According to a report from Research and Markets, the cranes market is expected to be valued at $32.93 billion in 2017 and is projected to reach $44.70 billion by 2023, growing at a CAGR of 5.22% during the forecast period.

The growth of the crane and hoist market will be propelled by the increasing demand for construction machinery in the construction industry and in the mining industry for ore extraction. The increasing demand for lifting loads in the shipping industry and for material handling equipment in the aerospace and defense industry is a key opportunity for the players in the crane and hoist market.

Based on fixed cranes, the market for ship-to-shore cranes is projected to grow at the highest CAGR between 2017 and 2023. Ship-to-shore (STS) cranes are the largest cranes used in marine and shipping industries. Ship-to-shore cranes are designed and constructed for the main function of loading and unloading containers from a container vessel.

In the hoists market, Europe is projected to grow at the highest CAGR between 2017 and 2023. The demand from the automotive industry will drive the hoists market in France. Given the product competitiveness in the market, automotive manufacturers, component providers and suppliers will try to gain a competitive edge by offering quality products.