Crane and Hoist Market Size, Share & Growth

Updated on : Sep 12, 2024

Crane and Hoist Market Size & Growth

[226 Pages Report] The crane and hoist market size is projected to grow from USD 31.5 billion in 2023 to USD 37.1 billion by 2028, at a CAGR of 3.3% during the forecast period. Sustainable demand from construction industry; expanding mining industry; and expansion & upgradation of shipping industry driving the crane and hoist market.

Crane and Hoist Market Forecast to 2028

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Crane and Hoist Market Trends & Dynamics

Driver: Sustainable demand from construction industry

The construction industry relies heavily on the efficient lifting and movement of heavy materials and equipment, such as concrete, steel beams, and construction machinery. Cranes and hoists provide a safe and effective means of handling these materials, facilitating construction projects of various scales. Similarly, the construction sector has been experiencing growth and expansion in many parts of the world, leading to an increased need for equipment that can expedite the construction process and handle larger and heavier loads. As per National Investment Promotion & Facilitation Agency (India), the construction industry in India is expected to reach USD 1.4 trillion by 2025. Schemes such as the smart city mission, development of industrial corridors, data centres, cloud storage, and growth in the logistic sector are driving the construction industry in the country.

Restraint: High cost of manufacturing and maintenance

The production of cranes necessitates metal forging and precise engineering to create a final product of exceptional quality. Cranes comprise various components, such as hoists, trolleys, bridges, columns, and runways. For small and medium enterprises (SMEs), there exist financial barriers to entry into the crane and hoist market. In addition to the initial manufacturing expenses for cranes, ongoing maintenance costs are incurred. Several factors require regular monitoring to ensure the equipment operates smoothly. These factors encompass inspections of emergency safety switches and interlocks, which include limiting and indicating devices, the lubrication of moving parts, the accuracy of load moment indicator (LMI) and rated capacity indicator (RCI) devices through test lifts using certified weights, assessments of filter and fluid levels, leakage checks, evaluations of wheel and tire wear, the placement of warning signs and control markings, and the visual inspection and measurement, as necessary, of structural components and critical parts. This includes brakes, gears, fasteners, pins, shafts, wire ropes, sheaves, locking mechanisms, and electrical components.

Opportunity: Expansion of E-commerce in South-East Asia

The expansion of the e-commerce industry in Southeast Asia is driving the growth of the warehousing and intralogistics market within the region. Southeast Asia's economy is witnessing robust growth and an increasing middle-class population. This region, comprising 11 country-level markets at varying stages of development, is rapidly emerging as an economic hub. According to data from the International Monetary Fund, it is projected that the combined GDP of all ASEAN countries will reach USD 4.37 trillion by 2024. The significant economic growth in Southeast Asia is a catalyst for the expansion of the e-commerce and retail sectors. The logistics industry in Southeast Asia is predominantly led by third-party logistics service providers, who are responding to the overall economic growth by investing in crane manufacturing to meet the rising demands in docks and warehouses. Consequently, the growing demand in the intralogistics sector of Southeast Asia represents an opportunity for participants in the crane and hoist market.

Challenge: Shortage of skilled workforce to handle crane operations

A significant challenge faced by multiple industries, including construction, manufacturing, and logistics, is the shortage of a skilled workforce for crane operations. This issue revolves around the scarcity of qualified crane operators and maintenance personnel, primarily due to several factors. Cranes represent intricate and sizable systems that necessitate the assembly of various components and the precise arrangement of harness cables. The accurate commissioning of these systems right from the installation phase is crucial. Even a minor miscalculation or inaccuracy could disrupt the entire production process or result in severe accidents. To ensure precision, operators must possess a strong technical understanding of crane operations. Apart from installation, the presence of a technical expert is necessary to address any errors in cranes and hoists, contributing to increased costs. Furthermore, as technologies continually advance and automation grows, cranes and hoists require software upgrades, which demand periodic training for the efficient handling of updated systems.

Crane and Hoist Market Ecosystem

This section describes the crane and hoist ecosystem and the deployment of cranes ad hoists solutions in different industries, along with the impact of associated technologies on the crane and hoist market.

Mobile crane segment to hold the largest share of the crane and hoist market during 2023–2028

The mobile crane segment is expected to account for the largest size of the crane and hoist market during the forecast period. The expansion in the mobile cranes sector of the crane and hoist market is due to their standout features: excellent mobility, high speed, and swift setup at construction sites. Mobile cranes are increasingly used in mining, construction, aerospace, shipping, and material handling industries, crucial for moving objects and materials during lifting and lowering operations. This rise in demand emphasizes their pivotal role in tasks requiring substantial displacements in these industries.

Hybrid operation segment is expected to grow at the highest CAGR in the crane and hoist market during the forecast period.

Hybrid operation segment is expected to register highest CAGR in the crane and hoist market during the forecast period. Hybrid-powered cranes are innovative models utilizing both hydraulic and electric power for their operations. Renowned for their enhanced efficiency, these cranes offer tailored solutions for various needs. They rely on a combination of an electrical supply and diesel generators for power. Certain hybrid cranes are equipped with a sizable battery energy storage system (ESS) to retain electricity. Their functionality operates on the principle of regenerative power, where the energy produced during load descent is harnessed to charge the ESS, providing additional power for lifting and hoisting tasks. These cranes are purpose-built to lower fuel consumption and operational expenses.

Construction industry to dominate the market during the forecast period

The construction industry is expected to account for the largest share of the crane and hoist market during the forecast period. The construction industry is expected to hold the largest share of the crane market during the forecast period. The increase in population and rapid urbanization has sparked a higher demand for housing, leading to a notable boom in the construction industry. Construction tools and equipment are evolving to handle complex tasks and harsh conditions. Furthermore, the growth of industries and economic advancement in emerging markets significantly contributes to this construction surge. With the expansion of industries, there's an increasing need for infrastructure like manufacturing plants, warehouses, and logistics centers, all requiring cranes for construction purposes. This continual demand for infrastructure development remains a key driver for the ongoing need for cranes within the construction sector.

The crane and hoist market in Asia Pacific is expected to maintain the highest share during 2023–2028

Asia Pacific is expected to hold the largest share of the crane and hoist market throughout the forecast period. The Asia-Pacific region offers significant prospects for the construction industry, driven by population growth. It has notably boosted the crane market in countries like India, China, and Australia. Increased automation awareness and emphasis on construction and material handling by key economies like China and Japan contribute to the region's market dominance. Rapid growth in automotive, construction, aerospace, and defense industries in emerging economies like China and India further supports crane market expansion in Asia-Pacific.The presence of some of the most prominent players in the crane and hoist market space, such as Tadano Ltd. (Japan), Zoomlion Heavy Industry Science & Technology Co., Ltd. (China), Kobelco Steel, Ltd. (Japan), XCMG Group (China), Sumitomo Heavy Industries, Ltd. (Japan), and others is another major factor driving the market in this region.

Crane and Hoist Marketby Region

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Top Companies Crane and Hoist - Key Market Players

The crane and hoist companies have /implemented various types of organic and inorganic growth strategies, such as product launches, product developments, partnerships, and collaborations, to strengthen their offerings in the market.

The major players are

• Konecranes (Finland),
• Liebherr (Switzerland),
• Tadano Ltd. (Japan),
• The Manitowoc Company, Inc. (US),
• Zoomlion Heavy Industry Science & Technology Co., Ltd. (China),
• Terex Corporation (US),
• Ingersoll Rand (US),
• PALFINGER AG (Austria),
• Columbus McKinnon Corporation (US),
• KOBE STEEL, LTD. (Japan),
• XCMG Group (China),
• Sumitomo Heavy Industries, Ltd. (Japan),
• ABUS Kransysteme GmbH (Germany),
• Mammoet (Netherlands),
• KATO WORKS CO., LTD. (Japan), and others. The study includes an in-depth competitive analysis of these key players in the crane and hoist market with their company profiles, recent developments, and key market strategies.

Scope of the Crane and Hoist Market Report

Crane and Hoist Market Highlights

This research report segments the crane and hoist market based on type, operation, industry, and region.

Recent Developments

• In October 2023, The Manitowoc Company, Inc.’s brand Potain launched the Evy 30-23 4 t self-erecting crane. This new generation of self-erecting cranes was developed in response to customer feedback, offering simplicity, increased lifting height, and compliance with the updated European Safety Standard EN 14439 for tower cranes.
• In June 2023, Konecranes has expanded its reach by acquiring the industrial crane service division of Munck Cranes AS, a well-recognized industrial crane and crane service provider in Norway, granting access to Munck's extensive customer base and a substantial installation of industrial cranes in Norway and other regions.
• In March 2023, Tadano Ltd. introduced two truck crane models, GT-1200XL-2 and GT-800XL-2, for the US and Canada markets. These models are ideal for taxi crane service due to their low axle weight and compact transport width.
• In June 2022, Liebherr unveiled the new tower cranes and digital solutions for the construction sites. The company introduced new 258 HC-L 10/18 Fibre luffing jib crane and new 1188 EC-H 40 Fibre high-top crane with high lifting capacities. In addition, the company also launched intelligent assistance systems to make crane operations even safer..

Critical Questions::

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