Lifting Machinery Market Forecast and CAGR
According to latest research by Fact.MR, lifting machinery market is set to witness steady growth during 2021-2031. Demand for lifting machinery will witness steady recovery in short-term, with optimistic growth outlook in the long-run. Muted demand from manufacturing, construction and marine industry will mean limited opportunities in near future, however, sales of lifting machinery in logistic sector will provide momentum.
What is Driving Demand for Lifting Machinery?
Lifting machinery finds their presence in wide range of applications at various industries. This usability is driven by its ability to minimize human work load, capability to lift heavy loads to heights and it has helped in minimizing injuries caused in material handling process.
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Over the years material handling has evolved and marked its presence in manufacturing industry, construction industry, ports & dockyards, workshops etc. material handling industry is experiencing boom in logistics management industries. Rise in e-commerce sector across globe is driving material handling equipment sales. They are focusing on fast and swift warehousing and efficient supply chain. This is taking lifting equipment sales north wards.
Maritime transport is backbone of global trade and account for approximately 80 percent by volume and 70 percent by value. Similarly, there has been increase in number of ports globally and capacity expansion of existing ones. Lifting machineries are crucial for handling the containers, growth in the maritime industry is likely to supplement the lifting machinery market.
Manufacturing Sector Recovery Likely to Augment Lifting Machinery Sales
Widespread effect of COVID-19 resulted in manufacturing sector slow down. This has led to uncertain growth projections and dynamic economic implications. Restrictions on man and material movement disrupted the supply chain. The manufacturing sector was hit hard. As the globe is moving towards recovery, the manufacturing is expected to scale up and the market is likely to witness sustained opportunities in the future.
Lifting machinery has been a prime equipment in construction sector. Globally, construction sector experienced a plunge since infrastructure development was at halt, though sales are likely to improve over the course of the assessment period.
China is world leader in manufacturing sector by output. Though the country was no exception to COVID-19 crisis and saw shrinkage in its manufacturing industries. But, China is pacing up with highest growth rate and thus this is likely to drive the global manufacturing capability. This growth will fuel the lifting machinery sales volume.
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Asia Pacific Lifting Machinery Market Outlook
Asia Pacific is anticipated to be largest emerging market in lifting machinery sales. This growth is attributed to it’s heighten demand in manufacturing and logistics sector. China and India is likely to contribute maximum share in this growth, owing to its rapid urbanization and growing infrastructure developments.
Demand for lifting machinery is poised to be led by increase in investment in logistical infrastructure. These countries are investing in building maritime logistical ports within country and overseas. Similarly, ASEAN countries, Bangladesh, Taiwan and South Korea are emerging as one of the biggest manufacturing nations. In addition to this, these countries are shifting towards modern material handling technology. These optimistic developments is anticipated to benefit lifting machinery market in the region.
Asia Pacific lifting machinery sales is to be effected by recovery in mining industry. Asia Pacific holds second position by output and first position by consumption. Thus there is growing optimism that the industry will catch momentum in near future and will aid in northward sales of lifting machinery.
Restraining Factors for Lifting Machinery
There are several challenges to lifting machinery market which are likely to slow its pace in exploring growth heights.
Large initial capital expenditure, installation, integration, high cost of ownership and others are key restraints to this market. This limitations are likely to impact heavily to small scale industries. These enterprises find difficulty in owning these machinery for their small scale production lines. Similarly, high maintenance cost, parts replacements, software upgradations and various other factors are adding to its high ownership cost. These are likely to limit the growth.
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Who are the Key Manufacturers and Suppliers of Lifting Machinery?
Some of the leading manufacturers and suppliers of lifting Machinery include
- Toyota Industries
- KION Group AG
- Mitsubishi Heavy Industries
- ABUS Kransysteme Gmbh
- Konecranes Plc
- Daifuku CO. Ltd
- Ingersoll-Rand Plc
- WH Scott & Son Engineers Ltd
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