Shipping & material handling includes activities such as handling, storing, and controlling of materials during the manufacturing, warehousing, and distribution of a product. The manual handling of heavy machinery can cause injuries and potentially damage products. Thus, moving and handling bulk items in manufacturing or production areas require material handling devices such as rough terrain cranes, crawler (tracked) cranes, knuckle boom cranes, truck-mounted cranes, truck body cranes, large forklifts, conveyors, mobile and fixed hoists, trail lifts telehandlers, and stackers. Crane and hoist market are used in all such devices as they can withstand abrasive conditions and high vibration levels. The cranes 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 growth of the crane and hoist market is propelled by the increasing demand for construction machineries 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.
The market for mobile cranes is expected to grow at a high CAGR between 2017 and 2023. Due to high mobility, high travelling speed, and less time for setup on construction sites, the market for mobile cranes is increasing. The use of mobile cranes in drilling rigs, construction sites, aerospace, marine, and shipping & material handling industry has gained a popularity, where lifting and lowering require expansive displacements.
Ask for PDF @
The cranes market in the construction industry is projected to grow at the highest CAGR between 2017 and 2023. The overall increase in population has propelled the need for housing, thus driving the growth of the construction industry. Construction devices are enhanced to manage complex tasks and sustain in critical environments. With increasing construction activities across the globe and increasing budgets pertaining to construction, the demand for different types of cranes, especially tower cranes for the construction of tall buildings, will increase in emerging countries such as China, India, and Brazil.
The cranes market in Asia Pacific is projected to grow at the highest CAGR between 2017 and 2023. Asia Pacific is the most rapidly growing market and offers a huge opportunity for agricultural equipment manufacturers, owing to the enormous development in the farm machinery segment. This is driven by the increased demand for the mechanization of farms to address the needs of the growing population. Governments provide support to developing economies to increase the productivity in the agriculture sector through the automation of farming methods. India and China are the major markets for cranes in Asia Pacific. Moreover, the rapid development of industries such as construction, agriculture, infrastructure, and mining drives the market for cranes in India and Australia.
The market for electric hoists is projected to grow at the highest CAGR between 2017 and 2023. The rapid use of lifting services in sawmills, workshops, and industrial factories, such as automotive service stations for lifting and transporting heavy vehicles, are driving the market for electric-powered hoists.
In the hoist market, Europe is projected to grow at the highest CAGR between 2017 and 2023. The growth of the hoists market is mainly driven by the increasing demand for automation in the automotive industry in Germany. According to German Trade and Invest Association (GTAI), there were 41 OEM sites in Germany in 2016. The increase in the automotive industry is attributed to the growing demand from foreign countries for high value, premium, mid-sized, and small cars. The widespread use of hoists in the automotive industry in car carriers, dumper placers, and modular trailers would boost their demand.