Report: Global crane and hoist market to see 5.22% CAGR over 2020-2027

According to MarketStudyReport, Global crane market was valued at USD 36.8 billion in 2019 and to reach USD 55.3 billion by 2027, with a CAGR of 5.22% over 2020-2027. Rapid urbanization and growth of construction sector across the globe drives the industry growth, cites the report.

According to the 2018 data by the United Nations, 55% of global population resides in urban areas which is expected to rise to nearly 68% by 2050, indicating an anticipated hike in construction activities and demand for cranes in the near future. Additionally, upgradation and rehabilitation of public building, schools, public parks, and airports will boost product deployment at these locations.

Besides this, government initiatives in emerging nations such as India and China towards preventing rising encroachments for developing clean and smart cities adds to the demand for cranes. Further, green projects such as windmills and hydroelectric dams are anticipated to present new sales growth opportunities in the forthcoming years.

For the uninitiated, a crane is a machine equipped with hoist ropes, wires, and chains, which is utilized for displacing heavy materials. They come in varying sizes and are primarily used in construction, marine, and mining industries. Cranes are categorized into two types – mobile and fixed. The hoist rope is a component which serves the purpose of loading or lower materials, and is available in various types, including wire rope, roller chain, and welded link load chain among others. Cranes and hoists work in conjunction to improve efficiency and production while lowering labor costs and ensuring better working conditions.