
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The global rigging gear market size was USD 25420 million in the year 2022 and is expected to reach USD 60757.6 million by 2031, exhibiting a CAGR of 10.2% during the forecast period.
Rigging gear refers to the equipment and devices used in various industries to lift, move, and secure heavy loads. It plays a crucial role in construction, manufacturing, maritime operations, and other sectors that involve heavy lifting and transportation. Rigging gear is designed to ensure the safety of workers and the efficient handling of loads. There are several types of rigging gear commonly used in these industries. One essential component is the lifting equipment, which includes items such as cranes, hoists, and winches. These devices are used to raise and lower loads, allowing for precise positioning and movement. Rigging hardware, such as shackles, hooks, and slings, are used to connect the load to the lifting equipment securely. These components are made from durable materials like steel and are designed to withstand high loads and provide reliable connections.
The rigging gear market is a vital component of various industries such as construction, maritime, oil and gas, mining, and entertainment. Rigging gear refers to the equipment and accessories used for lifting, hoisting, and moving heavy loads safely and efficiently. It includes items such as slings, shackles, hoists, hooks, and lifting chains. The global rigging gear market has witnessed significant growth in recent years, driven by the increasing demand for efficient and reliable lifting and rigging solutions across industries.
The COVID-19 pandemic has been unprecedented and staggering, with rigging gear experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
The outbreak of the Covid-19 pandemic had a profound impact on the global economy, including the rigging gear market. The pandemic led to widespread disruptions in supply chains, labor shortages, and a decline in construction and industrial activities. Many construction projects were put on hold, and industries faced challenges in terms of reduced demand and operational restrictions. However, the rigging gear market showed resilience as essential industries such as healthcare, logistics, and infrastructure development continued to require lifting and rigging equipment. Moreover, the gradual recovery of the global economy is expected to drive the market's growth in the post-pandemic period.
"Increasing Adoption of Advanced Technologies in Lifting and Rigging Equipment to Boost the Market Development"
With the advent of Industry 4.0 and the Internet of Things (IoT), there is a growing emphasis on smart and connected rigging gear solutions. Integrated sensors and monitoring systems are being incorporated into rigging gear to enable real-time data collection, predictive maintenance, and enhanced safety features. This trend is driven by the need for increased efficiency, reduced downtime, and improved safety in lifting and rigging operations.
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According to type, the market can be segmented into Aluminum Rigging Gear, Carbon Rigging Gear, Swivels, Other. Aluminum Rigging Gear being the leading segment of the market by type analysis.
Based on application, the market can be divided into Booms, Masts. Booms being the leading segment of the market by application analysis.
"Infrastructure Development and Construction Projects to Drive the Market Growth"
The growth of the rigging gear market is driven by ongoing infrastructure development projects globally. Investments in infrastructure, such as highways, railways, bridges, and ports, are increasing to meet the growing demand for transportation and logistics. These projects require heavy lifting and rigging equipment to handle large construction materials, prefabricated components, and heavy machinery. The expanding construction industry in emerging economies, coupled with the focus on urbanization and industrialization, is fueling the demand for rigging gear.
"Safety Regulations and Standards to Drive the Market Development"
Stringent safety regulations and standards enforced by governments and industry organizations are driving the adoption of high-quality and reliable rigging gear. Ensuring worker safety and minimizing the risk of accidents and injuries during lifting and rigging operations are paramount. Compliance with safety guidelines necessitates the use of certified and properly maintained rigging gear. The increasing emphasis on workplace safety and the implementation of safety standards across industries are boosting the demand for rigging gear that meets or exceeds these requirements.
"Availability of Low-Cost and Counterfeit Products to Impede the Market Growth"
Inferior-quality and non-compliant rigging gear pose significant risks to safety and can lead to accidents and injuries. Unscrupulous manufacturers may produce substandard products that do not meet industry standards, compromising the integrity and reliability of the rigging gear. Addressing this challenge requires rigorous quality control measures, certification programs, and industry collaboration to educate customers and ensure the use of genuine and reliable rigging gear.
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"Robust Infrastructure Development, Industrial Growth, and Stringent Safety Regulations in North America to Bolster the Market Development"
North America is a highly lucrative market for rigging gear, primarily due to robust infrastructure development, industrial growth, and stringent safety regulations. The United States and Canada are the key contributors to the region's market growth. In the United States, the construction industry is witnessing significant growth, with the construction of high-rise buildings, bridges, and infrastructure projects driving the demand for rigging gear. The country's focus on renewable energy sources has also led to an increase in offshore wind projects, which require specialized rigging gear for installation and maintenance. Furthermore, the presence of major rigging gear manufacturers and suppliers in North America further contributes to the market's expansion.
The Asia Pacific region offers substantial growth opportunities for the rigging gear market. The region is witnessing rapid industrialization, urbanization, and the expansion of manufacturing sectors, particularly in countries such as China, India, and Southeast Asian nations. The growth of these sectors necessitates the use of advanced lifting and rigging solutions to handle heavy loads and ensure efficient operations. Infrastructure development is a major driver of the rigging gear market in the Asia Pacific region. Governments and private entities are investing heavily in the construction of transportation networks, including highways, railways, airports, and ports, to support the region's economic growth.
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
The global rigging gear size is expected to reach USD 60757.6 million by 2031.
The rigging gear is expected to exhibit a CAGR of 10.2% by 2031.
Infrastructure development & construction projects and safety regulations & standards are the driving factors of the rigging gear market.
The dominating companies in the rigging gear market are Antal, C-Tech, Cariboni, CST Composites and Hall Spars & rigging.
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