Markets & Reports
Global crane, hoist market expected to grow 4.8 per cent annually until 2026
By Crane & Hoist Canada Staff
By Crane & Hoist Canada Staff
The global crane and hoist market is expected to grow from $26 billion in 2021 (all figures U.S.) to $33 billion by 2026, according to a forecast report from ResearchandMarkets.com.
It is expected to grow at a compound annual growth rate (CAGR) of 4.8 per cent from 2021 to 2026. The key factors driving the growth of the crane and hoist market are significant demand from the construction industry, expanding mining industry, increased use in the shipping industry.
Mobile cranes to account for a larger market share
The mobile cranes’ segment is expected to continue to hold a larger market size during the forecast period.
The growth of the mobile crane segment of the crane and hoist market can be attributed to their features such as high mobility, high traveling speed, and the requirement of less time to set them up on construction sites. The use of mobile cranes in the mining, construction, aerospace, shipping and material handling industries has gained popularity, where lifting and lowering activities require extensive displacements of objects, materials, or equipment.
Growth in hydraulic operation
The hydraulic operation segment is expected to continue to hold a larger market size during the forecast period.
The use of hydraulic technology ensures efficient use of energy and reduces the need for power.
Hydraulic cranes are widely used for hoisting and moving heavy materials in warehouses and industrial workshops.
Moreover, hydraulic cranes are used in the transport, manufacturing, and construction industries. The retraction length of hydraulic cylinders is 20 per cent to 40 per cent 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 industries, such as construction and shipping & material handling, and assembly lines. The COVID-19 pandemic has affected the growth of the overall crane market, which has consequently hampered the growth of the hydraulic-operated crane market.
Construction industry dominates
The construction industry is expected to hold the largest market size during the forecast period.
The construction industry has undergone substantial changes in recent years because of the global recession, which has led to the downsizing of the industry in developed markets. However, the investments regarding construction in most emerging markets have continued to grow at a moderate rate despite the global crisis.
Earth-moving equipment is mainly used for construction works such as digging the earth, lifting, loading and unloading weight, and leveling. Applications of cranes in earth-moving equipment include heavy loading, high cycle rating, and accurate movement.
The COVID-19 pandemic has affected the global construction industry by delayed projects and decreased investments in the infrastructure sector.
With the development of vaccination against COVID-19, the real estate and infrastructure projects across the globe are expected to slowly gain pace 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 growth rate of the crane market for the construction industry.
APAC growth expected
The Asia-Pacific (APAC) region is expected to hold the largest share of the crane and hoist market during the forecast period.
APAC is the most rapidly growing market and offers high opportunities for the construction industry, which is driven by the growing population. Construction and material handling industries have boomed rapidly and consequently have driven the market for cranes in India, China, and Australia.
The growing awareness related to automation and the increasing emphasis of leading economies such as China and Japan on construction and material handling industries are some of the primary factors contributing to the largest market share of APAC.
Besides, the rapid growth of the automotive, construction, and aerospace and defense industries in emerging economies, such as China and India, is also supporting the growth of the crane market in APAC