The industrial counterweight market is expected to reach USD 7.8 billion in 2024. The industrial counterweight market is projected to expand at a CAGR of 5.6% from 2024 to 2034. The global industrial counterweight market is predicted to reach USD 13.5 billion by 2034.
Attributes | Key Insights |
---|---|
Estimated Market Size in 2024 | USD 7.8 billion |
Projected Market Value in 2034 | USD 13.5 billion |
Value-based CAGR from 2024 to 2034 | 5.6% |
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The industrial counterweights market was worth 6.8% CAGR from 2019 to 2023. Industrial equipment can now be monitored in real-time and data-driven decisions can be made based on Internet of Things (IoT) technologies.
With the help of smart sensors, weight counters can provide valuable information regarding usage, maintenance requirements, and performance enhancement. Investing in upgraded equipment and retrofitting older machines with modern counterweights can be profitable.
Industry after industry is looking for ways to make their existing assets perform and stay safe. Counterweight manufacturers can seamlessly integrate their solutions into new machinery by collaborating with original equipment manufacturers (OEMs). Increased market penetration can be achieved by establishing partnerships with OEMs. A 5.6% CAGR is forecast between 2024 and 2034.
Historical CAGR from 2019 to 2023 | 7.3% |
---|---|
Forecast CAGR from 2024 to 2034 | 5.6% |
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In accordance with the table provided, South Korea generates the largest amount of revenue. Among the sectors that are expected to contribute to growth are the automotive, aerospace, and defense industries.
Counterweights help balance rotating components and improve efficiency in these sectors. Due to the expansion of these industries, industrial counterweights will also become more in demand
In the future, development projects in the field of infrastructure, including those related to transportation, energy, and renewable energy, will increase the demand for industrial counterweights. Developing countries will increase their investment in infrastructure, increasing the demand for counterweights in machinery and equipment for construction.
Countries | Forecast CAGRs from 2024 to 2034 |
---|---|
The United States | 5.8% |
China | 6.5% |
Japan | 7.1% |
South Korea | 7.2% |
The United Kingdom | 6.7% |
Increasing oil and gas production in the United States drives the need for industrial counterweights. Industrial counterweights are needed in the United States to install and maintain renewable energy infrastructure with the expansion of renewable energy. Between 2024 and 2034, the United States is expected to expand at a CAGR of 5.8%.
Increasing construction industries and rising projects in the United States are expected to drive demand in the market. The United States government sets engineering standards and regulations to ensure the safe use of industrial equipment, including counterweights, including OSHA (Occupational Safety and Health Administration).
The industrial counterweight market in China is growing due to ongoing industrialization and infrastructure development. Growing water and wastewater treatment facilities also drive the demand for the industrial counterweights market. The growth rate between 2024 and 2034 is expected to be 6.5%.
As China's infrastructure projects progress, including the construction of buildings, bridges, and transit networks, industrial counterweights become essential to maintain stability and safety. With China's fast urbanization and skyscraper construction in major cities, industrial counterweights are needed in tall cranes and equipment for stabilizing and protecting vertical construction projects.
A 7.1% CAGR is forecast for Japan from 2024 to 2034. Due to Japan's advanced manufacturing sector's reliance on large machinery and equipment, industrial counterweights are required for stability and precision. This includes the electronics, robotics, and automotive industries.
As a result of Japan's aging infrastructure, where significant renovations and maintenance are needed, industrial counterweights have increased in infrastructure projects. Several factors contribute to Japan's growth in the industrial counterweight market, including its focus on industrial manufacturing. Human labor is reduced, and efficiency is improved with counterweights in automotive applications
Due to technological advancements, industrial machinery using counterweights might become more efficient, effective, and safe due to performance, efficiency, and safety improvements. A market of USD 882.8 million is expected in 2034. According to the forecast, the market is expected to expand by 7.9% between 2024 and 2034.
During manufacturing operations, the shipbuilding and aerospace industries in South Korea use heavy machinery and equipment that rely on industrial counterweights for stability and balance. Heavy equipment and industrial counterweights are required to construct South Korea's nuclear power plants so that reactors and other vital parts can be installed safely.
The United Kingdom projects involving infrastructure upgrades, including transit improvements and renewable energy programs, require heavy machinery equipped with industrial counterweights. A CAGR of 6.7% is projected for the United Kingdom between 2024 and 2034.
Due to its involvement in international trade, the United Kingdom may encounter a demand for industrial machinery and equipment counterweights. Ports and harbors in the United Kingdom are expanding and developing, causing this demand.
Regulations regarding health and safety are crucial to the industrial sector. A counterweight contributes to the safety of industrial operations, especially in applications requiring balance and stability.
This section illustrates the market's leading segment. the fixed counterweight segment is projected to register a CAGR of 5.4% by 2034. The concrete segment is expected to expand at a CAGR of 5.1% by 2034. Construction equipment, cranes, elevators, and other industrial equipment requiring balance and stability usually feature fixed counterweights.
Category | CAGR from 2024 to 2034 |
---|---|
Fixed Counterweight | 5.4% |
Concrete | 5.1% |
Fixed counterweights are essential features of many industries because they allow machinery and equipment to function safely and efficiently by counterbalancing the weight of moving parts and loads. Fixed counterweights are expected to increase at a CAGR of 5.4% by 2034.
For permanent counterweights to be safe and effective, they must be installed and maintained correctly. A fixed counterweight's design and implementation must consider weight distribution, fastening, and space availability. Providing stability and balancing loads are the primary purposes of fixed counterweights. The safety and efficiency of equipment is vital to various industrial processes.
Construction projects involving buildings, roads, bridges, dams, and infrastructure rely extensively on concrete's strength, adaptability, and durability. The concrete market is expected to expand at a CAGR of 5.1% by 2034. Combined with its affordability and availability of raw materials, its versatility makes it an attractive option for structural and aesthetic applications.
Concrete technology is advancing in response to environmental concerns and contemporary construction methods. Concrete is becoming stronger, easier to work with, and more durable due to adding admixtures and additives. Resilient and sustainable, concrete is a great building material. All these factors are expected to drive demand for the industrial counterweight market.
Industry, mining, and construction sectors need reliable counterweight machines, helping leaders in the global industrial counterweight market capitalize on this demand.
Other key players are conducting research and development activities to launch innovative products. Their global presence is also strengthened through mergers and acquisitions.
Key Market Developments
Attributes | Details |
---|---|
Estimated Market Size in 2024 | USD 7.8 billion |
Projected Market Valuation in 2034 | USD 13.5 billion |
Value-based CAGR 2024 to 2034 | 5.6% |
Forecast Period | 2024 to 2034 |
Historical Data Available for | 2019 to 2023 |
Market Analysis | Value in USD billion |
Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa |
Key Market Segments Covered | Type, Material, Application, End User, Region |
Key Countries Profiled | The United States; Canada; Brazil; Mexico; Germany; The United Kingdom; France; Spain; Italy; Poland; Russia; Czech Republic; Romania; India; Bangladesh; Australia; New Zealand; China; Japan; South Korea; GCC countries; South Africa; Israel |
Key Companies Profiled | Bharat Engineering Works; Bruckert Beton GmbH; Crescent Foundry Pvt Ltd.; EdgeTech Industries LLC; FARINIA S.A.; Frans Pateer B.V.; GALLIZO S.L.; LKAB Minerals Limited; Mars Metal Company; Shanxi Huaxiang Group Co.; Ultraray; So.me.fer. S.r.l.; Tenwinkel GmbH & Co.KG; Toyota Material Handling |
As of 2024, the industrial counterweight market is expected to be valued at USD 7.8 billion.
By 2034, the market value of industrial counterweights is expected to reach USD 13.5 billion.
The industrial counterweight market is expected to increase at a CAGR of 5.6% from 2024 to 2034
The concrete segment is expected to register at 5.1% CAGR by 2034.
With a CAGR of 7.9%, South Korea is expected to lead the industrial counterweight market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type 5.1. Fixed Counterweights 5.2. Swinging Counterweights 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Material 6.1. Concrete 6.2. Iron & Steel 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 7.1. Cranes 7.2. Elevators 7.3. Excavators 7.4. Forklifts 7.5. Grinding Wheels 7.6. Lifts 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-User Industry 8.1. Agriculture 8.2. Construction 8.3. Industrial Manufacturing 8.4. Logistics 8.5. Marine 8.6. Mining 8.7. Renewables 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 16. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Bharat Engineering Works 19.2. Bruckert Beton GmbH 19.3. Crescent Foundry Pvt Ltd. 19.4. EdgeTech Industries LLC 19.5. FARINIA S.A. 19.6. Frans Pateer B.V. 19.7. GALLIZO S.L. 19.8. LKAB Minerals Limited 19.9. Mars Metal Company 19.10. Shanxi Huaxiang Group Co. 19.11. Ultraray 19.12. So.me.fer. S.r.l. 19.13. Tenwinkel GmbH & Co.KG 19.14. Toyota Material Handling 20. Assumptions & Acronyms Used 21. Research Methodology
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