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New study: Crane and hoist market worth 47.35 billion USD by 2023

New study: Crane and hoist market worth 47.35 billion USD by 2023

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.

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The report "Crane and Hoist Market by Crane Type (Mobile Crane, Fixed Crane), Hoist Type (Wire Rope, Roller Load Chain, Welded Link Load Chain), Crane Operation (Hydraulic, Electric, Hybrid), Hoist Operation, Industry, Geography - Global Forecast to 2023", is expected to be valued at USD 32.93 Billion in 2017 and is projected to reach USD 44.70 Billion by 2023, at a CAGR of 5.22% between 2017 and 2023. 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 key factor driving the growth of the crane and hoist market is 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.

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Browse 71 market data Tables and 65 Figures spread through 163 Pages and in-depth TOC on "Crane and Hoist Market - Global Forecast to 2023"
www.marketsandmarkets.com/Market-R…ket-31538625.html

Mobile cranes to hold the largest share of the cranes market by type 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.

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Hydraulic cranes to hold the largest share of the cranes market by operation between 2017 and 2023

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 hoist to hold the largest share of the hoists market by operation between 2017 and 2023

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.

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Hoists market in Asia Pacific to hold the largest share between 2017 and 2023

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.

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)

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