Crane and Hoist Market Research, Size, Growth, Trend and Forecast to 2023 | MarketsandMarkets

1. MarketsandMarkets Presents 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.

2. 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.

3. 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 growth in new and retrofit infrastructure after the recession has boosted the construction industry heavily. With new development plans and projects, the use of construction equipment is also growing. In the construction industry, cranes are widely used owing to their strength, performance, and reliability. Along with tower cranes, crawler and truck-mounted cranes also play a major role in lifting and lowering of construction material in construction sites. Crawler, rough-terrain, and all-terrain cranes are also used in construction sites for lifting prefabricated steel structures for different kinds of residential and nonresidential buildings. The mining industry has led the hoist market with a substantial growth rate and is expected to drive the hoists market growth during the projected years. Mine hoists are responsible for conveying, maneuvering, and transporting ore materials through mine shaft and among machinery parts. A mine hoist comes in various shapes and sizes. Commonly, a single machine is deployed to operate several mine hoists.

4. 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) Contact:MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 sales@marketsandmarkets.com