Major Market Shift in Crane And Hoist Industry: Innovative Advances In Electric And Hybrid Cranes In The Crane And Hoist Market

What Is the Forecasted Market Size and Growth Rate for the Crane And Hoist Market?
In the past few years, there has been a robust growth in the size of the crane and hoist market. The market size is predicted to rise from $32.33 billion in 2024 to $34.48 billion in 2025, with a compound annual growth rate (CAGR) of 6.7%. This progressive growth in the historic period is due to a rise in the need for material handling in the automotive sector, a higher demand for heavy lifting in the energy and power industries, stricter safety regulations, and an increase in the demand for heavy lifting in shipping and material handling.

The market size for cranes and hoists is projected to observe potent expansion in the upcoming years, surging to a value of $44.19 billion by the year 2029, with a compound annual growth rate (CAGR) of 6.4%. This predicted surge during the forecast period can be linked to factors such as increased construction activities, growth in the aerospace and defense sector, expansion of the mining industry, rising requirements for heavy lifting equipment, and an escalating demand for shipbuilding and repair. Noteworthy trends to be expected during this period include a rising demand for material handling equipment, developments in infrastructure, advances in technology, enhancement in software, and increased investment in public works projects.

What Factors Are Fueling Growth in the Crane And Hoist Market?
The crane and hoist market is anticipated to expand due to the upsurge in construction activities. These activities can include building, modifying, or mending structures and infrastructure, from site preparation to building assembly, system installation, and finishing. The rise in construction activities can be attributed to elevated urbanization, infrastructure development, and the growing need for new commercial and residential buildings. Cranes and hoists that are crucial for lifting heavy equipment, materials, and prefabricated parts to unreachable heights and locations using human labor alone have become indispensible. For example, the Office for National Statistics, a government agency based in the UK, announced in November 2023 that there was a 15.8% surge in new construction jobs in Great Britain, reaching an unprecedented $165.5 billion in 2022. Both the private sector, which contributed $17.5 billion, and the public sector, contributing $5.1 billion, were behind this increase. Moreover, new construction orders experienced an 11.4% rise to approximately $100.2 billion, mainly due to boosts in private infrastructure, private commercial projects, and other public non-housing sectors, while the only decline was observed in the private industrial sector. As a result, the crane and hoist market is being propelled by the escalating construction activities.

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Which Businesses Are at the Forefront of Crane And Hoist Market Development?
Major companies operating in the crane and hoist market are 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, ere*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

What Are the Latest Innovations in the Crane And Hoist Market?
Leading firms in the crane and hoist industry are innovating by creating upgraded solutions like electric and hybrid cranes, in order to provide customers with cutting-edge features. Electric and hybrid cranes, which use electricity or a blend of electric power and other sustainable power sources, strive to lower greenhouse gas emissions while enhancing performance levels. An exemplar of this trend is Hiab, a company from Sweden specialized in offering load handling equipment, which in March 2024, unveiled the HIAB WSPR, an innovative hybrid electric crane solution aimed at increasing efficiency and minimizing environmental harm. The HIAB WSPR crane is equipped with a dual power source, relying on both the truck engine as well as an electric power take-off (ePTO), thus achieving a zero-emission performance and diminishing carbon footprints up to 85%. The crane, offered in three versions - Standard, Light Duty, and Heavy Duty - permits between one to two days of operation when fully charged, thanks to a conveniently compact battery pack which makes it fitting for vehicles with constrained space. The crane's noiseless functioning is suitable for low-emission zones and operations during the night, contributing to a more eco-friendly and dependable load handling service.

How Is the Crane And Hoist Market Segmented?
The crane and hoist market covered in this report is segmented -

1) By Type: Crane, Hoist
2) By Operation: Hydraulic, Electric, Hybrid
3) By Application: Construction, Transportation And Logistics, Marine, Oil And Gas, Mining, Agriculture, Other Applications

Subsegments:
1) By Crane: Bridge Cranes, Gantry Cranes, Jib Cranes, Tower Cranes, Overhead Cranes, Mobile Cranes
2) By Hoist: Electric Hoists, Manual Hoists, Pneumatic Hoists, Chain Hoists, Wire Rope Hoists

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Where Is the Crane And Hoist Market Growth Most Prominent?
Asia-Pacific was the largest region in the crane and hoist market in 2024. The regions covered in the crane and hoist market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Crane And Hoist Global Market Report?

- Market Size Analysis: Analyze the Crane And Hoist Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Crane And Hoist Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Crane And Hoist Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Crane And Hoist Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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