Cranes and hoists are common material handling equipment used in a variety of industries including construction, mining, shipping, automotive, and railroading. Cranes are used to raise and lower loads or move the loads horizontally, while hoists can be used as part of a crane or installed alone to raise or lower material. Cranes equipped with hoisting ropes, chains and sheaves are mainly used for lifting heavy loads and moving them to various locations. The rapid development of the infrastructure and the expansion of freight traffic have had a direct impact on the demand for cranes and hoists in recent years. With the growing need to reduce time and fuel consumption in many industries, crane and hoist manufacturers are increasingly focusing on product innovation by implementing advanced technologies that help meet modern consumer demand.
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Crane and Lifting Equipment Market – Notable Developments
- In April 2019, Kito Corporation, a major player in the crane and hoist market, announced its plans to establish a new manufacturing subsidiary in Thailand in order to reduce the production costs of its core hoist products and make better use of the supply chain in Thailand. The cost of raw materials is also expected to decrease.
- In April 2019, Manitowoc launched the industry-leading Grove GHC140 telescopic crawler crane, the latest addition to its Grove Hydraulic Crawler line. It has improved load capacities that allow the user to perform heavier lifting operations with the same maneuverability as the smaller models.
- In March 2019, MacGregor received an order from Cargotec Corporation from CNOOC to supply mooring systems on ships to a floating deep water production unit (FPU). The system is expected to be delivered in the first quarter of 2020. In addition, the company’s subsidiary, Navis, has completed the acquisition of Cetus Labs, Inc., a provider of web-based terminal operating systems (TOS) for small and mixed container cargo terminals.
- In March 2019, Columbus McKinnon Corporation, one of the leading providers in the crane and hoist market, announced the expansion of its advanced product portfolio for hoists to include explosion-proof SH Ex wire rope hoists. The new STAHL CraneSystems also offer the advantages of a flexible configuration, compact design, spark resistance, smooth operation, low maintenance requirements and model variants.
- In March 2019, Konecranes announced plans to set up a data science laboratory in France as part of the company’s initiatives to digitize products, operations and services to take advantage of the various benefits of the industrial internet.
Other leading companies in the crane and hoist market include Konecranes, Zoomlion, XCMG, ZPMC, Mammoet, Ingersoll Rand, Liebherr, Tadano, Terex, EMC, Voima Cranes and Components Pvt. Ltd. Ltd. and Palfinger.
Market dynamics for cranes and hoists
Increasing infrastructure development and mining activities are driving the growth of the crane and hoist market
Significant growth in the crane and hoist market can be attributed to the increasing demand for construction machinery in the infrastructure sector as well as in the mining sector for various activities including ore extraction. The expansion of the aerospace and defense industries, as well as the robust development in the shipping sector, have significantly increased the demand for material handling equipment, which will further accelerate the sales of cranes and hoists. In addition, widespread use of these devices in shipyards, warehouses and industrial workshops should help generate sales in the market.
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Asia Pacific holds a significant share of the crane and hoist market
The growing need to increase production output without compromising product quality standards has impacted the manufacturing industry in the Asia-Pacific region, particularly in emerging markets such as China and India. With rising labor costs and a long lead time due to manual processes, manufacturers and suppliers in the region faced several challenges. As a result, these manufacturers are automating their processes, which in turn is fueling the growth of the crane and hoist market in the Asia-Pacific region. Mass urbanization and rapid industrialization are the additional factors driving market expansion in the region.
Market segmentation for cranes and hoists
Depending on the type, the crane and hoist market can be divided into:
- Mobile cranes
- Fixed cranes
- Wire rope
- Roller load chain
- Welded Link Load Chain
Depending on the company, the crane and hoist market can be divided into:
- Crane operation
- Tie rod
- Mill type
- Hoist operation
- Tying up pneumatic (air) force
- Hydraulic power
- Electrical power
The crane and hoist market can be divided into:
- Aerospace & Defense
- Energy & energy
- Automobile & Railway
- Shipping & material transport
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