DUBLIN – (BUSINESS WIRE) – The market for cranes and hoists by type (mobile cranes, fixed cranes), operational (hydraulic, electric, hybrid), industrial (construction, marine and material handling, automotive and railroad, mining, aerospace and defense, energy and energy )) – “Global Forecast to 2026” report was added to ResearchAndMarkets.com to offer.

The market size for cranes and hoists is expected to grow from USD 26.0 billion in 2021 to USD 33.0 billion by 2026; It is expected to grow at a CAGR of 4.8% from 2021 to 2026.

The market for mobile cranes is expected to have a larger market share in the forecast period

The mobile crane segment is expected to continue to have a larger market size over the forecast period. The growth of the mobile crane segment in the crane and hoist market is due to its properties such as high mobility, high travel speed and the shorter time required for assembly on construction sites. Mobile cranes have been used in the mining, construction, aerospace, marine and materials handling industries where lifting and lowering activities require extensive movements of objects, materials or equipment.

The market for hydraulic operation is expected to make up a larger share of the market in the forecast period

The hydraulic operation segment is expected to continue to have a larger market size in the forecast period. The use of hydraulic technology ensures efficient use of energy and reduces electricity consumption. Hydraulic cranes are widely used for lifting and moving heavy materials in warehouses and industrial workshops. In addition, hydraulic cranes are used in the 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 installation space and a large stroke. The use of hydraulic cranes is increasing due to the limited space available in various industries such as construction, shipping and material handling as well as assembly lines. The COVID-19 pandemic has affected the growth of the overall crane market, which consequently has hampered the growth of the hydraulically powered crane market.

Construction industry will hold the largest size in the forecast period

The construction industry is expected to hold the largest market size during the forecast period. The construction industry has changed significantly in recent years due to the global recession, which has led to a downsizing of the industry in industrialized countries. However, construction investments in most emerging countries continued to grow moderately despite the global crisis. Earthmoving machines are primarily used for construction work such as excavating, lifting, loading and unloading weights, and leveling. Applications for cranes in earthmoving machinery include heavy loads, high cycle performance, and accurate movements.

The COVID-19 pandemic has impacted the global construction industry with delayed projects and lower investment in the infrastructure sector. As vaccination against COVID-19 evolves, real estate and infrastructure projects around the world are expected to slowly gain momentum and lead to the growth of the construction industry. China has already launched the “New Infrastructure” campaign to offset the economic impact of the COVID-19 pandemic. These factors are expected to result in a high rate of growth in the crane market for the construction industry.

It is expected that APAC will capture the largest market size during the forecast period

The APAC region is expected to hold the largest share of the crane and hoist market over the forecast period. The Asia-Pacific region is the fastest growing market and offers great opportunities for the construction industry, which is being driven by its growing population. The construction and material handling industries are booming and, as a result, has driven the crane market in India, China and Australia. The growing awareness of automation and the increasing emphasis of leading economies such as China and Japan on the construction and material handling industries are some of the main factors contributing to APAC’s largest market share. In addition, the rapid growth of the automotive, construction, aerospace and defense industries in emerging markets such as China and India is also supporting the growth of the crane market in APAC

Market dynamics

driver

  • Considerable demand from the construction industry

  • Expansion of the mining industry

  • Increased use in the shipping industry

Restrictions

  • Disruption of the supply chain due to COVID-19

  • High manufacturing and maintenance costs

opportunities

  • Increasing demand for material handling equipment in the aerospace and defense industries

  • Large intralogistics center in Southeast Asia

  • Integration of intelligent technologies in cranes

Challenges

  • Fluctuating oil and gas prices

  • Unavailability of skilled workers for crane work due to COVID-19

Mentioned companies

  • Abus crane systems

  • Altec Industries

  • Broderson manufacture

  • Cheng Day Machinery Works

  • Columbus Mckinnon

  • Elliot gear

  • Ingersoll Rand

  • Kato works

  • Kito

  • Kobelco

  • Konecranes

  • Liebherr

  • Liugong machines

  • Invite king

  • mammoth

  • Nucleon Crane Group

  • Palfinger

  • QMC construction cranes

  • Shanghai Yiying Crane Machinery

  • Shanghai Zhenhua Heavy Industries Company (ZPMC)

  • Sumitomo Heavy Industries

  • Tadano

  • Terex

  • Verlinde

  • XCMG

  • Zoomlion

Please visit https://www.researchandmarkets.com/r/gui6aj for more information on this report