DUBLIN, Jan. 9, 2018
DUBLIN, Jan. 9, 2018 /PRNewswire/ --
The "Crane and Hoist Market by Crane Type (Mobile Crane, Fixed Crane), Hoist Type (Wire Rope, Roller Load Chain, Welded Link Load Chain), Crane Operation (Hydraulic, Electric, Hybrid), Hoist Operation, Industry, Geography - Global Forecast to 2023" report has been added to Research and Markets' offering.
The cranes market is expected to be valued at USD 32.93 Billion in 2017 and is projected to reach USD 44.70 Billion by 2023, at a CAGR of 5.22% between 2017 and 2023.
The hoists market is expected to be valued at 1.82 USD Billion in 2017 and is projected to reach USD 2.65 Billion by 2023, at a CAGR of 6.41% between 2017 and 2023.
The growth of the crane and hoist market is propelled by the increasing demand for construction machinery in the construction industry and in the mining industry for ore extraction. The increasing demand for lifting loads in the shipping industry and for material handling equipment in the aerospace & defense industry is a key opportunity for the players in the crane and hoist market. The crane and hoist market has been segmented on the basis of type, operations, industry, and geography.
The cranes market for hydraulic cranes by operations held the largest market share in 2016. Hydraulic cranes are widely used for hoisting and moving heavy materials in shipyards, warehouses, and industrial workshops. Moreover, hydraulic cranes are used in transport, manufacturing, and construction industries. The retraction length of hydraulic cylinders is 20-40% of the fully extended length.
The cranes market in Asia Pacific held the largest market share in 2016. Asia Pacific being the most rapidly growing market offers a huge opportunity for agricultural equipment manufacturers owing to the enormous development in the farm machinery segment. This is driven by the increased demand for the mechanization of farms to address the needs of the growing population. Several governments provide support to increase the productivity in the agriculture sector through the automation of farming methods. India and China are the major markets for cranes in Asia Pacific. Moreover, the rapid development of industries such as construction, agriculture, infrastructure, and mining drives the market for cranes in India and Australia.
The market for wire rope hoists held the largest market share in 2016. Wire rope medium changes according to the load capacity of the hoists, and these hoists are powered electrically or pneumatically, and are mounted overhead on the bridge beam with the help of a trolley. Wire ropes are widely used in the production environment because they offer fast lifting time. They are normally used to lift objects weighing below 10 tons.
In the hoists market, Asia Pacific held the largest market share in 2016. The need for increasing the production output without compromising on quality standards has affected the manufacturing sector in China. Manufacturers and suppliers are facing challenges in terms of the increasing labor cost and higher lead time caused by manual processes. Hence, companies are automating their processes, thereby driving the hoists market in China.
The major restraint for the crane and hoist market is the lack of skilled manpower to operate crane and hoist. The demand for skilled technicians has been on the rise for years. However, most industries face a shortage of qualified engineers and maintenance staff to properly support and maintain equipment. The use of a large number of components in a crane necessitates the requirement for highly skilled labors to mount components and harness cables and operate different crane and hoist to lift and lower different weights.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights-Cranes And Hoists Market
5 Market Overview
6 Cranes Market, By Type
7 Cranes Market, By Operations
8 Cranes Market, By Industry
9 Regional Analysis: Cranes Market
10 Hoists Market, By Type
11 Hoists Market, By Operations
12 Hoist Market, By Industry
13 Hoist Market, By Region
14 Competitive Landscape
15 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/tckrkt/crane_and_hoist?w=5
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