Crane and Hoist Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 -2028

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Crane and Hoist Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 -2028

Status : May, 2021 | Semiconductor & Electronics

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

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?