A crane is the type of machine that is mainly equipped with a steel cable, a hoisting cable, or chains and pulleys that can be used both to lift and lower materials and to move them horizontally. Cranes are mainly used to lift heavy objects and transport them to other places. It is used as a means of lifting to lift heavy objects and transport them from one place to another, pneumatically or electrically. The hoists and cranes are of different types: motorized wire rope hoist, hoist with push-pull trolley, explosion proof hoist, double rail hoist and bridge cranes and flexible crane, gantry cranes, monorail cranes, jib cranes and station cranes of work.
The increasing demand for lifting loads in the shipping industry is the vital factor that is accelerating the growth of the market, along with the increasing demand for mineral extraction and handling equipment, rapid urbanization, the growth of the shipping industry construction and population growth are the main factors, among others, in the crane and hoist market. In addition, the increasing demand for material handling equipment within the aerospace and defense industry will create more new opportunities for Grus and hoist market during the forecast period mentioned above.
REPORT METRIC |
DETAILS |
Market Size Available |
2022 – 2028 |
Base Year |
2022 |
Forecast Period |
2023 - 2028 |
CAGR |
xx% |
Segments Covered |
By Type, Operation, Industry, and Region. |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Konecranes,Terex,Liebherr,Manitowoc, Cargotec,Zoomlion,Ingersoll Rand,Columbus Mckinnon,Kito,Tadano and Others. |
The growing construction activities of high-rise buildings, as well as the rehabilitation of public places such as airports, subway stations and schools, are driving the growth of the market.
Day by day, the size and height of the machines and their components increase, so it has become difficult to deal with these things with the traditional method. With the development of automation, the problem of handling was also solved with the advent of the crane and hoist. A crane and hoist act as an important unit to increase production, reduce shop costs, and improve working conditions. Most operations in the construction industry, the mining industry, and the shipping industry have become dependent on automation for better work efficiency. The current trend towards precision material handling has created a demand for simple cranes. Many advancements have been made in the field of automated aerial material handling for the construction, production lines, warehouse, packaging, transportation and maritime industries.
There are certain restrictions and challenges faced that will hamper the growth of the market. Increased carbon emissions and a lack of skilled labor to operate cranes and forklifts are the main factors hampering market growth. The demand for qualified technicians is increasing. However, many industries face a shortage of qualified engineers and maintenance personnel to adequately support and maintain equipment. Using a large number of components on a crane requires highly skilled workers to assemble machinery and wire harness and operate the crane and hoist to lift and lower various weights.
The mobile crane segment had the largest market share. These factors can be attributed to the extensive use of mobile cranes in heavy equipment construction and assembly activities. These cranes are designed to lift, move, hold and pull loads during operation. In addition, they are also used in construction sites, warehouses, oil rigs, grading yards, factories and others. Due to its heavy usage, the segment is expected to push ahead of schedule.
The hydraulic segment is expected to have the highest CAGR during the forecast period. Hydraulic cranes are widely used to lift and move heavy materials in warehouses, shipyards, and industrial workshops. Additionally, hydraulic cranes are used in the manufacturing, transportation, and construction industries.
The construction segment is expected to have the highest CAGR during the forecast period. With the new advanced plans and projects, the use of construction equipment is also increasing. Cranes are widely used in the construction industry due to their performance, strength, and reliability.
Most of the market will be dominated by Asia-Pacific. The need to increase production without compromising quality standards has affected the region's manufacturing sector. Both manufacturers and suppliers face challenges in terms of rising labor costs and high lead times due to manual processes. Therefore, companies automate their procedures thereby boosting the lifting device market in Asia-Pacific.
In 2020, COVID-19 had a negative effect on the crane and hoist market, causing a decrease in crane and hoist shipments and revenue generated by them. As a result, a decrease in the market growth trend has been observed during the first half of 2020. This trend is expected to end in the second half of the year as demand is expected to increase due to increased demand for the construction and industry, transport and handling.
The COVID-19 pandemic has had a significant impact on the crane and hoist market value chain. The us , China, India and Japan, which are suffering from the pandemic, represent a big a part of global crane and hoist manufacturing. The automotive and rail, aerospace and defense sectors are experiencing weak demand, which is expected to continue in the short term due to the global slowdown. Cranes are large, complex systems that require assembly components and wire harnesses. These systems must be put into operation with great precision from the installation phase. A slight miscalculation or inaccuracy can interrupt the entire production process or lead to devastating accidents. To maintain precision, an operator must be technically sound in crane operation. In addition to installation, cranes and hoists need a skilled technician to correct errors, which increases the cost. Additionally, with ever-evolving technologies and ever-increasing automation, cranes and hoists require software updates. This requires regular training of the workforce for effective management of the updated systems. Due to the COVID-19 outbreak, governments have limited the number of employees that can work at various facilities. This has led to the lack of availability of manpower to carry out quality controls, inspections and maintenance operations. Since cranes and hoists require technically competent experts, the present situation has hampered the right functioning of those systems.
Key Players in the Market:
Major Key Players in the Global Crane and Hoist Market are
FAQ's
By 2028, it is predicted that the global Crane and Hoist market can reach a valuation of US$ xx billion.
The Global Crane and Hoist market can expand with a CAGR of xx% during the forecast period.
Konecranes, Terex, Liebherr, Manitowoc, Cargotec, Zoomlion, Ingersoll Rand, Columbus Mckinnon, Kito, Tadano and Others.
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