Crane and Hoist Market 2018-2028 | Zoomlion, XCMG, ZPMC, Mammoet, Ingersoll Rand, Liebherr, Tadano, Terex, EMC, Voima Cranes

Cranes and hoists are common material handling equipment used in wide range of industries including construction, mining, shipping, automotive & railway, and others. Cranes are used for lifting and lowering loads or moving the loads horizontally, while hoists, designed to lift or lower material, can be a part of a crane or be installed alone. Cranes equipped with hoist ropes, chains, and sheaves are primarily used for lifting heavy loads and conveying them to different locations.

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Rapid infrastructural development and expansion of freight transport have been directly influencing the demand for cranes and hoist in the recent years. With growing need to reduce time as well as fuel consumption in many industries, crane and hoist manufacturers are increasingly focusing on product innovations through implementation of advanced technologies which will help meet the modern-day consumer demand.

Crane and Hoist Market – Notable Developments

In April 2019, Kito Corporation, a key player of crane and hoist market announced its plans to set a new production subsidiary in Thailand with an aim to reduce the production costs of its core hoist products and make better use of the supply chain in Thailand. It is also expected to reduce costs for raw materials.

In April 2019, Manitowoc launched best-in-class Grove GHC140 telescope crawler crane, the latest addition to its line of Grove Hydraulic Crawler. It features improved load capacities that facilitates users to complete heavier lifts with same maneuverability as the smaller models.

In March 2019, Cargotec Corporation’s MacGregor won an order from CNOOC for the supply of on-vessel mooring systems to a deepwater Floating Production Unit (FPU). The delivery of the system is expected to take place in the first quarter of 2020. Additionally, the company’s subsidiary Navis completed its acquisition of Cetus Labs, Inc., a provider of web-based terminal operating systems (TOS) for small container and mixed cargo terminals.

In March 2019, Columbus McKinnon Corporation, one of the leading players in the crane and hoist market, announced the addition of explosion-protected SH Ex wire rope hoists to its advanced hoist product portfolio. The new STAHL CraneSystems also provide the benefits of flexible configuration, compact design, spark resistance, smooth operation, low maintenance, and model variants.

In March 2019, Konecranes announced its plans to establish data science laboratory in France, as a part of the company’s initiatives to digitalize products, operations, and service to reap the several advantages of industrial internet.

Other leading players operating in the crane and hoist market include Konecranes, Zoomlion, XCMG, ZPMC, Mammoet, Ingersoll Rand, Liebherr, Tadano, Terex, EMC, Voima Cranes and Components Pvt. Ltd., and Palfinger.

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Crane and Hoist Market Dynamics

Increasing Infrastructural Development and Mining Activities Drives Crane and Hoist Market Growth

Significant growth of the crane and hoist market can be attributed to rise in the demand for construction machinery in the infrastructural space as well as in the mining sector for various activities including ore extraction. Expansion of aerospace & defense industry along with robust development in shipping sector has been significantly increasing the demand for material handling equipment, which will continue to accelerate the sales of cranes and hoists.

In addition, wide-ranging application of these equipment in shipyards, warehouses, and industrial workshops is likely to contribute to the revenue generation of the market.

Asia Pacific to Hold Sizeable Share of Crane and Hoist Market

Growing need to increase the production output without compromising on quality standards of the products has been affecting the manufacturing industry in Asia Pacific, especially in the emerging economies such as China and India. With rising labor costs and high lead time due to manual process, manufacturers and suppliers have been facing several challenges in the region.

As a result, these manufactures are automating their processes, which in turn promotes the growth of crane and hoist market in Asia Pacific. Mass urbanization and rapid industrialization are the additional factors promoting the market expansion in the region.

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This release was published on openPR.