According to a new report published by MarkWide Research, titled, “Global Crane and Hoist Market,” the worldwide crane and hoist market is poised for significant growth, with a projected compound annual growth rate (CAGR) of 6.5% from 2023 to 2030. This market is expected to thrive due to the increasing demand for lifting and material handling solutions across various industries.
Rising Need for Crane and Hoist Solutions
Crane and hoist systems are essential in industries such as construction, manufacturing, logistics, and shipping. They play a critical role in lifting heavy loads, improving operational efficiency, and ensuring safety.
Key Market Trends
1. Infrastructure Development*
The construction industry’s growth, driven by infrastructure development projects worldwide, is a key driver for the crane and hoist market. These systems are vital for lifting materials and equipment on construction sites.
2. Manufacturing and Industrial Applications*
Manufacturing facilities rely on crane and hoist systems for material handling and assembly processes. As industrial automation increases, demand for efficient lifting solutions grows.
3. Technological Advancements*
Advancements in crane and hoist technology, including automation, remote monitoring, and safety features, are enhancing their performance and reliability.
Market Forecast and Regional Analysis
The global crane and hoist market is anticipated to reach a valuation of $24.3 billion by 2030, up from $13.2 billion in 2022. Asia-Pacific is expected to dominate the market, with rapid industrialization and infrastructure development. North America and Europe are also projected to witness significant growth.
Prominent players in the crane and hoist market include:
- Konecranes PLC: Konecranes is a global leader in lifting equipment and services, offering a wide range of crane and hoist solutions.
- Terex Corporation: Terex manufactures a variety of cranes and hoists for construction, manufacturing, and other industries.
- Columbus McKinnon Corporation: Columbus McKinnon specializes in material handling equipment, including crane and hoist systems.
- Tadano Ltd: Tadano is a major player in the crane industry, providing innovative lifting solutions for diverse applications.
- Liebherr Group: Liebherr offers a comprehensive portfolio of cranes and hoists for construction, maritime, and industrial sectors.
The global crane and hoist market is set to witness substantial growth in the coming years as industries continue to rely on lifting and material handling solutions. With a projected CAGR of 6.5% by 2030, this market presents opportunities for businesses seeking to meet the demand for efficient and safe lifting equipment.