A new report estimates that the global handling and lifting equipment market will grow at a compound annual growth rate of 10% until 2020, according to market research company Technavio.
The research study, “Global Handling and Lifting Equipments Market 2016-2020,” analyzes revenue and emerging market trends to provide its forecast for market segments including cranes, forklifts, conveyor belts, and hoists.
“Increased investments in transportation 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, a Technovio lead analyst for construction research.
Many handling and lifting equipment manufacturers are developing new, advanced equipment, the company said.
“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. Hence, construction equipment manufacturers are trying to improve efficiency with heightened protection at work sites,” said Mutsuddi.
The largest market segments of the global handling and lifting equipment market in 2015 according to Technavio were cranes (37%) and forklifts (27%). Conveyor belts held the third largest global market share (17.56%) that year, valued at $29 billion. Hoists represented 13% of equipment market share and other products occupied a 5.44% share.