Crane and Hoist Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 -2028
Crane and Hoist Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 -2028
Report Digest
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. 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.
Some of the most prominent competitors operating in the competitive landscape of global crane and hoist market include –
- Konecranes
- Zoomlion
- XCMG
- ZPMC
- Mammoet
- Ingersoll Rand
- Liebherr
- Tadano
- Terex
- EMC
- Voima Cranes
- Components Pvt. Ltd.,
- Palfinger
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.
Crane and Hoist Market Segmentation
Based on type, the crane and hoist market can be segmented into:
- Cranes
- Mobile Cranes
- Fixed Cranes
- Hoists
- Wire Rope
- Roller Load Chain
- Welded Link Load Chain
- Others
Based on operation, the crane and hoist market can be segmented into:
- Crane Operation
- Tie Rod
- Telescopic
- Welded
- Mill Type
- Hoist Operation
- Tie Pneumatic (Air) Power
- Hydraulic Power
- Electric Power
Based on industry, the crane and hoist market can be segmented into:
- Aerospace & Defense
- Mining
- Marine
- Energy & Power
- Automotive & Railway
- Construction
- Shipping & Material Handling
- Others
The study presents a granular assessment and quantitative evaluation of:
- Key growth factors and prominent trends
- Size and share of key segments in overall market
- Key challenges and winning imperatives
- Factors shaping competitive landscape
- Insights into how contours of market will change in coming years
- Technological advances
- New avenues and imminent investment pockets
- Regulatory landscape shaping current and future strategies of companies
The region-wise assessment includes market dynamics in:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
- Which key factors will shape the competitive landscape?
- Which trends will stimulate research and development activities in different geographies?
- Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
- Which disruptions in market growth are likely to come with the new business models?
- Which are some of the recent overhauls in policies that may change the course of the market significantly?
- Which are the geographies that will form sizable sources of new streams to new and established players alike?
- How are top players likely to realign their strategy to counter the forces of competition?
- Which key strategies emerging players are likely to focus on to consolidate their position?
- Which changes in end-user preferences might affect the status quo held by the leading players?
- Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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