Crane And Hoist Industry: New
Market Trends and Growth Drivers Shaping the Crane and Hoist Market Landscape

A
crane is a type of machine, generally equipped with a hoist rope, wire ropes or
chains, and sheaves, that can be used both to lift and lower materials and to
move them horizontally. The device uses one or more simple machines to create
mechanical advantage and thus move loads beyond the normal capability of a man.
Cranes are commonly employed in industrial production lines, around
construction sites, at ports and at vehicle service centres. Hoists, on the
other hand, are mechanical lifting devices which lift material only vertically,
unlike cranes which can move loads both vertically and horizontally. Some
common types of hoists include chain hoists, electric hoists, air-powered
hoists and powered hoists.



Growth of the Crane And Hoist Industry



The Global
Crane And Hoist
has been witnessing steady growth over the past few years and this growth is
expected to continue into the future. Some key factors driving the demand for
cranes globally include rapid industrialization and infrastructure development
activities taking place across both developed and developing economies.
According to a recent report by Global Industry Analysts, the global crane
market reached a valuation of $62.9 billion in 2020. The market is projected to
grow at a CAGR of over 4% during 2021-2026 to reach a size of $80.1 billion by
2026. Tower cranes, mobile cranes and overhead cranes are some of the most
commonly used equipment within the crane industry. Asia Pacific currently
represents the largest regional market for cranes globally accounting for
around 38% of total revenues. China, India, Japan, South Korea are experiencing
huge demand growth as their construction and manufacturing sectors continue to
expand. Europe and North America are other important markets.



Mobile Crane Segment Dominates



Among various types of cranes, mobile cranes currently dominate the overall
market globally. Mobile cranes are very versatile in nature and can work at
many job sites or construction sites without the need for erecting towers. They
are highly mobile with wheels, crawler tracks or hydraulic driven feet. Key
types of mobile cranes include all terrain cranes, truck mounted cranes, rough
terrain cranes and crawler cranes. Mobile crane segment accounted for over 35%
share of the total global crane market revenues in 2020. Asia Pacific leads the
demand for mobile cranes due to proliferation of construction activities taking
place across emerging countries in the region. Tower cranes and overhead cranes
are other major types of cranes finding widespread applications. Tower cranes
mostly work on construction sites assisting new building projects. Europe and
North America are important tower crane markets besides Asia. Overhead cranes
are commonly used in manufacturing facilities, warehouses and industrial plants
to lift and shift heavy loads.



Industry Consolidation and Acquisitions



The global crane industry has seen significant consolidation in recent years
with leading players acquiring regional companies to expand their geographical
outreach. For instance, Tadano acquired Demag in 2022 to gain access to Demag's
mobile crane product portfolio and European customer base. In 2021, Kobelco
Construction Machinery acquired major Italian crane maker Socage to enhance its
product offerings in Europe. Similarly, Konecranes acquired P-Cranes, a Danish
crane rental company in 2021. Such strategic acquisitions have enabled big
players to leverage synergies and compete more effectively against regional
challengers. Established crane makers like Konecranes, Tadano, Zoomlion, Terex,
Kobelco, Manitowoc and Liebherr currently account for the major share of the
global market.



Growing Demand in Developing Nations



Emerging economies in Asia Pacific, Latin America, Africa and Eastern Europe
currently represent the biggest growth opportunities for crane makers globally.
Rapid urbanization and industrialization in these regions have created a huge
demand for infrastructure and construction activities. With government
continuity spending large funds on development projects, the demand for cranes
is expected to surge significantly across developing countries over the coming
years. Countries like China, India, Brazil, Indonesia, Vietnam are likely to
drive maximum growth. favourable business regulations, lower production costs
and availability of skilled labour have led many leading crane companies to
establish local manufacturing plants in fast growing emerging markets. This
helps address the demand more efficiently while also tapping into opportunities
arising due to supportive government policies for indigenous industries.



Use of Technology Innovations



Technology innovations are impacting the crane industry positively. Advanced
manufacturing techniques, eco-friendly designs, IoT integration and data
analytics are improving productivity and reducing operating costs. Many players
are introducing hybrid cranes that offer higher fuel efficiency by combining
electric drive systems with diesel engines. Adoption of advanced materials like
carbon fiber is making cranes lighter yet stronger. sensors and wireless
monitoring systems allows for remote operations and preventive maintenance.
Telematics solutions provide real-time tracking of fleet usage and performance.
This helps in optimized utilization and fleet management. 3D modeling, VR
simulations are also enhancing safety practices. Such continuous tech upgrades
are addressing modern demands while positioning manufacturers ahead of the
curve. This will remain a key differentiating factor for industry leaders going
further.



Rising Health and Safety Standards



With cranes and hoists handling increasingly heavy payloads, occupational
safety has become a major issue worldwide. Regulatory bodies are tightening
norms and certification requirements to reduce accidents. Implementation of ISO
standards related to cranes and hoists is now mandatory in many regions.
Features like load moment indicators, anti-two block devices, alarms for
exceeding rated capacity are now common on new equipment. Operator training
programs, certification programs for riggers and signal persons are also being
emphasized. Advanced hoist controls, remote operations from ground level using
cameras are enhancing safety. Adoption of condition monitoring systems allows
predictive maintenance reducing failures. Standardized testing and inspections
as per regulatory guidelines are ensuring quality compliance. All these efforts
are certainly improving safety benchmarks within the industry over time.



In conclusion, the global crane and hoist industry has demonstrated consistent
growth over the past decade driven by increasing infrastructure activities and
industrialization worldwide. Though mature markets like Europe and North
America remain important, emerging economies especially in Asia Pacific have
emerged as the new growth epicentres. Industry leaders are well positioned to
leverage opportunities through product innovations, strategic M&A deals and
manufacturing localizations in high potential regions. Technology upgrades and rising
focus on health and safety standards are equally influential trends shaping the
competitive dynamics in the industry worldwide. Overall, continued demand from
end use sectors indicates that industry expansion is likely to sustain well
into the future.

About
Author:

Money
Singh is a seasoned
content writer with over four years of experience in the market research
sector. Her expertise spans various industries, including food and beverages,
biotechnology, chemical and materials, defense and aerospace, consumer goods,
etc. (https://www.linkedin.com/in/money-singh-590844163)