Industrial Lifting Equipment

Industrial Lifting Equipment

Global Industrial Lifting Equipment Market to Reach US$114.0 Billion by 2030

The global market for Industrial Lifting Equipment estimated at US$82.7 Billion in the year 2023, is expected to reach US$114.0 Billion by 2030, growing at a CAGR of 4.7% over the analysis period 2023-2030. Fork lifts, one of the segments analyzed in the report, is expected to record a 5.0% CAGR and reach US$25.5 Billion by the end of the analysis period. Growth in the Lifts segment is estimated at 4.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$21.8 Billion While China is Forecast to Grow at 7.2% CAGR

The Industrial Lifting Equipment market in the U.S. is estimated at US$21.8 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$25.0 Billion by the year 2030 trailing a CAGR of 7.2% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.9% and 3.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR.

Global Industrial Lifting Equipment Market - Key Trends & Drivers Summarized

What Is the Role of Industrial Lifting Equipment in Modern Industries?

Industrial lifting equipment is indispensable in modern industries, playing a crucial role in enhancing operational efficiency and ensuring workplace safety. This category of machinery includes cranes, hoists, forklifts, and hydraulic lifts, which are essential for moving heavy loads and materials in various industrial settings such as manufacturing, construction, warehousing, and logistics. These machines not only improve productivity by enabling the swift and safe movement of goods but also reduce the physical strain on workers, thereby minimizing the risk of injuries. As industries continue to grow and expand their operations, the demand for robust and reliable lifting equipment is on the rise, highlighting its fundamental role in industrial processes.

How Are Technological Innovations Transforming Industrial Lifting Equipment?

Technological advancements are revolutionizing the industrial lifting equipment market, introducing new features that enhance safety, efficiency, and user-friendliness. The integration of smart technologies, such as IoT and AI, is enabling real-time monitoring and predictive maintenance of lifting equipment, which helps prevent breakdowns and reduces downtime. Automated lifting solutions, including robotic cranes and automated guided vehicles (AGVs), are becoming increasingly popular in smart factories, where they contribute to seamless material handling and improved productivity. Furthermore, advancements in materials science have led to the development of lighter yet stronger lifting equipment, enhancing their performance and durability. These technological innovations are making lifting equipment more sophisticated and capable of meeting the demanding needs of modern industries.

What Are the Emerging Trends Shaping the Industrial Lifting Equipment Market?

Several emerging trends are shaping the industrial lifting equipment market, reflecting the evolving needs and priorities of industries worldwide. One significant trend is the increasing emphasis on safety, driving the development and adoption of equipment with advanced safety features such as load sensors, anti-collision systems, and remote control capabilities. The rise of e-commerce and the consequent expansion of logistics and warehousing sectors are also boosting the demand for efficient material handling solutions, including lifting equipment. Another trend is the growing focus on sustainability, with manufacturers developing eco-friendly lifting solutions that reduce energy consumption and minimize environmental impact. Additionally, the shift towards automation and the implementation of Industry 4.0 are leading to greater adoption of smart and connected lifting equipment, which enhances operational efficiency and data-driven decision-making.

What Factors Are Driving the Growth of the Industrial Lifting Equipment Market?

The growth in the industrial lifting equipment market is driven by several factors that are transforming the industrial landscape. The increasing adoption of automation in manufacturing and logistics is a primary driver, as industries seek to enhance productivity and reduce operational costs. Technological advancements, such as the integration of IoT and AI for real-time monitoring and predictive maintenance, are propelling market growth by offering enhanced efficiency and reliability. The rising emphasis on workplace safety and the implementation of stringent safety regulations are driving the demand for lifting equipment with advanced safety features. Additionally, the expansion of the e-commerce sector and the resulting growth in warehousing and logistics activities are creating new opportunities for the lifting equipment market. The growing focus on sustainability is also contributing to market growth, with industries adopting eco-friendly and energy-efficient lifting solutions. As industries continue to prioritize efficiency, safety, and sustainability, the demand for advanced industrial lifting equipment is expected to witness sustained growth in the coming years.

Select Competitors (Total 27 Featured) -

• Anhui Forklift Truck Group Co., Ltd.
• Cargotec Corporation
• Columbus McKinnon Corporation
• Crown Equipment Corporation
• Haulotte Group
• Hyster-Yale Materials Handling, Inc.
• Ingersoll-Rand PLC
• Jungheinrich AG
• KION Group AG
• KITO Corporation
• Komatsu Ltd.
• Konecranes
• Liebherr Group
• Linamar Corporation
• Mammoet
• Manitowoc Co., Inc.
• Mitsubishi Logisnext Co., Ltd.
• Oshkosh Corporation
• PALFINGER AG
• Shanghai Zhenhua Heavy Industries Co., Ltd. (ZPMC)
• Tadano Ltd.
• Terex Corporation
• Toyota Industries Corporation
• Xuzhou Construction Machinery Group Co., Ltd.
• Zoomlion Heavy Industry Science & Technology Co., Ltd.

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