Global Insights on Industrial Counterweights Market to 2028 By Drivers, Opportunities, Technologies and Key Players
2021 - 2028 Global Industrial Counterweights Market
The Global Industrial Counterweights Market is accounted for $6.70 billion in 2021 and is expected to reach $10.41 billion by 2028 growing at a CAGR of 6.5% during the forecast period. Industrial counterweights are integral components of any machinery that is responsible for lifting significantly heavy loads. The purpose of industrial counterweight is to make lifting the load faster and more efficient, which saves energy and is less taxing on the lifting machine. The use of industrial counterweights made from steel and iron are gaining considerable traction. The properties of iron and steel such as good ductility, tensile strength, etc. prove to be useful for demand generation. Hence, the iron and steel material segment is estimated to observe the highest growth. Asia Pacific is projected to hold the largest market share due to the factors such as fast-growing economies, increasing demand of huge population and necessity for high-rise buildings. North America is projected to have the highest CAGR due to the factors such as electric forklift trucks are getting a lot of traction in industrialized countries of the region.
Some of the key players profiled in the Industrial Counterweights Market include International Steel & Counterweights, Agescan International, Edgetech Industries, Shanxi Huaxiang Group Co. Ltd., Tenwinkel GmbH & Co.KG, Betonfertigteile Ernst Binder GmbH, Casting Quality, and Bruckert Beton GmbH.
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