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Crane and Hoist Market Worth 47B USD by 2023

Crane and Hoist Market Worth 47B USD by 2023

According to a new market research 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”, published by MarketsandMarkets™ , the market 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.

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.

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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