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Home | Search Global IT News: IT News & Press Release Distribution: Crane and Hoist Market estimated to be worth $33.0 billion by 2026   (IT-NEWSWIRE.COM, October 26, 2021 ) According to the new market research report on the "Crane and Hoist Market by Type (Mobile Cranes, Fixed Cranes), Operations (Hydraulic, Electric, Hybrid), Industry (Construction, Shipping & Material Handling, Automotive & Railway, Mining, Aerospace & Defense, Energy & Power) - Global Forecast to 2026", the crane and hoist market size is expected to grow from USD 26.0 billion in 2021 to USD 33.0 billion by 2026; it is expected to grow at a CAGR of 4.8% from 2021 to 2026. The key factors driving the growth of the market significant demand from construction industry, expanding mining industry, increased use in shipping industry. Download PDF Brochure:- https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=31538625 “Type-wise, mobile crane segment captured the larger market size of the overall crane and hoist market in 2020“ The mobile crane segment held the larger share of the global crane and hoist market in 2020. The growth of the mobile cranes segment is majorly driven by their features such as high mobility, high traveling speed, and requirement of less time to set them up on construction sites. The use of mobile cranes in the mining, construction, aerospace, shipping & material handling industries has gained popularity, where lifting and lowering activities require extensive displacements of objects, materials, or equipment “Operation-wise, hydraulic operations segment captured largest market size of the overall crane and hoist market in 2020“ The hydraulic operations segment held the largest share of the global crane and hoist market in 2020. The growth of the hydraulic-operated cranes market is driven by their increasing demand in construction and material handling activities. The use of hydraulic technology ensures efficient use of energy and reduces the need for power. Hydraulic cranes are widely used for hoisting and moving heavy materials in warehouses and industrial workshops. Moreover, hydraulic cranes are used in the transport, manufacturing, and construction industries. The retraction length of hydraulic cylinders is 20–40% of the fully extended length. Therefore, telescopic hydraulic cylinders are ideal for limited mounting space, and a long stroke is required. The use of hydraulic cranes is increasing owing to the space constraint in different industries, such as construction and shipping & material handling, and assembly lines. The COVID-19 pandemic has affected the growth of the overall crane market, which has consequently hampered the growth of the hydraulic-operated crane market “Industry-wise, construction segment to grow at the highest rate from 2021 to 2026” The construction industry has undergone substantial changes in recent years because of the global recession, which has led to the downsizing of the industry in developed markets. However, the investments regarding construction in most emerging markets have continued to grow at a moderate rate despite the global crisis. Earth-moving equipment is mainly used for construction works such as digging the earth, lifting, loading and unloading weight, and leveling. Applications of cranes in earth-moving equipment include heavy loading, high cycle rating, and accurate movement. The COVID-19 pandemic has affected the global construction industry by delayed projects and decreased investments in the infrastructure sector. With the development of vaccination against COVID-19, the real estate and infrastructure projects across the globe are expected to slowly gain pace and lead to the growth of the construction industry. China has already launched the “New Infrastructure” campaign to offset the economic impact of the COVID-19 pandemic. These factors are expected to result in a high growth rate of the crane market for the construction industry. “APAC to record highest CAGR from 2021 to 2026” APAC is expected to hold the largest share of the crane and hoist market and is estimated to witness the highest rate during the forecast period. Asia Pacific is the most rapidly growing market and offers high opportunities for the construction industry, which is driven by the growing population. Construction and material handling industries have boomed rapidly and consequently have driven the market for cranes in India, China, and Australia. The growing awareness related to automation and the increasing emphasis of leading economies such as China and Japan on construction and material handling industries are some of the primary factors contributing to the largest market share of APAC. Besides, the rapid growth of the automotive, construction, and aerospace & defense industries in emerging economies, such as China and India, is also supporting the growth of the crane market in APAC Major players involved in the crane and hoist market include Konecranes (Finland), Liebherr (Germany), Tadano (Japan), Terex (US), Zoomlion (China), Ingersoll Rand (US), Palfinger (Austria), Columbus McKinnon (US), Kito (Japan), Kobelco (Japan), Sumitomo Heavy Industries (Japan), ABUS Kransysteme (Germany). About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 MarketsandMarkets™ Mr. Aashish Mehra 1-888-600-6441 raviraj.tak@marketsandmarkets.com Source: EmailWire.Com Source: EmailWire.com

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