Crane and Hoist Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 -2028
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
Some of the most prominent competitors operating in the competitive landscape of global crane and hoist market include –
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:
Based on operation, the crane and hoist market can be segmented into:
Based on industry, the crane and hoist market can be segmented into:
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