According to the research report titled ‘Global Crane and Hoist Market Size study, by Crane Type (Mobile Cranes, Fixed Cranes), by Hoist Type (Wire Rope, Roller Load Chain, Welded Link Load Chain, Others), by Crane Operation (Hydraulic, Electric, Hybrid), by Hoist Operation (Pneumatic, Electric, Hydraulic) and Regional Forecasts 2020-2027’, available with Market Study Report, global crane and hoist market generated revenues worth USD 36.8 billion in 2019 and is projected to expand with a CAGR of 5.22% during 2020-2027.
 

For those uninitiated, a crane is a mechanical vehicle that is equipped with chains, hoist ropes, and wires which are used to displace or uplift heavy materials. These are available in numerous sizes and majorly used in construction & mining, and marine industries. Hoist rope is used to lower or load materials through a wheel or drum. Various types of hoist and crane like bridge cranes, flameproof hoist, wire hoist, and others are utilized as per requirement.
 

Rapid urbanization has resulted in robust expansion of construction sector, which in turn is impelling global crane and hoist market outlook. According to the UN, 55% of world’s population lived in urban areas in the year 2018, which is likely to grow by 68% through 2050.
 

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Moreover, rehabilitation of airports, public parks & buildings, schools, and others are also augmenting the industry expansion. In emerging countries like China and India, the government initiatives to discard increasing encroachment further boost the product demand. According to Deccan Chronicles, 7% of government land was under encroachment in June 2017.
 

Crane & hoist are used to ensure enhanced working conditions, lowered labor costs, increased production and efficiency. Developments in green projects like windmills and hydroelectric dams are likely to create lucrative growth prospects for this industry. However, factors such as lack of skilled people to operate crane, high investment to purchase crane, and increasing carbon emission levels may impede the market growth over the study period.
 

Citing the regional landscape, Asia Pacific currently holds major market share and is slated to grow substantially over the analysis period. The regional growth is credited to growing construction sector and surging approval of green projects in emerging countries like India and China.
 

Leading organizations in global crane and hoist market are Konecranes Oyj, Alltech industries India Pvt. Ltd., Cargotec Oyj, Hitachi Sumitomo Heavy Industries Construction Crane Co., Ltd., Columbus McKinnon Corporation, ZPMC (Shanghai Zhenhua Heavy Industries Company Limited), Kato Works Co., Ltd., Terex Corporation, Mammoet, and The Liebherr Group.