Crane And Hoist Market Outlook, Growth, Strategies And Forecast By 2033

The Business Research Company recently released a comprehensive report on the Global Crane And Hoist Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The crane and hoist market size has grown strongly in recent years. It will grow from $30.39 billion in 2023 to $32.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to increased demand for material handling in automotive, increased demand for heavy lifting in energy and power, increased regulations on safety, increased demand for heavy lifting in energy and power, increased demand for heavy lifting in shipping and material handling.

The crane and hoist market size is expected to see strong growth in the next few years. It will grow to $41.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to rising construction activity, growing aerospace and defense sector, growing mining industry, increasing demand for heavy lifting equipment, and rising demand for shipbuilding and repair. Major trends in the forecast period include demand for material handling tools, infrastructure development, technological advancements, software upgrades, and investments in public works projects.

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Market Drivers and Trends:

The increasing construction activities are expected to propel the growth of the crane and hoist market going forward. Construction activities encompass the processes of erecting, altering, or repairing structures and infrastructure, typically involving site preparation, building assembly, and the installation of systems and finishes. Construction activities are rising due to increased urbanization, infrastructure development, and demand for new residential and commercial buildings. Cranes and hoists are essential for construction activities to lift heavy materials, equipment, and prefabricated components to heights and locations otherwise inaccessible or impractical by manpower alone. For instance, in February 2022, according to the report published by the Office for National Statistics, a UK-based administrative office of the United Kingdom Statistics Authority, the construction sector experienced a significant annual increase of 12.7% in 2021 compared to the previous year. In December 2021, monthly construction output increased by 2.0%, attributed entirely to a rise in new projects (3.5%). Furthermore, quarterly production in Q4 2021 rose by 1.0% compared to Q3, driven by growth in both new construction (1.1%) and repair and maintenance activities (0.8%). Therefore, the increasing construction activities are driving the growth of the crane and hoist market.

Major companies operating in the crane and hoist market are developing technologically advanced solutions, such as electric and hybrid cranes, to better serve customers with advanced features. Electric and hybrid cranes are types of lifting equipment that utilize electric power sources or a combination of electric and alternative energy sources for operation, aiming to reduce emissions and increase efficiency. For instance, in October 2021, Fassi Gru S.p.A., an Italy-based crane manufacturing company, developed an electric crane powered by a lithium battery pack, which can be recharged either by the truck's internal combustion engine while traveling or by mains power. The new smart hybrid technology (SHT) system developed by Fassi introduces a unique capability where a diverse range of crane models, including the Fassi F345RB.2.26 L214 with a lifting capacity up to 40 tm, can operate entirely in electric mode. This innovation addresses growing demand, particularly in Northern Europe, for cranes that can function in urban environments without vehicle movement, eliminating exhaust emissions and minimizing noise pollution. 

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Major Key Players of the Market:

Kubota Corporation, Kobe Steel Ltd., Liebherr-International GmbH, Sany Group, Hitachi Construction Machinery Co. Ltd., Sumitomo Heavy Industries Ltd., Ingersoll Rand Inc., Zoomlion Heavy Industry Science & Technology Co. Ltd., Cargotec Corporation, Shanghai Zhenhua Heavy Industries Co. Ltd, Tere*x Corporation, Konecranes, The Manitowoc Company Inc., PALFINGER AG, Tadano Ltd., Columbus McKinnon Corporation, Kito Corporation, Kobelco Construction Machineru USA Inc., Action Construction Equipment Ltd., ABUS Kransysteme GmbH, Wolffkran International AG, Gorbel Inc., STAHL CraneSystems GmbH, Street Crane Company Limited, XCMG Group

Crane And Hoist Market 2024 Key Insights:

• The crane and hoist market size is expected to see strong growth in the next few years. It will grow to $41.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Impact Of Increasing Construction Activities On The Crane And Hoist Market
• Innovative Advances In Electric And Hybrid Cranes In The Crane And Hoist Market
• Asia-Pacific was the largest region in the crane and hoist market in 2023

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This release was published on openPR.