Crane and Hoist Market to Elevate Material Handling Efficiency with a CAGR of 5.9% by 2030
According to a new report published by MarkWide Research, titled, “Crane and Hoist Market,” the global market for cranes and hoists is expected to experience significant growth. These material handling solutions play a critical role in various industries, including construction, manufacturing, and logistics.
The report reveals that the global crane and hoist market is projected to witness a steady CAGR of 5.9% over the forecast period from 2023 to 2030. This growth is driven by the increasing demand for efficient material handling equipment, advancements in crane technology, and the expansion of the construction and manufacturing sectors.
Key Findings from the Report:
- Material Handling Efficiency: Cranes and hoists enable efficient movement of heavy materials and equipment, reducing manual labor and operational costs.
- Safety: The market benefits from safety features and automation technologies that enhance workplace safety.
- Technological Advancements: Ongoing research focuses on improving lifting capacity, energy efficiency, and remote monitoring capabilities.
- Global Industries: The market aligns with the growth in construction, manufacturing, and logistics industries worldwide.
- Infrastructure Development: Infrastructure projects drive the demand for construction cranes, while e-commerce fuels logistics automation.
Market Forecast:
The report indicates that the global crane and hoist market is currently valued at $23.5 billion in 2023 and is projected to reach $35.9 billion by 2030, with a CAGR of 5.9% during the forecast period. Asia-Pacific and North America are expected to be key regions for market growth, driven by infrastructure development.
Company Profiles:
Key players in the global crane and hoist market include Konecranes, Terex Corporation, and Cargotec Corporation. These companies specialize in the design and manufacture of cranes and hoists for various industries.
Conclusion:
The global crane and hoist market is set for steady growth, driven by the need for efficient material handling solutions across industries. With a projected CAGR of 5.9% by 2030, this market offers opportunities for manufacturers and industries to enhance material handling efficiency.