Crane & Hoist Market by Type (Crane, Hoists), Operation (Electric, Hybrid, Hydraulic), End-use Industry - Global Forecast 2024-2030

Crane & Hoist Market by Type (Crane, Hoists), Operation (Electric, Hybrid, Hydraulic), End-use Industry - Global Forecast 2024-2030

The Crane & Hoist Market size was estimated at USD 41.92 billion in 2023 and expected to reach USD 44.85 billion in 2024, at a CAGR 6.75% to reach USD 66.25 billion by 2030.

A crane is a machine used for lifting and moving heavy objects horizontally. It usually has a hoist rope, wire, chains, and sheaves. It can lift loads beyond the capacity of human construction workers. Cranes are generally employed in the construction industry, manufacturing heavy equipment, and transportation sectors for loading and unloading freight. A hoist is an instrument used for lifting or lowering a load using a drum or lift wheel around which a rope or chain wraps. It can be manually handled, electrically, or pneumatically driven, using chain, fiber, or wire rope as its lifting medium. Hoists are used in industrial and construction settings to elevate materials and equipment and can be attached to cranes or installed as part of a more complex lifting system. Cranes & hoists are integral to the infrastructure development in construction, are essential for cargo handling in ports and harbors, facilitate production processes in manufacturing plants, and are crucial in excavating and transporting materials in mining operations. The cranes & hoists market is witnessing substantial growth due to increasing infrastructure development coupled with rapid urbanization, growing application of cranes & hoists in manufacturing industries, and stringent safety regulations and requirements. However, the market faces challenges, such as high initial investment associated with cranes & hoists and frequent maintenance and downtown repairs and inspection, which hinder the growth of the market. Expanding demand for rental and leasing services for cranes & hoists and the rising need to upgrade aging infrastructure worldwide presents potential opportunities for the market to grow.

Regional Insights

In America, and particularly in the United States, the construction industry presents substantial opportunities for cranes and hoists driven by urban development and infrastructure upgrades. The U.S. has experienced a rise in smart crane technology patents, with companies investing in automation and remote operation capabilities to enhance productivity and reduce human error. Canada's vast natural resources sectors, such as mining and forestry, significantly influence the crane & hoist market growth. In South America, energy projects, particularly in renewable sectors, create new opportunities within countries such as Brazil and Chile. Moreover, the South American region's free trade agreements and economic partnerships aim to stabilize the economic landscape and foster foreign investment. The European crane & hoist market is largely regulated by stringent safety standards and environmental regulations. EU consumers have exhibited a keen interest in energy-efficient and low-emission models. Recent investments have been directed toward developing cranes with advanced safety features and electromobility solutions. The Middle East, with its continuous infrastructure and construction projects, particularly in the Gulf countries, provides a robust market for cranes & hoists. Africa's crane & hoist market is emerging, with significant potential due to urbanization and infrastructure projects. In APAC, China is a major country in the crane & hoist manufacturing industry and holds the largest market. New patents in China reflect advancements in automation and the integration of Internet of Things (IoT) technology within cranes and hoists to improve operational efficiency. The crane & hoist market in Japan is growing, owing to strong consumer interest in high-tech and precision equipment. Investment in R&D for sustainable and intelligent material handling solutions is a priority in the Japanese market. India is witnessing substantial growth in the adoption of cranes and hoists, attributed to increased construction activities and industrialization.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Crane & Hoist Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Increasing infrastructure development coupled with rapid urbanization
    • Growing application of cranes & hoists in manufacturing industries
    • Supportive government initiatives for clean energy generation
    • Market Restraints
      • High initial investment associated with crane & hoist
      • Market Opportunities
        • Ongoing material and design advancements in cranes & hoists
        • Expanding demand for rental and leasing services for cranes & hoists
        • Market Challenges
          • Frequent maintenance and downtime repairs and inspection
          • Market Segmentation Analysis
            • Type: Burgeoning application of truck-mounted cranes as they are used in a wide array of tasks
            • Operation: Increasing usage of hybrid cranes and hoists owing to their ability to operate in areas with limited electrical output
            • End-use Industry: Evolving applications of cranes & hoists in the construction industry
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Crane & Hoist Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Crane & Hoist Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Konecranes Supports Chinese Business Expansion With 35-crane Order
              
              Konecranes, a global frontrunner in the manufacture of cranes and lifting equipment, secured a sizable order for 35 cranes in a significant move to facilitate business growth in China. This substantial procurement by a major multinational will be crucial in augmenting the client's multiple production sites across the burgeoning Chinese market. This strategic alliance enhances Konecranes' presence and penetration in the Chinese market and reflects its capability to deliver large-scale lifting solutions that are critical to industrial expansion and productivity.
              
              CraneTech Expands its Reach with the Acquisition of Ameracrane & Hoist
              
              CraneTech Inc., an esteemed provider of crane services, announced the strategic acquisition of Americrane & Hoist Corp., a revered player in the industry headquartered in Tulsa, Oklahoma. With Ameracrane's twenty-plus years of experience, CraneTech fortifies its presence in the central United States, emphasizing its continued commitment to regional investment and aligning core values.
              
              Piedmont Hoist & Crane Designs a Large Gantry Crane for the U.S. Navy
              
              Piedmont Hoist & Crane, a manufacturer in the lifting equipment industry, developed an advanced gantry crane for use by the United States Navy. This substantial endeavor showcases the company's engineering prowess and ability to meet complex demands, as it involves designing one of the largest gantry cranes tailored to specific requirements of military applications. The crane will significantly enhance the Navy's operational efficiency by facilitating the handling and transporting of heavy materials.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Crane & Hoist Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Crane & Hoist Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., ABUS Kransysteme GmbH, Action Construction Equipment Ltd., Altec Inc., Americrane & Hoist Corp, ANDRITZ AG, Broderson Manufacturing Corp., CARGOTEC CORPORATION, Caterpillar Inc., Cheng Day Machinery Works Co., Ltd., Columbus McKinnon Corporation, CraneTech Inc., Crosby Group, LLC, Demag Cranes & Components GmbH, Elliott Equipment Company, Escorts Kubota Limited, GH CRANES & COMPONENTS, Gorbel Inc., Henan Dafang Heavy Machine Co.,Ltd., Hitachi, Ltd., Hoist UK Limited, Hyundai Motor Company, IHI Corporation, Ingersoll Rand Inc., Integrity Crane Services, Ltd., KATO WORKS CO., LTD., Kistler Crane & Hoist, KITO Corporation, Kobe Steel, Ltd., Komatsu Ltd., Konecranes PLC, Liebherr-International Deutschland GmbH, Liugong Machinery Co., Ltd., Load King, LLC, Mammoet Holding B.V. by SHV Holdings, Manitex International, Inc., Manitowoc Company, Inc., Nucleon Crane Group, Palfinger AG, QMC Cranes, LLC, Santek Equipments Pvt. Ltd., Sany Heavy Industry Co., Ltd., Shanghai Zhenhua Heavy Industries Co., Ltd., Spanco, Inc., Sumitomo Heavy Industries, Ltd., Tadano Ltd., Tata Steel Limited, Terex Corporation, VERLINDE SA, Weihua Group, WH Crane, Xuzhou Construction Machinery Group Co., Ltd., and Zoomlion Heavy Industry Science and Technology Co., Ltd..
            
            Market Segmentation & Coverage
            
            This research report categorizes the Crane & Hoist Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Type
              • Crane
                • Fixed
                  • Bridge/Overhead Crane
                  • Gantry
                  • Ship-to-Shore Cranes
                  • Stacker Crane
                  • Tower Cranes
                  • Mobile
                    • All-Terrain Cranes
                    • Carry Deck Crane
                    • Crawler Cranes
                    • Floating Crane
                    • Rough Terrain Cranes
                    • Truck Mounted Cranes
                    • Hoists
                      • Chain Hoists
                      • Wire Rope Hoists
                      • Operation
                        • Electric
                        • Hybrid
                        • Hydraulic
                        • End-use Industry
                          • Aerospace & Defense
                          • Automotive & Railway
                          • Construction
                          • Energy & Power
                          • Mining
                          • Shipping & Material Handling
                          • Region
                            • Americas
                              • Argentina
                              • Brazil
                              • Canada
                              • Mexico
                              • United States
                                • California
                                • Florida
                                • Illinois
                                • New York
                                • Ohio
                                • Pennsylvania
                                • Texas
                                • Asia-Pacific
                                  • Australia
                                  • China
                                  • India
                                  • Indonesia
                                  • Japan
                                  • Malaysia
                                  • Philippines
                                  • Singapore
                                  • South Korea
                                  • Taiwan
                                  • Thailand
                                  • Vietnam
                                  • Europe, Middle East & Africa
                                    • Denmark
                                    • Egypt
                                    • Finland
                                    • France
                                    • Germany
                                    • Israel
                                    • Italy
                                    • Netherlands
                                    • Nigeria
                                    • Norway
                                    • Poland
                                    • Qatar
                                    • Russia
                                    • Saudi Arabia
                                    • South Africa
                                    • Spain
                                    • Sweden
                                    • Switzerland
                                    • Turkey
                                    • United Arab Emirates
                                    • United Kingdom
                                    
                                    
                                    Please Note: PDF & Excel + Online Access - 1 Year