The global crane and hoist market is on track to witness consistent growth over the next decade, propelled by rapid industrialization, large-scale infrastructure projects, and technological enhancements in material handling equipment. The Crane and Hoist Market size was estimated at USD 30.95 billion in 2023 and is projected to reach USD 43.75 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 3.92% during the forecast period from 2024 to 2032.
The Crane and Hoist Market is benefitting from the ongoing surge in construction activities, particularly in emerging economies across Asia-Pacific, the Middle East, and Latin America. These regions are experiencing an infrastructure boom, including the development of smart cities, transportation networks, and energy projects. This is complemented by the rising demand for automated and efficient lifting solutions in sectors such as manufacturing, shipping, logistics, and mining.
Key Market Drivers:
- Expansion of Construction and Infrastructure Projects:
Ongoing investments in public infrastructure, including roads, railways, bridges, and commercial buildings, are creating a strong demand for cranes and hoists. Government-led initiatives in developing nations are particularly contributing to market expansion.
- Growth in Industrial Automation and Manufacturing:
With industries striving to improve operational efficiency and safety, the adoption of cranes and hoists with advanced automation, remote operation, and real-time monitoring features is increasing significantly.
- Booming Logistics and Warehousing Sector:
E-commerce and global trade growth have driven the expansion of warehouses and distribution centers. This trend is creating a surge in demand for reliable material handling systems, including cranes and hoists, to streamline storage and retrieval operations.
- Modernization and Retrofitting of Equipment:
In mature markets such as North America and Europe, a significant share of the market growth stems from retrofitting and upgrading old crane systems with modern, energy-efficient alternatives that meet current safety and performance standards.
- Stringent Safety and Compliance Standards:
Regulatory frameworks emphasizing workplace safety and operational efficiency are pushing manufacturers to innovate and offer cranes and hoists that meet international quality certifications and safety regulations.
Key Players
- Konecranes
- Liebherr
- Tadano Ltd.
- The Manitowoc Company, Inc.
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- Terex Corporation
- Ingersoll Rand
- PALFINGER AG
- Columbus McKinnon Corporation
- KOBE STEEL, LTD.
- XCMG Group
- Sumitomo Heavy Industries, Ltd.
- ABUS Kransysteme GmbH
- Mammoet
- KATO WORKS CO., LTD.
- Sany Group
- Hitachi Construction Machinery Co., Ltd.
- Demag Cranes
- Vulcan Cranes
- GH Cranes & Components
Conclusion:
The crane and hoist market is witnessing consistent growth driven by a combination of global industrial development, technological innovation, and regulatory pressure for safety and efficiency. As industries increasingly turn to smart, automated material handling systems, market players that prioritize innovation, durability, and compliance will be well-positioned to lead in this evolving global landscape.
Contact Us:
Jagney Dave - Vice President of Client Engagement
Phone: +1-315 636 4242 (US) | +44- 20 3290 5010 (UK)
Related Reports
Self-leveling Concrete U.S. Market
U.S. HDPE Pipes Market
Gas Analyzer, Sensor & Detector Market in U.S.
Locked
