Crane And Hoist Global Market Report 2024

A crane and hoist are mechanical devices used in various industries to lift, lower, and move heavy loads both vertically and horizontally. Cranes generally feature a movable arm known as a boom, whereas hoists are specifically designed to lift loads vertically by winding a rope or chain around a drum or lift wheel. These devices are crucial in construction, manufacturing, and logistics operations where the efficient and safe movement of heavy materials or equipment is required.

The primary types of these devices are cranes and hoists. A crane is industrial machinery intended for lifting or moving heavy weights. It functions with a movable projecting arm or a horizontal beam that travels on an overhead support. Cranes operate using different methods, including hydraulic, electric, and hybrid systems. They are employed across several industries such as construction, transportation and logistics, marine, oil and gas, mining, agriculture, and others.

The crane and hoist market research report is one of a series of new reports that provides crane and hoist market statistics, including crane and hoist industry global market size, regional shares, competitors with a crane and hoist market share, detailed crane and hoist market segments, market trends and opportunities, and any further data you may need to thrive in the crane and hoist industry. This crane and hoist market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The crane and hoist market size has grown strongly in recent years. It will grow from $30.39 billion in 2023 to $32.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth observed in the historic period can be attributed to the increased demand for material handling in the automotive sector, the rising need for heavy lifting in the energy and power industries, stricter safety regulations, and the growing demand for heavy lifting in shipping and material handling.

The crane and hoist market size is expected to see strong growth in the next few years. It will grow to $41.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be credited to the rise in construction activities, the expanding aerospace and defense sector, the burgeoning mining industry, the increasing need for heavy lifting equipment, and the growing demand for shipbuilding and repair. Key trends anticipated in this period include the demand for material handling tools, infrastructure development, technological advancements, software upgrades, and investments in public works projects.

The crane and hoist market is expected to experience growth driven by increasing construction activities. Construction activities encompass the processes of erecting, altering, or repairing structures and infrastructure, involving site preparation, building assembly, and system installation. This rise in construction is fueled by urbanization, infrastructure development, and demand for new residential and commercial buildings. Cranes and hoists play a critical role in construction by lifting heavy materials, equipment, and prefabricated components to heights and locations not feasible by manual labor alone. For example, in February 2022, the UK's Office for National Statistics reported a 12.7% annual increase in the construction sector in 2021, with monthly and quarterly outputs also showing growth due to new projects and maintenance activities. Consequently, the surge in construction activities is a key factor propelling the crane and hoist market's expansion.

Leading companies in the crane and hoist market are advancing with technological innovations such as electric and hybrid cranes to meet customer needs for enhanced functionality. Electric and hybrid cranes utilize electric power or a blend of electric and alternative energy sources to reduce emissions and improve efficiency. For instance, Fassi Gru S.p.A., an Italian crane manufacturer, introduced an electric crane powered by a lithium battery pack in October 2021. This innovative technology, including the smart hybrid technology (SHT) system, enables cranes such as the Fassi F345RB.2.26 L214 with a lifting capacity up to 40 tm to operate quietly and emission-free in urban environments, meeting the rising demand in Northern Europe for environmentally friendly lifting solutions.

In May 2024, Mazzella Companies, a US-based manufacturer and distributor of lifting products, acquired Piedmont Hoist & Crane, enhancing its engineering and manufacturing capabilities. This acquisition strengthens Mazzella's ability to deliver comprehensive crane solutions from design through to after-sales service, bolstering its position in the crane and hoist market. Piedmont Hoist & Crane, based in the US, specializes in crane and hoist manufacturing.

Major companies operating in the crane and hoist market are Kubota Corporation, Kobe Steel Ltd., Liebherr-International GmbH, Sany Group, Hitachi Construction Machinery Co. Ltd., Sumitomo Heavy Industries Ltd., Ingersoll Rand Inc., Zoomlion Heavy Industry Science & Technology Co. Ltd., Cargotec Corporation, Shanghai Zhenhua Heavy Industries Co. Ltd, Terex Corporation, Konecranes, The Manitowoc Company Inc., PALFINGER AG, Tadano Ltd., Columbus McKinnon Corporation, Kito Corporation, Kobelco Construction Machineru USA Inc., Action Construction Equipment Ltd., ABUS Kransysteme GmbH, Wolffkran International AG, Gorbel Inc., STAHL CraneSystems GmbH, Street Crane Company Limited, XCMG Group.

Asia-Pacific was the largest region in the crane and hoist market in 2023. The regions covered in the crane and hoist market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the crane and hoist market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The crane and hoist market consists of sales of electric overhead traveling cranes, jib cranes, gantry cranes, single girder cranes, double girder cranes, and underslung cranes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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