Impact Of Increasing Construction Activities On The Crane And Hoist Market: Strengthening the Growth Trajectory of the Crane And Hoist Market

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What Is the Expected CAGR for the Crane And Hoist Market Through 2025?
In recent times, there has been a consistent increase in the size of the crane and hoist market. Anticipated growth is from $32.33 billion in 2024 to $33.81 billion in 2025, representing a compound annual growth rate (CAGR) of 4.6%. The past growth in this market can be linked to various factors such as heightened demand for material handling in the automotive sector, an upsurge in the need for heavy lifting in the energy and power sector, heightened safety regulations, and a significant increase in demand for heavy lifting in the realms of shipping and material handling.

What's the Projected Size of the Global Crane And Hoist Market by 2029?
The market size for cranes and hoists is anticipated to experience robust growth in the upcoming years, increasing to $41.83 billion in 2029, with a compound annual growth rate (CAGR) of 5.5%. The significant growth during the forecast period can be ascribed to a surge in construction activities, an expanding aerospace and defense sector, an escalating mining industry, a high demand for heavy-duty lift equipment, and an increase in the requirements for shipbuilding and maintenance. Key trends during the forecast period are expected to be the need for materials handling equipment, infrastructure evolution, technological innovation, software enhancement, and investment in public works initiatives.

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Top Growth Drivers in the Crane And Hoist Industry: What's Accelerating the Market?
The crane and hoist market is set to flourish owing to escalating construction activities. These activities related to the construction spectrum involve the building, alteration and repair of infrastructure and structures, traditionally going through the process of site preparation, system installation and assembly construction. The boom in construction activities is a result of growing urbanization, infrastructure development and the need for new residential and commercial infrastructures. Cranes and hoists play a vital role in these activities as they lift and relocate heavy materials, equipment and pre-made components to inaccessible heights and locations, that would otherwise be impractical to reach by manpower alone. As an illustration, the Office for National Statistics, a UK government body, reported in November 2023 that the value of new construction tasks in Great Britain witnessed a 15.8% increase, reaching a record-breaking figure of around $165.5 billion in 2022. This surge was propelled by a rise in both private sector tasks worth $17.5 billion and public sector tasks valued at $5.1 billion. Furthermore, new construction orders saw an 11.4% hike to roughly $100.2 billion, stimulated by growth in private infrastructure, private commercial projects and other public non-housing sectors, while the private industrial sector was the only area to register a decline. Hence, the mounting construction activities are amplifying the growth of the crane and hoist market.

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What Trends Will Shape the Crane And Hoist Market Through 2029 and Beyond?
Leading firms in the crane and hoist market are focusing on introducing advanced, technology-driven solutions such as electric and hybrid cranes. These cranes, which use electrical energy or a mix of electrical and alternative energies, aim to slash emissions and boost productivity. For instance, Hiab, a firm based in Sweden known for its quality load-handling equipment and services, in March 2024, unveiled the HIAB WSPR, a cutting-edge hybrid electric crane solution. This solution is designed to not only boost productivity but also to minimize its environmental footprint. The HIAB WSPR crane is equipped with two power supplies, allowing it to run on a truck engine and an electric power takeoff (ePTO), enabling carbon-free operation and potentially reducing carbon footprints by as much as 85%. The HIAB WSPR, available in three versions-Standard, Light Duty, and Heavy Duty-provides between 1 and 2 days of uninterrupted work on a full charge, thanks to its compact, easy-to-install battery pack, perfect for vehicles with limited space. Furthermore, its quiet operation makes it suitable for usage in low-emission areas and during the night, delivering a dependable and eco-friendly solution for load handling.

What Are the Main Segments in the Crane And Hoist Market?
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 Top Companies are Driving 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

Which Regions Will Dominate the Crane And Hoist Market Through 2029?
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.

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