Crane and Hoist Market By Size, Share and Forecast 2029F

Summary

Report Description

Forecast Period	2025-2029
Market Size (2023)	USD 21.67 Billion
Market Size (2029)	USD 32.12 Billion
CAGR (2024-2029)	8.22%
Fastest Growing Segment	Hoist
Largest Market	North America

Market Overview

Global Crane and Hoist Market was valued at USD 21.67 billion in 2023 and is expected to reach USD 32.12 billion in 2029 with a CAGR of 8.22% through the forecast period.

The Crane and Hoist market refers to the industry involved in the manufacturing, distribution, and servicing of equipment designed for lifting and moving heavy loads in various industrial and construction applications. This market encompasses a wide range of products such as overhead cranes, gantry cranes, jib cranes, and hoists, each tailored to specific lifting needs based on load capacity, mobility, and operational environment.

Key drivers of the Crane and Hoist market include growth in infrastructure projects, expanding industrial activities, and increasing demand for efficient material handling solutions. Manufacturers in this sector focus on innovations to enhance lifting capacities, improve safety features, and incorporate advanced automation and digital technologies for enhanced operational control and efficiency.

Market dynamics are influenced by factors like regulatory standards for workplace safety, advancements in materials and manufacturing techniques, and economic trends affecting construction and industrial sectors globally. Additionally, service providers play a crucial role in maintaining and upgrading existing crane and hoist systems, ensuring optimal performance and longevity.

Key Market Drivers

Infrastructure Development and Construction

The Crane and Hoist market is intricately tied to global infrastructure development and construction activities. Across the world, governments and private sectors continue to invest heavily in infrastructure projects such as roads, bridges, airports, railways, and urban development. These projects necessitate the use of cranes and hoists for lifting heavy materials, prefabricated components, and equipment during construction. Cranes are indispensable in facilitating efficient construction processes, enhancing productivity, and ensuring safety on job sites. As urbanization accelerates and populations concentrate in cities, the demand for residential, commercial, and industrial buildings also grows, further driving the need for advanced lifting equipment. Thus, the Crane and Hoist market benefits significantly from ongoing infrastructure investments worldwide, driving both market expansion and technological innovation.

Industrialization and Manufacturing Sector Growth:

The expansion of industrial sectors globally is a major driver for the Crane and Hoist market. Industries such as manufacturing, mining, oil and gas, automotive, and aerospace heavily rely on cranes and hoists for material handling within their production facilities and logistical operations. Cranes are essential for lifting heavy machinery, transporting raw materials, and assembling finished products. With the increasing adoption of automation and robotics in manufacturing processes, there is a growing demand for high-capacity cranes and specialized hoisting equipment that can handle larger loads and operate with precision. Moreover, stringent safety regulations and the emphasis on operational efficiency drive industries to invest in modern crane solutions equipped with advanced safety features and automation capabilities. As industrialization continues to evolve globally, the Crane and Hoist market is poised to benefit from sustained demand across various industrial applications, fostering market growth and technological advancements.

Technological Advancements and Innovation:

Rapid technological advancements play a pivotal role in shaping the Crane and Hoist market landscape. Modern cranes are increasingly integrated with advanced technologies such as IoT (Internet of Things), telematics, real-time monitoring systems, and automation capabilities. These innovations enable cranes to perform remote operation, predictive maintenance, and data-driven decision-making, thereby enhancing overall operational efficiency and safety. Manufacturers are focusing on developing lightweight yet durable materials for crane construction, optimizing energy usage, and improving ergonomics to meet evolving customer demands. Furthermore, technological advancements enable cranes to operate in challenging environments and comply with stringent environmental standards. As technology continues to advance, the Crane and Hoist market stands to benefit from continuous innovation and the introduction of smart crane solutions that offer enhanced performance, reliability, and sustainability.

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Key Market Challenges

Economic Volatility and Capital Intensity

The Crane and Hoist market is heavily influenced by economic fluctuations and capital-intensive investment requirements. Economic downturns or periods of uncertainty can lead to reduced investments in infrastructure and industrial projects, impacting the demand for new crane installations and upgrades. Moreover, the high upfront costs associated with purchasing and installing cranes and hoists can deter potential buyers during economic downturns, resulting in longer sales cycles and decreased revenue for manufacturers and distributors.

In addition to economic volatility, the capital intensity of the Crane and Hoist market poses a challenge for both buyers and sellers. For buyers, the initial investment in cranes and hoists represents a significant financial commitment, often requiring careful financial planning and justification. On the other hand, manufacturers and suppliers face challenges in securing financing for production facilities, research and development initiatives, and inventory management, all of which are essential for maintaining competitiveness and meeting market demand.

Addressing these challenges requires strategic planning and diversification of market offerings. Manufacturers can explore leasing options and financing solutions to alleviate the financial burden on buyers and foster long-term customer relationships. Moreover, diversifying product portfolios to include more affordable and flexible crane and hoist solutions can attract cost-conscious customers and mitigate the impact of economic fluctuations on sales revenue. By navigating economic volatility and embracing capital efficiency, stakeholders in the Crane and Hoist market can sustain growth and resilience in a dynamic global economy.

Technological Integration and Skills Gap

The rapid pace of technological advancements presents both opportunities and challenges for the Crane and Hoist market. While innovations in automation, digitalization, and IoT (Internet of Things) enhance the performance, efficiency, and safety of lifting equipment, integrating these technologies into existing infrastructure and operational workflows can be complex and resource-intensive. Manufacturers must invest in research and development to stay abreast of technological trends and customer expectations, ensuring that their products remain competitive and compliant with industry standards.

The adoption of advanced technologies in crane and hoist systems requires a skilled workforce capable of operating, maintaining, and troubleshooting complex equipment. However, the Crane and Hoist industry faces a growing skills gap as experienced technicians and operators retire and new entrants lack the necessary training and expertise. This skills gap can lead to increased downtime, reduced productivity, and higher maintenance costs for end-users, impacting overall customer satisfaction and market demand.

To address the challenge of technological integration and skills gap, stakeholders in the Crane and Hoist market can collaborate with educational institutions and vocational training providers to develop specialized programs that equip students and professionals with the knowledge and skills needed to work with advanced lifting technologies. Furthermore, manufacturers can offer comprehensive training and certification programs to their customers, ensuring that operators and maintenance personnel are proficient in operating and maintaining modern crane and hoist systems safely and efficiently. By investing in workforce development and embracing technological innovation, stakeholders can navigate the challenges posed by technological integration and skills gap, driving growth and innovation in the global Crane and Hoist market.

Key Market Trends

Adoption of Automation and IoT Integration

One prominent trend in the global Crane and Hoist market is the increasing adoption of automation and integration with IoT (Internet of Things) technologies. Automation in crane and hoist systems enables enhanced operational efficiency, improved safety, and greater reliability in lifting operations. Automated cranes can perform repetitive tasks with precision and consistency, reducing human error and optimizing workflow productivity.

IoT integration allows for real-time monitoring and data analytics, providing valuable insights into equipment performance, usage patterns, and predictive maintenance needs. Sensors embedded in cranes and hoists collect data on parameters such as load capacities, operating temperatures, and maintenance schedules, enabling proactive maintenance strategies that minimize downtime and extend equipment lifespan.

IoT-enabled cranes can be remotely monitored and controlled, offering flexibility in operation and facilitating integration with broader industrial automation systems. This trend towards automation and IoT integration is driven by the desire among end-users to improve operational efficiencies, reduce operational costs, and enhance workplace safety standards. Manufacturers in the Crane and Hoist market are increasingly investing in research and development to incorporate advanced automation and IoT capabilities into their product offerings, thereby catering to the evolving needs of industries such as manufacturing, logistics, and construction.

Shift Towards Eco-Friendly and Energy-Efficient Solutions

Another significant trend in the global Crane and Hoist market is the growing emphasis on eco-friendly and energy-efficient solutions. Environmental sustainability has become a key consideration for businesses across various industries, prompting crane manufacturers to innovate and develop products that minimize carbon footprint and energy consumption.

Manufacturers are exploring lightweight materials, such as high-strength alloys and composites, to reduce the weight of crane components without compromising load-bearing capacity and structural integrity. Lightweight cranes require less energy to operate and transport, contributing to reduced fuel consumption and lower emissions during deployment and maintenance activities.

Advancements in electric and hybrid power systems offer sustainable alternatives to traditional diesel-powered cranes, aligning with global efforts to reduce greenhouse gas emissions and improve air quality. Electric cranes are quieter in operation and emit zero tailpipe emissions, making them suitable for indoor applications and urban environments where noise and air pollution are significant concerns.

The shift towards eco-friendly and energy-efficient crane and hoist solutions is driven by regulatory pressures, corporate sustainability initiatives, and increasing consumer awareness of environmental issues. As a result, manufacturers in the Crane and Hoist market are investing in eco-design principles and certification standards to demonstrate compliance with environmental regulations and meet customer preferences for sustainable products. By embracing these trends, stakeholders in the Crane and Hoist market can differentiate their offerings, enhance brand reputation, and capitalize on emerging opportunities in environmentally conscious industries worldwide.

Segmental Insights

Type Insights

The Crane segment held the largest Market share in 2023. Cranes are essential for lifting and transporting heavy loads in industrial and construction environments. They are capable of handling a wide range of materials, from raw commodities like steel and concrete to finished products and machinery. This versatility makes cranes indispensable in industries such as manufacturing, mining, oil and gas, aerospace, and logistics, where the efficient movement of heavy materials is crucial for operational efficiency.

Cranes offer significant advantages in terms of spatial utilization. Overhead cranes, for example, operate on elevated runways or tracks, maximizing floor space utilization in busy industrial settings. This design allows for seamless movement of materials without obstructing ground-level operations, enhancing workflow efficiency and safety.

The technological advancements in crane design and automation have further bolstered their dominance in the market. Modern cranes are equipped with advanced features such as remote operation, real-time monitoring systems, and automated load management. These technologies not only improve operational safety but also optimize productivity by reducing downtime and minimizing human error.

The global emphasis on workplace safety and regulatory compliance has driven industries to invest in reliable and certified lifting solutions. Cranes are designed and manufactured to meet stringent safety standards, including load capacity limits, emergency braking systems, and comprehensive operator training programs. This commitment to safety ensures that cranes are not only efficient but also compliant with international safety regulations, making them a preferred choice in safety-conscious industries.

The ongoing urbanization and infrastructure development projects worldwide continue to drive demand for cranes. As cities expand and modernize, the construction of residential complexes, commercial buildings, transportation networks, and utilities requires robust lifting solutions to handle large-scale construction materials and equipment. This sustained demand for infrastructure development further solidifies the dominance of cranes in the global Crane and Hoist market, reflecting their essential role in shaping modern industrial and construction landscapes.

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Regional Insights

Asia Pacific region held the largest market share in 2023. Rapid industrialization and urbanization across countries like China, India, Japan, and Southeast Asian nations have fueled substantial infrastructure development projects. These include the construction of highways, bridges, airports, railways, and urban infrastructure, all of which require robust material handling solutions like cranes and hoists. The sheer scale and pace of infrastructure expansion in Asia-Pacific necessitate the deployment of advanced lifting equipment to meet construction timelines efficiently.

The manufacturing sector in Asia-Pacific is among the world's largest and most diverse, encompassing industries such as automotive, electronics, steel production, and heavy machinery manufacturing. Cranes and hoists play a crucial role in these industries for handling raw materials, transporting components, and assembling finished products. The region's industrial growth, coupled with increasing automation in manufacturing processes, drives continuous demand for high-capacity cranes and specialized hoisting equipment tailored to diverse operational requirements.

Technological advancements and innovation in crane design are prominent in Asia-Pacific. Countries like Japan and South Korea are renowned for their engineering expertise and development of cutting-edge crane technologies, including robotics integration, IoT capabilities, and advanced control systems. These innovations enhance operational efficiency, safety, and productivity in various industrial applications, further boosting the adoption of cranes across the region.

Favorable government policies and investments in infrastructure development across Asia-Pacific countries stimulate market growth for crane manufacturers and service providers. Initiatives such as China's Belt and Road Initiative (BRI) and India's Smart Cities Mission are prime examples of national strategies driving significant investments in transportation networks, urban infrastructure, and industrial zones, all of which require extensive use of cranes and hoists.

Recent Developments

In March 2024, Konecranes introduced its new flagship industrial crane, the Konecranes X-series, which replaces the highly successful CXT model. Featuring a redesigned compact structure and advanced, dependable technology, including wireless upgrade options, the X-series is designed to meet both current and future customer requirements. This latest crane builds upon the CXT's strong track record since its launch in 2000, achieving global sales exceeding 100,000 units to date.
In 2023, Platform Basket unveiled several new products at the GIS show in Piacenza, Italy, signaling its debut in the spider crane and large spider lift sectors. The day before the show, AI received an exclusive preview of Platform Basket’s new 54m working height spider lift, specifically designed for telecommunications and electricity pylon applications, at their headquarters in Reggio Emilia.
In June 2024, Liebherr's factory in Ehingen, Germany, unveiled an impressive update to its product lineup with the introduction of the world’s most powerful 6-axle crane: the LTM 1400-6.1. This state-of-the-art crane boasts a remarkable 70-meter telescopic boom and is distinguished by its innovative and user-friendly setup procedures. Building on the legacy of the highly successful LTM 1350-6.1, the new LTM 1400-6.1 represents a significant advancement in lifting technology, combining enhanced performance capabilities with ease of operation.

Key Market Players

Konecranes plc
Terex Corporation
Manitowoc Company, Inc
Zoomlion Heavy Industry Science & Technology Co., Ltd.
Tadano Ltd.
XCMG Group
Sany Heavy Industry Co., Ltd
Cargotec Corporation

By Type	By Application	By Region
Crane Hoist	Construction Transportation and Logistics Marine Oil & Gas Mining Agriculture Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Crane and Hoist Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Crane and Hoist Market, By Type:

o Crane

o Hoist

Crane and Hoist Market, By Application:

o Construction

o Transportation and Logistics

o Marine

o Oil & Gas

o Mining

o Agriculture

o Others

Crane and Hoist Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Europe

§ France

§ United Kingdom

§ Italy

§ Germany

§ Spain

o Asia-Pacific

§ China

§ India

§ Japan

§ Australia

§ South Korea

o South America

§ Brazil

§ Argentina

§ Colombia

o Middle East & Africa

§ South Africa

§ Saudi Arabia

§ UAE

§ Kuwait

§ Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Crane and Hoist Market.

Available Customizations:

Global Crane and Hoist Market report with the given Market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional Market players (up to five).

Global Crane and Hoist Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Formulation of the Scope

2.4. Assumptions and Limitations

2.5. Sources of Research

2.5.1. Secondary Research

2.5.2. Primary Research

2.6. Approach for the Market Study

2.6.1. The Bottom-Up Approach

2.6.2. The Top-Down Approach

2.7. Methodology Followed for Calculation of Market Size & Market Shares

2.8. Forecasting Methodology

2.8.1. Data Triangulation & Validation

3. Executive Summary

4. Voice of Customer

5. Global Crane and Hoist Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Type (Crane and Hoist)

5.2.2. By Application (Construction, Transportation and Logistics, Marine, Oil & Gas, Mining, Agriculture, and Others)

5.2.3. By Region (Asia Pacific, North America, South America, Middle East &Africa, Europe)

5.2.4. By Company (2023)

5.3. Market Map

6. North America Crane and Hoist Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Type

6.2.2. By Application

6.2.3. By Country

6.3. North America: Country Analysis

6.3.1. United States Crane and Hoist Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Type

6.3.1.2.2. By Application

6.3.2. Canada Crane and Hoist Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Type

6.3.2.2.2. By Application

6.3.3. Mexico Crane and Hoist Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Type

6.3.3.2.2. By Application

7. Europe Crane and Hoist Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Type

7.2.2. By Application

7.2.3. By Country

7.3. Europe: Country Analysis

7.3.1. Germany Crane and Hoist Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Type

7.3.1.2.2. By Application

7.3.2. United Kingdom Crane and Hoist Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Type

7.3.2.2.2. By Application

7.3.3. Italy Crane and Hoist Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Type

7.3.3.2.2. By Application

7.3.4. France Crane and Hoist Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Type

7.3.4.2.2. By Application

7.3.5. Spain Crane and Hoist Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Type

7.3.5.2.2. By Application

8. Asia-Pacific Crane and Hoist Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Type

8.2.2. By Application

8.2.3. By Country

8.3. Asia-Pacific: Country Analysis

8.3.1. China Crane and Hoist Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Type

8.3.1.2.2. By Application

8.3.2. India Crane and Hoist Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Type

8.3.2.2.2. By Application

8.3.3. Japan Crane and Hoist Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Type

8.3.3.2.2. By Application

8.3.4. South Korea Crane and Hoist Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Type

8.3.4.2.2. By Application

8.3.5. Australia Crane and Hoist Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Type

8.3.5.2.2. By Application

9. South America Crane and Hoist Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Type

9.2.2. By Application

9.2.3. By Country

9.3. South America: Country Analysis

9.3.1. Brazil Crane and Hoist Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Type

9.3.1.2.2. By Application

9.3.2. Argentina Crane and Hoist Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Type

9.3.2.2.2. By Application

9.3.3. Colombia Crane and Hoist Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Type

9.3.3.2.2. By Application

10. Middle East and Africa Crane and Hoist Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Type

10.2.2. By Application

10.2.3. By Country

10.3. Middle East and Africa: Country Analysis

10.3.1. South Africa Crane and Hoist Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Type

10.3.1.2.2. By Application

10.3.2. Saudi Arabia Crane and Hoist Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Type

10.3.2.2.2. By Application

10.3.3. UAE Crane and Hoist Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Type

10.3.3.2.2. By Application

10.3.4. Kuwait Crane and Hoist Market Outlook

10.3.4.1. Market Size & Forecast

10.3.4.1.1. By Value

10.3.4.2. Market Share & Forecast

10.3.4.2.1. By Type

10.3.4.2.2. By Application

10.3.5. Turkey Crane and Hoist Market Outlook

10.3.5.1. Market Size & Forecast

10.3.5.1.1. By Value

10.3.5.2. Market Share & Forecast

10.3.5.2.1. By Type

10.3.5.2.2. By Application

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

13. Company Profiles

13.1. Konecranes plc

13.1.1. Business Overview

13.1.2. Key Revenue and Financials

13.1.3. Recent Developments

13.1.4. Key Personnel/Key Contact Person

13.1.5. Key Product/Services Offered

13.2. Terex Corporation

13.2.1. Business Overview

13.2.2. Key Revenue and Financials

13.2.3. Recent Developments

13.2.4. Key Personnel/Key Contact Person

13.2.5. Key Product/Services Offered

13.3. Manitowoc Company, Inc

13.3.1. Business Overview

13.3.2. Key Revenue and Financials

13.3.3. Recent Developments

13.3.4. Key Personnel/Key Contact Person

13.3.5. Key Product/Services Offered

13.4. Zoomlion Heavy Industry Science & Technology Co., Ltd.

13.4.1. Business Overview

13.4.2. Key Revenue and Financials

13.4.3. Recent Developments

13.4.4. Key Personnel/Key Contact Person

13.4.5. Key Product/Services Offered

13.5. Tadano Ltd.

13.5.1. Business Overview

13.5.2. Key Revenue and Financials

13.5.3. Recent Developments

13.5.4. Key Personnel/Key Contact Person

13.5.5. Key Product/Services Offered

13.6. XCMG Group

13.6.1. Business Overview

13.6.2. Key Revenue and Financials

13.6.3. Recent Developments

13.6.4. Key Personnel/Key Contact Person

13.6.5. Key Product/Services Offered

13.7. Sany Heavy Industry Co., Ltd

13.7.1. Business Overview

13.7.2. Key Revenue and Financials

13.7.3. Recent Developments

13.7.4. Key Personnel/Key Contact Person

13.7.5. Key Product/Services Offered

13.8. Cargotec Corporation

13.8.1. Business Overview

13.8.2. Key Revenue and Financials

13.8.3. Recent Developments

13.8.4. Key Personnel/Key Contact Person

13.8.5. Key Product/Services Offered

14. Strategic Recommendations

15 About Us & Disclaimer

Figures and Tables

Frequently asked questions

What was the Market size of the Global Crane and Hoist Market in 2023?

The Market size of the Global Crane and Hoist Market was USD 21.67 billion in 2023.

Which was the dominant segment by application in the Global Crane and Hoist Market in 2023?

In 2023, Construction dominated the global Crane and Hoist market due to the sector's heavy reliance on cranes for lifting and moving materials efficiently. Cranes are essential for construction projects ranging from infrastructure development to residential and commercial building, driving significant demand for specialized lifting equipment.

What are the major challenges of the Global Crane and Hoist Market?

Major challenges in the Global Crane and Hoist Market include high initial costs of equipment, stringent regulatory compliance, skilled labor shortages, and economic fluctuations impacting construction and industrial sectors, all of which influence market dynamics and growth.

What are the major drivers of the Global Crane and Hoist Market?

Major drivers of the Global Crane and Hoist Market include infrastructure development, industrialization, technological advancements in crane design, and stringent safety regulations. These factors contribute to increased demand for efficient material handling solutions across construction, manufacturing, mining, and other industrial sectors globally

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Press Release

Crane and Hoist Market to Grow with a CAGR of 8.22% through 2029

Aug, 2024

Regulatory Standards, Infrastructure development & construction and industrialization & manufacturing sector growth are likely to drive the market in the forecast period.

Crane and Hoist Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Crane and Hoist), By Application (Construction, Transportation and Logistics, Marine, Oil & Gas, Mining, Agriculture, and Others) By Region & Competition, 2019-2029F

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