“Crane and Hoist market to grow at a CAGR of 4.8% from 2021 to 2026”
The crane and hoist market size is expected to grow from USD 26.0 billion in 2021 to USD 33.0 billion by 2026; it is expected to grow at a CAGR of 4.8% from 2021 to 2026. The key factors driving the growth of the crane and hoist market are significant demand from construction industry, expanding mining industry, increased use in shipping industry.
“Market for mobile cranes to account for larger market share during the forecast period”
The mobile cranes segment is expected to continue to hold a larger market size during the forecast period. The growth of the mobile cranes segment of the crane and hoist market can be attributed to their features such as high mobility, high traveling speed, and requirement of less time to set them up on construction sites. The use of mobile cranes in the mining, construction, aerospace, shipping & material handling industries has gained popularity, where lifting and lowering activities require extensive displacements of objects, materials, or equipment.
“Market for hydraulic operation to account for larger market share during the forecast period”
The hydraulic operation segment is expected to continue to hold a larger market size during the forecast period. The use of hydraulic technology ensures efficient use of energy and reduces the need for power. Hydraulic cranes are widely used for hoisting and moving heavy materials in warehouses and industrial workshops. Moreover, hydraulic cranes are used in the transport, manufacturing, and construction industries. The retraction length of hydraulic cylinders is 20–40% of the fully extended length. Therefore, telescopic hydraulic cylinders are ideal for limited mounting space, and a long stroke is required. The use of hydraulic cranes is increasing owing to the space constraint in different industries, such as construction and shipping & material handling, and assembly lines. The COVID-19 pandemic has affected the growth of the overall crane market, which has consequently hampered the growth of the hydraulic-operated crane market.
“Construction industry to hold the largest size during the forecast period”
The construction industry is expected to hold the largest market size during the forecast period. The construction industry has undergone substantial changes in recent years because of the global recession, which has led to the downsizing of the industry in developed markets. However, the investments regarding construction in most emerging markets have continued to grow at a moderate rate despite the global crisis. Earth-moving equipment are mainly used for construction works such as digging the earth, lifting, loading and unloading weight, and leveling. Applications of cranes in earth-moving equipment include heavy loading, high cycle rating, and accurate movement. The COVID-19 pandemic has affected the global construction industry by delayed projects and decreased investments in the infrastructure sector. With the development of vaccination against COVID-19, the real estate and infrastructure projects across the globe are expected to slowly gain pace and lead to the growth of the construction industry. China has already launched the “New Infrastructure” campaign to offset the economic impact of the COVID-19 pandemic. These factors are expected to result in a high growth rate of the crane market for the construction industry.
“APAC is expected to capture largest market size during the forecast period”
The APAC region is expected to hold the largest share of the crane and hoist market during the forecast period. Asia Pacific is the most rapidly growing market and offers high opportunities for the construction industry, which is driven by the growing population. Construction and material handling industries have boomed rapidly and consequently have driven the market for cranes in India, China, and Australia. The growing awareness related to automation and the increasing emphasis of leading economies such as China and Japan on construction and material handling industries are some of the primary factors contributing to the largest market share of APAC. Besides, the rapid growth of the automotive, construction, and aerospace & defense industries in emerging economies, such as China and India, is also supporting the growth of the crane market in APAC
The break-up of the profiles of primary participants for the report has been given below:
- By Company Type: Tier 1 = 40%, Tier 2 = 35%, and Tier 3 = 25%
- By Designation: C-Level Executives = 48%, Directors = 33%, and Others= 19%
- By Region: North America = 35%, Europe = 18%, APAC = 40%, and RoW = 7%
Major players expected to operate in the crane and hoist market include Konecranes (Finland), Liebherr (Germany), Tadano (Japan), Terex (US), Zoomlion (China), Ingersoll Rand (US), Palfinger (Austria), Columbus McKinnon (US), Kito (Japan), Kobelco (Japan), Sumitomo Heavy Industries (Japan), ABUS Kransysteme (Germany).
Research Coverage:
The research report on the global crane and hoist market covers the market based on type, operation, industry, and region. Based on type, the market has been segmented into mobile and fixed. Based on operation, the market has been segmented into hydraulic, electric, and hybrid. Based on industry, the crane and hoist market has been segmented into construction, shipping & material handling, automotive & railway, aerospace & defense, mining, energy & power, and others. The report covers four major regions, namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report:
- This report segments the crane and hoist market comprehensively and provides the closest approximations of the overall market size, as well as that of the sub segments across different types, operations, industries, and regions.
- The report helps stakeholders understand the pulse of the market, expected market scenario and provides information on key market drivers, restraints, challenges, and opportunities.
- The report helps to understand the COVID-19 impact on the crane and hoist market
