Press release
Crane And Hoist Market Set to Reach $44.19 Billion by 2029 with 6.4% Yearly Growth
Crane And Hoist Market
The rising number of construction projects is set to drive the growth of the crane and hoist market. As urbanization increases and more infrastructure is built, cranes and hoists are essential to lift heavy materials and equipment during construction. For instance, in November 2023, the Office for National Statistics reported that new construction work in Great Britain reached a record high of $165.5 billion in 2022, driven by growth in both private and public construction sectors. As a result, increased construction activity is stimulating the crane and hoist market.
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What is the projected compound annual growth rate (CAGR) of the crane and hoist market from 2025 to 2034, and what factors influence it?
The crane and hoist market has experienced strong growth in recent years. It will grow from $32.33 billion in 2024 to $34.48 billion in 2025, reflecting a CAGR of 6.7%. The growth is attributed to the increasing demand for material handling in automotive, rising demand for heavy lifting in energy and power sectors, stricter safety regulations, and growing needs for heavy lifting in shipping and material handling.
The crane and hoist market is projected to grow steadily, reaching $44.19 billion by 2029 at a CAGR of 6.4%. Growth drivers include increased construction activity, expansion in aerospace and defense, the growth of the mining industry, higher demand for heavy lifting equipment, and rising shipbuilding and repair needs. Trends include advancements in material handling tools, infrastructure development, and ongoing technological upgrades.
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How are the latest trends influencing the growth of the crane and hoist market?
In the crane and hoist market, companies are focusing on electric and hybrid cranes to offer advanced, eco-friendly solutions. These cranes use electric power or a combination of electric and alternative energy sources to reduce emissions and improve efficiency. In March 2024, Hiab, a Sweden-based load handling company, launched the HIAB WSPR electric hybrid crane, designed to operate with both a truck engine and an electric power take-off (ePTO). This crane reduces carbon emissions by up to 85%, operates quietly for use in low-emission zones, and offers up to 1-2 days of operation on a full charge.
What are the major segments of the crane and hoist market and their role in driving growth?
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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Which regions are key players in the growth of the crane and hoist market?
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.
Who are the key firms paving the way for growth in the crane and hoist market?
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
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What Is Covered In The Crane And Hoist Global Market Report?
•Market Size Forecast: Examine the crane and hoist market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the crane and hoist market for a structured understanding.
•Key Players Overview: Analyze major players in the crane and hoist market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the crane and hoist market.
•Segment Contributions: Evaluate how different segments drive overall growth in the crane and hoist market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the crane and hoist market.
•Industry Challenges: Identify potential risks and obstacles affecting the crane and hoist market.
•Competitive Landscape: Review strategic developments in the crane and hoist market, including expansions, agreements, and new product launches.
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