Northbrook, IL -- (SBWIRE) -- 11/17/2021 -- The crane and hoist market size is projected to reach USD 33.0 billion by 2026 from an estimated USD 26.0 billion in 2021, at a CAGR of 4.8% from 2021 to 2026. Significant demand from construction industry, expanding mining industry, increased use in shipping industry are among the factors driving the growth of the crane and hoist market.
Mobile cranes segment is projected to register the highest CAGR from 2021 to 2026
The growth of the mobile cranes segment is majorly driven by their features such as high mobility, high traveling speed, and requirement of less time to set them up on construction sites. The use of mobile cranes in the mining, construction, aerospace, shipping & material handling industries has gained popularity, where lifting and lowering activities require extensive displacements of objects, materials, or equipment.
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Hybrid operations segment is projected to register the highest CAGR from 2021 to 2026
Hybrid-powered cranes are advanced cranes that use both hydraulic and electric power for the operation. These cranes are more efficient and are used for customized solutions. Hybrid cranes are powered using an electrical supply and diesel generators. Some hybrid cranes are equipped with a large battery energy storage system (ESS) to store electricity. The cranes' operation is based on the principle of regenerative power. The energy generated while lowering the load is used to charge ESS and supplied as additional power for lifting and hoisting activities. Hybrid cranes are designed to reduce fuel consumption and operating cost.
Construction segment is projected to register the highest CAGR from 2021 to 2026
The construction industry is expected to hold the largest share of the crane market 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 to lead crane and hoist market in 2020
Asia Pacific 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 & defense industries in emerging economies, such as China and India, is also supporting the growth of the crane market in APAC.
Key Market Players
Konecranes (Finland), Liebherr (Germany), Tadano (Japan), Terex (US), Zoomlion (China), Ingersoll Rand (US), Palfinger (Austria), Columbus McKinnon (US), Kito (Japan), Kobelco (Japan), Sumitomo Heavy Industries (Japan), ABUS Kransysteme (Germany) are among a few major players in the crane and hoist market.