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Oct 5, 2020 10:10 AM ET

Crane & Hoist Market is set for a Rapid Growth and is Expected to Reach USD 47.42 Billion by 2026

iCrowd Newswire - Oct 5, 2020

Zion Market Research has published a new report titled “Crane and Hoist Market: by Type (Mobile Cranes And Fixed Cranes), by Operations (Hydraulic, Electric, And Hybrid), and by Industry (Construction, Aerospace & Defense, Shipping & Material Handling, Mining, Automotive & Railway, Marine, Energy & Power, And Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2026.” According to the report, the Crane & Hoist market accounted for USD 32.34 Billion in 2018 and is expected to reach USD 47.42 Billion by 2026, growing at a CAGR of around 4.9% between 2019 and 2026.

An incredible variety of cranes have been designed since the introduction of high-strength steel in the 1950s. The proliferation of cranes in construction is impressive, with approximately 125,000 cranes operating among all sectors of the United States construction industry. Large construction projects can feature as many as 150 cranes, as demonstrated at the Boston Central Artery/Tunnel. There are two basic construction crane designs, mobile and tower, each of which can be found in literally hundreds of different configurations. For example, mobile cranes can have telescoping or lattice booms and may ride on rubber tires or tracks. Lattice (cage-type) mobile crane booms can be moved in nearly any direction and may be lengthened or shortened by adding or removing boom sections; extensions, called jibs, are often added to lattice booms resulting in total boom/jib lengths exceeding 500 ft. Boom angles on lattice boom cranes are controlled by cables wound onto motor-driven drums. Telescoping booms consist of several nested closed-tube sections that are extended or retracted by a hydraulic cylinder; boom angles are controlled using one or more hydraulic cylinders located between the boom base and the crane turntable.

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Based on type, the crane & hoist market is segmented into mobile cranes and fixed cranes. The mobile crane segment is expected to dominate the market share over the forecast period. Mobile boom cranes range in size from small, highly mobile cherry pickers, with lift capacities of 15 to 80 tons, to larger models with lift capacities of up to 1,000 tons and total boom lengths up to 600 ft. Mobile cranes may also be fitted with a tower attachment. The fixed crane segment is also expected to show remarkable growth over the years. Tower cranes (fixed cranes) can be located internal or external to a building, may or may not feature a climbing section in their support structure that allows elevation gain as the building under construction increases in height, and may have a fixed horizontal boom with a trolley-mounted hoist, or a moveable, variably angled-above-horizontal boom with a rigged tip. As with mobile cranes, lift capacity and size of tower cranes varies substantially (according to load weight and hoist distance from center of gravity), with tower heights over 200 ft, boom lengths ranging from 50 to more than 250 ft, and load capacities from 0.5 to more than 22 tons.

In terms of end-use industry, the crane & hoist market is segmented into construction, aerospace & defense, shipping & material handling, mining, automotive & railway, marine, energy & power, and others. The complex, dynamic, and continually changing nature of construction work has been recognized as an important contributor to the high rates of injuries and fatalities in the industry. Cranes are a central component of many construction operations and are associated with a large fraction of construction deaths; in fact, estimates suggest that cranes are involved in up to one-third of all construction and maintenance fatalities. Safety and health professionals serving the construction industry need adequate training and knowledge regarding available crane safety devices and procedures that they may ensure these techniques are effectively utilized during construction operations.

Some key players in operating in the crane & hoist market are Tadano, Kito, Columbus Mckinnon, Ingersoll Rand, Zoomlion, Cargotec, Manitowoc, Liebherr, Terex, and Konecranes, among others.

This report segments the global crane & hoist market as follows:

Global Crane & Hoist Market: Type Segment Analysis

Global Crane & Hoist Market: Operations Segment Analysis

Global Crane & Hoist Market: Industry Segment Analysis

Global Crane & Hoist Market: Regional Segment Analysis

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Keywords:    Crane and Hoist Market

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