Dublin–(BUSINESS WIRE)–Divided by type (mobile crane, stationary crane), operation (hydraulic, electric, hybrid), industrial (construction, shipping and material handling, automotive and railway, mining, aerospace) The “Crane and Crane Market” and Defense, Energy and Electricity)-Global Forecast to 2026 report has been added to ResearchAndMarkets.com’s products.
The crane and hoisting machinery market is expected to grow from USD 26 billion in 2021 to USD 33 billion in 2026; it is expected to grow at a compound annual growth rate of 4.8% from 2021 to 2026.
The mobile crane segment is expected to continue to occupy a larger market size during the forecast period. The growth of the mobile crane segment in the crane and crane market can be attributed to its high mobility, high travel speed, and short installation time on construction sites. Mobile cranes are becoming more and more popular in the mining, construction, aerospace, shipping and material handling industries. In these industries, lifting and lowering activities require large amounts of moving objects, materials or equipment.
The hydraulic operation market has a large market share during the forecast period
It is expected that during the forecast period, the hydraulic operation department will continue to have a larger market scale. The use of hydraulic technology ensures the efficient use of energy and reduces the need for power. Hydraulic cranes are widely used for lifting and moving heavy objects in warehouses and industrial workshops. In addition, hydraulic cranes are used in the transportation, manufacturing and construction industries. The retracted length of the hydraulic cylinder is 20-40% of the full extension. Therefore, telescopic hydraulic cylinders are very suitable for occasions where installation space is limited and long strokes are required. Due to space constraints in different industries, the use of hydraulic cranes is increasing, such as construction and transportation and material handling and assembly lines. The COVID-19 pandemic has affected the growth of the entire crane market, thereby hindering the growth of the hydraulic crane market.
It is expected that during the forecast period, the construction industry will have the largest market size. In recent years, due to the global economic recession, major changes have taken place in the construction industry, which has led to a reduction in the scale of the industry in developed markets. However, despite the global crisis, construction investment in most emerging markets continues to grow at a moderate rate. Earth-moving equipment is mainly used for digging, lifting, loading and unloading heavy objects, and finding equal construction projects. Applications of cranes in earthmoving equipment include heavy loads, high cycle ratings and precise movements.
The COVID-19 pandemic has affected the global construction industry by delaying projects and reducing investment in the infrastructure sector. With the development of vaccination against COVID-19, global real estate and infrastructure projects are expected to accelerate slowly and drive the growth of the construction industry. China has launched a “New Infrastructure” campaign to offset the economic impact of the COVID-19 pandemic. These factors are expected to lead to a high growth rate of the crane market in the construction industry.
During the forecast period, the Asia-Pacific region is expected to occupy the largest share of the crane and crane market. The Asia-Pacific region is the fastest-growing market, providing numerous opportunities for the construction industry driven by population growth. The rapid development of the construction and material handling industries has boosted the crane market in India, China and Australia. The growing awareness related to automation and the increasing emphasis on the construction and material handling industries by leading economies such as China and Japan are some of the main factors contributing to the largest market share in the Asia-Pacific region. In addition, the rapid growth of the automotive, construction, aerospace and defense industries in emerging economies such as China and India also supports the growth of the crane market in the Asia-Pacific region
Post time: Jun-25-2021