CHICAGO, Dec. 7, 2023 /PRNewswire/ -- The global crane and hoist market size is projected to grow from USD 31.5 billion in 2023 to USD 37.1 billion by 2028, at a CAGR of 3.3% during the forecast period according to a new report by MarketsandMarkets. Sustainable demand from construction industry and expansion and upgradation of shipping industry are driving the market.
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Crane and Hoist Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 31.5 billion |
Estimated Value by 2028 | $ 37.1 billion |
Growth Rate | Poised to grow at a CAGR of 3.3% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Mobile Cranes, Fixed Cranes, Operation, Hoist, Industry and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Shortage of skilled workforce to handle crane operations |
Key Market Opportunities | Expansion of E-commerce in South-East Asia |
Key Market Drivers | Sustainable demand from construction industry |
Mobile crane segment to hold the largest size of the crane and hoist market during the forecast period.
The mobile crane segment is expected to account for the largest size of the crane and hoist market throughout the forecast period. The expansion of the mobile cranes segment is primarily fueled by their attributes, such as exceptional mobility, high travel speed, and quick setup at construction sites. The utilization of mobile cranes across industries like mining, construction, aerospace, shipping, and material handling has become increasingly popular. These sectors involve extensive movement of objects, materials, or equipment during lifting and lowering operations. Furthermore, mobile cranes offer quicker setup times compared to fixed cranes. They can be assembled and made operational swiftly, presenting an advantage, particularly in time-sensitive projects.
Hydraulic operation segment is expected to lead the crane and hoist market during the forecast period.
The hydraulic operation segment is expected to lead the market during the forecast period. Increasing demands within construction and material handling activities are propelling the growth of the hydraulic-operated crane market. These cranes, utilizing hydraulic technology for enhanced energy efficiency and reduced reliance on power sources, are widely employed in hoisting and relocating heavy materials across various sectors like warehouses, industrial workshops, transportation, manufacturing, and construction. Telescopic hydraulic cylinders, retracting to 20-40% of their fully extended length, cater to confined mounting spaces requiring an extended stroke. The increasing use of hydraulic cranes is driven by space constraints observed in industries such as construction, shipping, material handling, and assembly lines.
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Asia Pacific is expected to dominate the crane and hoist market during the forecast period.
The Asia Pacific region will dominate the crane and hoist industry throughout the forecast period. It is expected to grow at the highest CAGR from 2023 to 2028. The region is undergoing substantial urbanization and infrastructural expansion, leading to a surge in construction endeavors. This rapid growth necessitates the use of cranes across various projects, encompassing residential buildings, commercial complexes, bridges, roads, and other infrastructure developments. Countries in the Asia-Pacific region, such as China, India, Japan, and Southeast Asian nations, are experiencing notable construction activities spurred by economic progress and population expansion. This construction boom requires a diverse range of cranes essential for heavy lifting and material handling at construction sites. Furthermore, this region hosts diverse industries spanning manufacturing, automotive, energy, and shipping, where cranes and hoists play pivotal roles in material handling, assembly, and logistics, consequently driving significant demand for crane and hoist services.
Key players
The key players operating in the crane and hoist companies include Konecranes (Finland), Liebherr (Switzerland), Tadano Ltd. (Japan), The Manitowoc Company, Inc. (US), Zoomlion Heavy Industry Science & Technology Co., Ltd. (China), Terex Corporation (US), Ingersoll Rand (US), PALFINGER AG (Austria), Columbus McKinnon Corporation (US), KOBE STEEL, LTD. (Japan), XCMG Group (China), Sumitomo Heavy Industries, Ltd. (Japan), ABUS Kransysteme GmbH (Germany), Mammoet (Netherlands), KATO WORKS CO., LTD. (Japan), among others.
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