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Heavy Lifting Equipment Market Size

Report ID: GMI12332
Published Date: Nov 2024
Report Format: PDF

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Heavy Lifting Equipment Market Size

The global heavy lifting equipment market was valued at USD 28.1 billion in 2023 and is estimated to grow at a CAGR of over 5.9% from 2024 to 2032.

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Heavy lifting equipment now benefits from the integration of IoT and remote monitoring technologies, enabling real-time performance tracking, predictive maintenance, and heightened safety measures. The ongoing trend of adopting smart lifting equipment—boasting features like advanced load tracking, enhanced precision, and remote operation is set to persist, driving greater operational efficiency.

Heavy Lifting Equipment Market Report Attributes
Report Attribute	Details
Base Year:	2023
Heavy Lifting Equipment Market Size in 2023:	USD 28.1 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	5.9%
2032 Value Projection:	USD 47.1 Billion
Historical Data for:	2021 - 2023
No. of Pages:	220
Tables, Charts & Figures:	180
Segments covered:	Product Type, Capacity, Mobility, Power Source, Application, End-Use, and Region
Growth Drivers:	Increasing demand for heavy lifting equipment in large infrastructure projects Introduction of remote-controlled, automated, and more efficient lifting equipment
Pitfalls & Challenges:	High initial investment and operating costs

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Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The global market for heavy lifting equipment was reached USD 28.1 billion in 2023 and is estimated to grow at a 5.9% CAGR from 2024 to 2032, driven by the rising demand for heavy lifting equipment in large infrastructure projects.

The cranes segment was valued at approximately USD 11 billion in 2023 and is projected to grow at a CAGR of around 6.2% from 2024 to 2032, led by their crucial role in constructing buildings, bridges, and highways.

Construction companies held around 38% share of the market in 2023 and is anticipated to grow at a CAGR of 6.3% from 2024 to 2032, as they rely heavily on cranes for erecting skyscrapers, office complexes, and residential towers.

The U.S. region dominated around 85% of the heavy lifting equipment market in 2023, driven by significant urban development projects, including high-rise buildings, bridges, and transportation hubs.

Major players in the heavy lifting equipment industry include Caterpillar Inc., Demag Cranes AG, Hiab (Cargotec Corporation), Hyundai Construction Equipment, Komatsu Ltd., Konecranes, Liebherr Group, Mammoet, Palfinger AG, Sany Heavy Industry Co., Ltd., Tadano Ltd., Terex Corporation, The Manitowoc Company, Inc., XCMG Group, and Zoomlion Heavy Industry Science & Technology Co., Ltd.