Crane and Hoist Market Research, Size, Growth, Trend and Forecast to 2023 | MarketsandMarkets [163 Pages Report] The cranes market was valued at USD 31.58 Billion in 2016 and is expected to reach USD 44.70 Billion by 2023, at a CAGR of 5.22% between 2017 and 2023. The hoists market was valued at USD 1.73 Billion in 2016 and is expected to reach USD 2.65 Billion by 2023, at a CAGR of 6.41% between 2017 and 2023. The base year considered for the study is 2016, and the forecast period is between 2017 and 2023. Mobile cranes held the largest market share in 2016. Mobile cranes are designed for pulling, lifting, moving, and holding loads. Mobile cranes are commonly used in the construction of buildings and the assembling of heavy equipment. They are used on construction sites, warehouses, factories, mines, oil rigs, refineries, railway yards, ships, and ports. Various types of mobile cranes include crawler cranes, rough-terrain cranes, all-terrain cranes, truck loader cranes, offshore cranes, ship cranes, mobile harbor cranes, and automatic stacking cranes. The cranes market for hydraulic cranes by operation held the largest market size in 2016. Hydraulic cranes are widely used for hoisting and moving heavy materials in shipyards, warehouses, and industrial workshops. Moreover, hydraulic cranes are used in 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 sectors such as shipping & material handling, assembly lines, and ports and harbors. Electric-powered hoists held the largest market share in 2016. Electric hoists, as lifting tools, are convenient for industrial production. Electric hoists are designed with an electric motor that runs on electric supply. Unlike hydraulic hoists, electric hoists are economical, but they can be used only for low-duty cycle applications. Electric hoists are mostly used in sawmills, workshops, and industrial factories. Electric hoist can work automatically and can be operated with a remote control. In the hoists market, Asia Pacific held the largest market share in 2016. The need for increasing the production output without compromising on quality standards has affected the manufacturing sector in China. Manufacturers and suppliers are facing challenges in terms of the increasing labor cost and higher lead time caused by manual processes. Hence, companies are automating their processes, thereby driving the hoist market in China.
The objective of the report is to provide a detailed analysis of the crane and hoist market based on type, operations, industry, and geography. The report provides detailed information regarding the major factors influencing the growth of the crane and hoist market. The report also gives a detailed overview of the value chain in the crane and hoist market and analyzes the market trends. The hoists market is expected to be valued at 1.82 USD Billion in 2017 and is projected to reach USD 2.65 Billion by 2023, at a CAGR of 6.41% between 2017 and 2023. The growth of the crane and hoist market is propelled by the increasing demand for construction machinery in the construction industry and in the mining industry for ore extraction. The increasing demand for lifting loads in the shipping industry and for material handling equipment in the aerospace & defense industry is a key opportunity for the players in the crane and hoist market. The crane and hoist market has been segmented on the basis of type, operations, industry, and geography. The cranes market for hydraulic cranes by operations held the largest market share in 2016. Hydraulic cranes are widely used for hoisting and moving heavy materials in shipyards, warehouses, and industrial workshops. Moreover, hydraulic cranes are used in transport, manufacturing, and construction industries. The retraction length of hydraulic cylinders is 20–40% of the fully extended length. Major players in the cranes and hoists market are Konecranes (Finland), Cargotec (Finland), Terex (US), Manitowoc (US), Tadano (Japan), Liebherr (Switzerland), Ingersoll Rand (Ireland), Mammoet (Netherlands), ZPMC (China), Kito (Japan), XCMG (China), Zoomlion (China), and Columbus McKinnon (US)