A new report from Research and Markets forecasts the global handling and lifting equipment market will grow at a CAGR of 10.57% during the period 2016 to 2020.

According to Research and Markets, handling and lifting equipment manufacturers are focusing on the development of new and advanced equipment. Additional emphasis is being placed on the safety and control systems that are being installed in equipment. Builders and construction companies involved in the construction of high-rise buildings find it difficult to lift heavy materials and loads to greater heights. Material lifting operators face difficulty during the swaying of loads. Hence, construction equipment manufacturers are trying to improve the efficiency of lifting operations and provide protection on the work site.

According to the report, skyscrapers are increasingly being built in many large and medium-sized cities due to rapid urbanization and economic growth worldwide. Ultra-high-rise buildings are being constructed in many countries.

Further, the report states that for the efficient performance of equipment and improved productivity, ongoing support and maintenance are essential. If vendors are unable to provide adequate customer support, it may have serious implications for companies in terms of efficiency and output.