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Report
Heavy Lifting Equipment Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032
Market Report I 2024-11-20 I 220 Pages I Global Market Insights
The Global Heavy Lifting Equipment Market, valued at USD 28.1 billion in 2023, is projected to expand at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2032. The industry is experiencing a significant transformation with the integration of Internet of Things (IoT) technology and remote monitoring systems. These innovations allow operators to track performance in real-time, implement predictive maintenance strategies, and enhance overall safety measures. This shift toward smart lifting solutions is expected to drive efficiency and streamline operations across various industries.
A growing trend in the market is the increasing adoption of intelligent lifting equipment equipped with advanced load-tracking capabilities, precision controls, and remote operation functionalities. These features are proving to be instrumental in optimizing resource utilization and improving productivity on-site, making them a preferred choice for businesses aiming to enhance operational efficiency.
In terms of product segmentation, cranes accounted for approximately USD 11 billion of the market value in 2023 and are set to grow at a CAGR of 6.2% during the forecast period. Cranes are indispensable in heavy lifting applications, given their ability to handle and position large loads with accuracy. Their demand is particularly strong in sectors that require the movement of substantial materials, contributing to the steady growth of this segment.
From an end-use perspective, construction companies represented around 38% of the market share in 2023, with an expected CAGR of 6.3% from 2024 to 2032. These companies heavily rely on heavy lifting equipment for essential tasks such as hoisting and transporting materials during large-scale projects. With urbanization on the rise, especially in metropolitan areas, the demand for cranes and other heavy lifting machinery is anticipated to remain robust.
The United States dominated the global heavy lifting equipment market, capturing approximately 85% of the regional share in 2023. This dominance is driven by a surge in urban development projects, including the construction of modern infrastructure, transportation networks, and residential complexes. The growing need to handle and maneuver heavy materials efficiently fuels the demand for advanced lifting solutions across the US.
Report Content
Chapter 1 Methodology & Scope
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Industry synopsis, 2021-2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Impact forces
3.6.1 Growth drivers
3.6.1.1 Increasing demand for heavy lifting equipment in large infrastructure projects
3.6.1.2 Introduction of remote-controlled, automated, and more efficient lifting equipment
3.6.2 Industry pitfalls & challenges
3.6.2.1 High initial investment and operating costs
3.7 Growth potential analysis
3.8 Porter's analysis
3.9 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Product Type, 2021-2032 (USD Million) (Thousand Units)
5.1 Key trends
5.2 Cranes
5.3 Forklifts
5.4 Hoists
5.5 Winches
5.6 Lifts
5.7 Others (Handlers, Etc)
Chapter 6 Market Estimates & Forecast, By Capacity, 2021-2032 (USD Million) (Thousand Units)
6.1 Key trends
6.2 50 - 100 tons
6.3 100 - 200 tons
6.4 Above 200 tons
Chapter 7 Market Estimates & Forecast, By Mobility, 2021-2032 (USD Million) (Thousand Units)
7.1 Key trends
7.2 Fixed lifting equipment
7.3 Portable lifting equipment
7.4 Mobile lifting equipment
Chapter 8 Market Estimates & Forecast, By Power Source, 2021-2032 (USD Million) (Thousand Units)
8.1 Key trends
8.2 Diesel-Powered
8.3 Electric-Powered
8.4 Hybrid-Powered
Chapter 9 Market Estimates & Forecast, By Application, 2021-2032 (USD Million) (Thousand Units)
9.1 Key trends
9.2 Construction
9.3 Mining
9.4 Industrial manufacturing
9.5 Warehousing & logistics
9.6 Oil & gas
9.7 Energy & power
9.8 Marine & shipbuilding
9.9 Others (Aerospace & Defense, Etc)
Chapter 10 Market Estimates & Forecast, By End Use, 2021-2032 (USD Million) (Thousand Units)
10.1 Key trends
10.2 Construction companies
10.3 Rental service providers
10.4 Logistics & warehousing firms
10.5 Manufacturing plants
10.6 Mining companies
10.7 Others (Utilities & Power Plants, Etc)
Chapter 11 Market Estimates & Forecast, By Region, 2021-2032 (USD Million) (Thousand Units)
11.1 Key trends
11.2 North America
11.2.1 U.S.
11.2.2 Canada
11.3 Europe
11.3.1 UK
11.3.2 Germany
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 Russia
11.4 Asia Pacific
11.4.1 China
11.4.2 India
11.4.3 Japan
11.4.4 South Korea
11.4.5 Australia
11.5 Latin America
11.5.1 Brazil
11.5.2 Mexico
11.6 MEA
11.6.1 UAE
11.6.2 Saudi Arabia
11.6.3 South Africa
Chapter 12 Company Profiles
12.1 Caterpillar Inc.
12.2 Demag Cranes AG
12.3 Hiab (Cargotec Corporation)
12.4 Hyundai Construction Equipment
12.5 Komatsu Ltd.
12.6 Konecranes
12.7 Liebherr Group
12.8 Mammoet
12.9 Palfinger AG
12.10 Sany Heavy Industry Co., Ltd.
12.11 Tadano Ltd.
12.12 Terex Corporation
12.13 The Manitowoc Company, Inc.
12.14 XCMG Group
12.15 Zoomlion Heavy Industry Science & Technology Co., Ltd.
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