Crane and Hoist Market worth $33.0 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 26, 2021 /PRNewswire/ -- According to the new market research report on the "Crane and Hoist Market by Type (Mobile Cranes, Fixed Cranes), Operations (Hydraulic, Electric, Hybrid), Industry (Construction, Shipping & Material Handling, Automotive & Railway, Mining, Aerospace & Defense, Energy & Power) - Global Forecast to 2026", published by MarketsandMarkets™, the Crane And Hoist Market size is expected to grow from USD 26.0 billion in 2021 to USD 33.0 billion by 2026; it is expected to grow at a CAGR of 4.8% from 2021 to 2026. The key factors driving the growth of the market significant demand from construction industry, expanding mining industry, increased use in shipping industry.
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"Type-wise, mobile crane segment captured the larger market size of the overall crane and hoist market in 2020"
The mobile crane segment held the larger share of the global crane and hoist market in 2020. The growth of the mobile cranes segment is majorly driven by their features such as high mobility, high traveling speed, and requirement of less time to set them up on construction sites. The use of mobile cranes in the mining, construction, aerospace, shipping & material handling industries has gained popularity, where lifting and lowering activities require extensive displacements of objects, materials, or equipment.
"Operation-wise, hydraulic operations segment captured largest market size of the overall crane and hoist market in 2020"
The hydraulic operations segment held the largest share of the global crane and hoist market in 2020. The growth of the hydraulic-operated cranes market is driven by their increasing demand in construction and material handling activities. The use of hydraulic technology ensures efficient use of energy and reduces the need for power. Hydraulic cranes are widely used for hoisting and moving heavy materials in warehouses and industrial workshops. Moreover, hydraulic cranes are used in the transport, manufacturing, and construction industries. The retraction length of hydraulic cylinders is 20–40% of the fully extended length. Therefore, telescopic hydraulic cylinders are ideal for limited mounting space, and a long stroke is required. The use of hydraulic cranes is increasing owing to the space constraint in different industries, such as construction and shipping & material handling, and assembly lines. The COVID-19 pandemic has affected the growth of the overall crane market, which has consequently hampered the growth of the hydraulic-operated crane market.
"Industry-wise, construction segment to grow at the highest rate from 2021 to 2026"
The construction industry has undergone substantial changes in recent years because of the global recession, which has led to the downsizing of the industry in developed markets. However, the investments regarding construction in most emerging markets have continued to grow at a moderate rate despite the global crisis. Earth-moving equipment is mainly used for construction works such as digging the earth, lifting, loading and unloading weight, and leveling. Applications of cranes in earth-moving equipment include heavy loading, high cycle rating, and accurate movement. The COVID-19 pandemic has affected the global construction industry by delayed projects and decreased investments in the infrastructure sector. With the development of vaccination against COVID-19, the real estate and infrastructure projects across the globe are expected to slowly gain pace and lead to the growth of the construction industry. China has already launched the "New Infrastructure" campaign to offset the economic impact of the COVID-19 pandemic. These factors are expected to result in a high growth rate of the crane market for the construction industry.
Browse in-depth TOC on "Crane and Hoist Market"
187 – Tables
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"APAC to record highest CAGR from 2021 to 2026"
APAC is expected to hold the largest share of the crane and hoist market and is estimated to witness the highest rate during the forecast period. Asia Pacific is the most rapidly growing market and offers high opportunities for the construction industry, which is driven by the growing population. Construction and material handling industries have boomed rapidly and consequently have driven the market for cranes in India, China, and Australia. The growing awareness related to automation and the increasing emphasis of leading economies such as China and Japan on construction and material handling industries are some of the primary factors contributing to the largest market share of APAC. Besides, the rapid growth of the automotive, construction, and aerospace & defense industries in emerging economies, such as China and India, is also supporting the growth of the crane market in APAC
Major players involved in the crane and hoist market include Konecranes (Finland), Liebherr (Germany), Tadano (Japan), Terex (US), Zoomlion (China), Ingersoll Rand (US), Palfinger (Austria), Columbus McKinnon (US), Kito (Japan), Kobelco (Japan), Sumitomo Heavy Industries (Japan), ABUS Kransysteme (Germany).
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