Industrial Lifting Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Industrial Lifting Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Report Digest
Since the mid-nineties and second industrial revolution, the manufacturing industries have undergone rapid growth. Market industries are continuously trying for an increased production capacity. They emphasize on ‘all under one roof’ policy. At this juncture in the industry, the industrial lifting equipment market comes into existence.
Since industrialization, manufacturers are facing issues with material handling. Material handling includes shifting materials from one place to a different place, and it includes lifting, conveying, or dragging materials. If any material is very heavy, hot, and delicate, lifting these become a tedious task. So this factor boost growth in the industrial lifting equipment market. The solutions provided through the industrial lifting equipment market make the process convenient and also reduce human efforts. The industrial lifting equipment includes hook pulleys, forklifts, and hoists, etc. The tools in the industrial lifting equipment market may vary according to the type of the manufacturing industry, weight of the material, lifting positions, material to be lifted, complexity, the temperature of goods, and manual or automated system, etc.
The industrial lifting equipment market is majorly dependent on the degree of automation and industrial growth. Majorly, the manufacturing companies in the industrial lifting equipment market invest to increase productivity and stocks of required material. Different initiatives are taken to increase the range of warehouses across various regions in the industrial lifting equipment market. Further, growing national and international trade is also adding value in the industrial lifting equipment market. The rising material transit industries include industrial lifting equipment to load, unload, and the stack is predicted to boost the industrial lifting equipment market.
Further, the equipment from the industrial lifting equipment market should require less space to install and transit materials. There are common issues such as slow operation speed, limited capacity for weight lifting, bulky size, and high costs associated with the tools in the industrial lifting equipment market. They may hamper growth in the industrial lifting equipment market.
Industrial Lifting Equipment – Introduction
Industrial lifting equipment are widely adopted for lifting or moving heavy machinery or equipment from one place to other. Different types of lifting equipment, such as cranes, hoists, forklifts, stackers, and hook-pulleys are witnessing growing adoption for numerous applications across diverse industries, primarily in manufacturing units, construction sites, and warehouses. As these lifting equipment reduce human workload and injuries caused by lifting heavy machinery, they have witnessed an increased traction in recent years. Furthermore, the growing demand for rapid and safe working has necessitated the adoption of industrial lifting equipment across diverse sectors. These factors pushed the industrial lifting equipment market to value roughly US$ 64 Billion in 2018.
Industrial Lifting Equipment – Competitive Landscape
- In April 2019, Toyota Industries North America formally acquired the assets of Hoist Liftruck Manufacturing LLC, a U.S. manufacturer of high-capacity liftrucks. Toyota has called this acquisition the ideal next step in the expansion of their big truck strategy.
- In February 2019, a leading player in industrial lifting equipment market, Liebherr showcased its four novel mobile cranes, LR 1800-1.0 crawler crane, LTM 1230-5.1 mobile crane, an 8-axle and a 5-axle crane at bauma 2019. These newly-launched cranes make high performing, cost effective, and flexibility lifting equipment, as they are backed by the company’s consistent advanced development of successful technologies.
Liebherr-Werk Ehingen GmbH
Founded in 1969, Liebherr-Werk Ehingen GmbH is a global leader in mobile cranes manufacturing space. The company’s extensive product portfolio include high-tech telescopic & lattice boom cranes on crawler and wheeled chassis.
Toyota Industries
Founded in 1926 & headquartered in Kariya, Japan, Toyota Industries Corporation manufactures & sells material handling equipment, textile machinery, and automobiles in Japan and beyond.
KION Group
Established in 2006 & headquartered in Frankfurt am Main, Germany, the group provides a wide range of industrial trucks, supply chain solutions, warehouse technology, and related services globally. KION Group develops, manufactures, and sells forklifts & warehouse trucks, and operates in Supply Chain Solutions, and Industrial Trucks & Services segments.
Terex Corporation
Founded in 1925 and headquartered in Westport, US, Terex Corporation is a global manufacturer of lifting & material handling solutions for diverse industries, such as construction, shipping, mining, infrastructure, energy, transportation, refining & utilities. Terex Corporation operates through three segments: Cranes, Material Processing (MP), and Aerial Work Platforms (AWP).
Columbus McKinnon
Established in 1875 & based in Getzville, New York, Columbus McKinnon designs, manufactures, & markets cranes, rigging tools, hoists, digital power control systems, actuators, and other material handling equipment for industrial and commercial applications worldwide.
Industrial Lifting Equipment Market Dynamics
Upward Demand for Lifting Loads in Diverse Industries Driving Market Growth
Burgeoning demand for lifting loads in the expanding shipping industry coupled with the rising adoption of forklifts in the warehouse & logistics segment are driving the sales of industrial lifting equipment. As industrial lifting equipment makes loading and unloading of heavy metals products an easy task for shipping purposes, their demand is likely to grow further in the forthcoming years. Furthermore, mining industry considerably relies on hoists and cranes for several applications, which are also creating lucrative growth opportunities for industrial lifting equipment companies.
High Initial Costs & Slow Speed of Industrial Lifting Equipment Impeding Market Growth
High initial costs of industrial lifting equipment are increasingly making several companies reluctant towards the adoption of these machines. Moreover, the incapability of industrial lifting equipment to lift up wide range of weights are also restraining their adoption. Additionally, high failure rate and maintenance requirements are other factors impeding the growth in global industrial lifting equipment market.
Advanced Technology Takes Centre Stage as Industries Seek High-Performing Lifting Equipment
Shifting industrial preferences for fast operating, robust, and compact lifting equipment is driving the demand for customized and advanced machinery. Also, the demand for industrial lifting equipment that occupy less space for transit and installing applications is growing rapidly. Consequently, companies are focusing on developing low-cost, and compact industrial lifting equipment that can lift wide range of weights and can operate at a fast pace, in a bid to appeal a wider target audience.
Industrial Lifting Equipment Market – Segmentation
Based on type, the industrial lifting equipment market is segmented into:
- Lifts
- Fork lifts
- Hoists
- Stackers
- Pallet trucks
- Robotic arms
Based on mechanism involved, the industrial lifting equipment market is segmented into:
- Hydraulic
- Pneumatic
- Electrical
- Magnetic
- Scissor lifts
Based on nature of installation, the industrial lifting equipment market is segmented into:
- Overhead
- Fulcrum
- Vehicle mounted
Based on application area, the industrial lifting equipment market is segmented into:
- Manufacturing industry
- Process industry
- Shipping industry
- Dockyards
- Warehouses
- Others
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