Selbyville, Delaware, Jan. 20, 2025 (GLOBE NEWSWIRE) --
The heavy lifting equipment market is predicted to hit USD 47.1 billion by 2032, as reported in a research study by Global Market Insights Inc. 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 heavy lifting equipment 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.
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The heavy lifting equipment market from the cranes segment accounted for approximately USD 11 billion in 2023 and are set to grow at a CAGR of 6.2% during 2024 to 2032. 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% share of the heavy lifting equipment market from 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 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.
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Partial chapters of report table of contents (TOC):
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 Heavy Lifting Equipment Market 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
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
