LONDON--(BUSINESS WIRE)--According to the latest research study released by Technavio, the global handling and lifting equipment market is expected to grow at a CAGR of over 10% until 2020.
This research report titled ‘Global Handling and Lifting Equipment Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments, including cranes, forklifts, conveyor belts, and hoists.
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“Increased investments in transport infrastructure development projects such as roads, highways, metro construction in countries such as China and India are expected to spur the demand for construction equipment, including handling and lifting equipment,” said Soumya Mutsuddi, one of Technavio’s lead analysts for construction research.
“Handling and lifting equipment manufacturers are focusing on the development of new and advanced equipment. Additional emphasis is being laid on safety and control systems that are currently being installed in handling and lifting equipment. With the growing demand for high rises, builders and companies involved in construction, particularly find it difficult to lift heavy materials and loads to greater heights, and material lifting operators face many difficulties during the swaying of loads. Hence, construction equipment manufacturers are trying to improve efficiency with heightened protection at work sites,” added Soumya.
Market share by product: 2015
|
- Cranes |
37% | |||
|
- Forklifts |
27% | |||
|
- Conveyor belts |
17.56% | |||
|
- Hoists |
13% | |||
|
- Others |
5.44% |
Source: Technavio research
Cranes: largest segment of the global handling and lifting equipment market
The global cranes market was valued at USD 61.14 billion in 2015. Cranes are used in various industries such as construction, manufacturing, and warehousing. Some of its other uses include loading, unloading, moving, shifting, and erecting material, during execution of construction projects.
Governments are investing heavily in various infrastructure projects, particularly in the Middle East and APAC. This, in turn, is driving the need for using cranes. In the construction industry, the demand for gantry cranes is high, especially in the construction of precast yards and bridges. In the automobile industry, cranes are used for lifting and material handling at machine shops and assembly lines. In the warehousing industry, cranes are being used for shifting heavily loaded cartons and other materials from storage units to transportation vehicles such as trucks.
Global forklifts market: second largest segment of the global handling and lifting equipment market
The global forklifts market was valued at USD 44.61 billion in 2015. Forklifts are used in industrial applications for lifting and moving goods and materials over short distances. Multiple types of forklifts are required for larger operations. Due to substantial investments in construction owing to infrastructure development across the world, the demand for handling and lifting equipment is expected to increase over the next four years.
Large-scale infrastructure development projects require heavy loads and materials, such as cement bags and steel, to be lifted and moved, and this boosts the demand for forklifts. Electric forklifts are employed in warehouses and manufacturing facilities for indoor use as well. As electric forklift motors do not produce fuel emissions, it is anticipated to find increased application in areas where the air movement and ventilation are limited. Also, they do not produce high noise levels.
Global conveyors belt market
The global conveyors belt market was valued at USD 29.01 billion in 2015. Conveyor belts are designed for transporting small amounts of material at different stages of manufacturing. Conveyor belts can handle a broad range of bulk materials, ranging from very fine to large lump sizes.
Conveyor belts are used in various industries such as construction, manufacturing, and warehousing, as they are the cheapest means to move materials over long distances. It ensures that materials do not degrade irrespective of elevation changes.
In the construction industry, very fine materials such as Portland cement are loaded at terminals using belt conveyors. Large lump size materials such as aggregates are also transported from the storage using conveyors belt. This trend is likely to sustain the growth of this segment over the forecast period.
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